High inflation will persist into next year, CBO projects
A new report also showed the federal deficit falling this year as covid aid expired The Congressional Budget Office said this week that high inflation is expected to persist for…
TAX SEASON CHALLENGES AHEAD
Certified public accountants (CPAs) and other tax professionals in the U.S. are sounding the alarm about the upcoming tax season–which has been greeted with skepticism about how the IRS will deal…
American Rescue Plan Act (2021) lowers filing threshold for Form 1099K, Payment Card and Third-Party Network Transactions
New Income Reporting Threshold for Gig Workers The American Rescue Plan Act of 2021 (“the Act”), enacted in March 2021, dramatically lowers the filing threshold for payments required to be…
What’s in the $1.75 trillion Biden budget plan? Taxes, climate, health care, child care.
This is a summary from The Washington Post piece written by Tony Romm, Amy Goldstein, and Dino Grandoni / Published on Thursday, October 28th, 2021: President Joe Biden unveiled on…
Are you Eligible for this New Round of Stimulus Check?
If you live in the state of California you are about to receive a brand new stimulus check. Governor Gavin Newsom signed additional COVID-19 relief legislation this week that will…
G7 Countries reached agreement on 15 percent minimum global tax rate
Finance ministers for the G-7 advanced economies (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States) announced Saturday they have reached an agreement at the G-7 meeting…
President Biden proposed new minimum tax rate for corporations: instead of raising corporate tax rate to 28%, Biden has offered to create a minimum 15% for businesses.
During a private meeting on Wednesday, June 2, President Joe Biden proposed a new minimum tax rate for corporations, instead of raising corporate tax rates to 28%, Biden has offered…
Tax Hikes on high-income Americans?
President Joe Biden is contemplating new tax hikes aimed at high-income families to finance the second phase of his multitrillion-dollar infrastructure plans, according to people familiar with the discussions, Politico…
Federal Tax Filing and Payment Deadline Extension
#ICYMI: The federal tax filing deadline has been extended to May 17, 2021. While you now have more time, we still encourage all taxpayers to file their taxes now to…
President Biden promised not to raise taxes on people earning less than $400,000.
📷 President Biden speaks about the COVID-19 pandemic during a prime-time address from the East Room of the White House, March 11, 2021. (AP Photo/Andrew Harnik) Let’s take a look…