Tax code

The tax code could change before the end of the year: what can high net worth individuals do now? | Fox Rothschild LLP

President Joseph Biden and the Democratic majority in Congress are working on a $ 3.5 trillion tax and spending program that could dramatically raise taxes for the rich. In addition, new proposals are launched almost every month, which could significantly change the way families transfer their wealth. It’s unclear when or if the $ 3.5 […]

Tax code

Can the Tax Code Help the Disrupted Retail Industry?

Covid-19 and the social distancing measures that followed have rocked the retail industry, increasing the need for stores to find cash and new ways to engage customers, and to strengthen supply chains . What if the tax code could help traders adapt to an e-commerce sector that is growing by 33% per year (as in […]

Tax deductions

TAKE ADVANTAGE: Tax deductions for the professional use of vehicles | Opinion

I often meet new business owners who are trying to familiarize themselves with all the rules, regulations and tax nuances associated with their new businesses. Usually one of the questions they have is the commercial use of vehicles and the tax benefits they can enjoy. This is an important and potentially valuable question. Essentially, there […]

Tax deductions

TAKE ADVANTAGE: Tax deductions for the professional use of vehicles | Opinion

I often meet new business owners who are trying to familiarize themselves with all the rules, regulations and tax nuances associated with their new businesses. Usually one of the questions they have is the commercial use of vehicles and the tax benefits they can enjoy. This is an important and potentially valuable question. Essentially, there […]

Tax laws

Retroactive tax laws – but they can’t do it, can they? | Holland & Hart – Fiduciary Law Blog

We all know that a change is likely in the tax regimes governing personal income, gift and inheritance taxes, but what if the change is already there? There are a number of potential effective dates for President Biden’s tax bill, some in the future and some already in the past. The uncertainty of substantial changes […]

Tax code

Nicklaus: SALT debate will show whether Democrats really want a progressive tax code | Business

Rep. Bill Pascrell, DN.J., left, and Rep. Danny Davis, D-Ill., Chat as the House Ways and Means Committee continues to work on a broad tax increase proposal on big business and the rich to fund President Joe Biden’s $ 3.5 trillion national reconstruction plan, on Capitol Hill in Washington on Tuesday, September 14, 2021. (AP […]

Tax deductions

IRS Announces Higher Tax Deductions in 2021 for Inflation-Linked Adjustments

through: Taylor williams, Nexstar News Wire Posted: Sep 23, 2021 / 10:44 CDT / Update: Sep 23, 2021 / 10:44 CDT FORT WAYNE, Indiana (DECLINE) – Changes in tax deductions due to inflation adjustments happen to taxpayers in 2021, according to the Internal Revenue Service. “These aren’t major changes, but taxpayers will notice them,” said […]