With Democrats needing to convince 10 Republicans to cross the aisle to enact a tax proposal in the Senate, President Biden’s tax proposals are most likely to move into, and take shape within, the budget reconciliation process where a simple majority of 51 votes are needed. In a practice not seen since 2016, on May 28, 2021, the Biden Administration reviewed and issued an accompaniment to the Administration’s Budget, referred to as the Green Book, that offers general explanations of the revenue proposals. The Green Book contained more detail, insight, and a couple of surprise changes to proposals in The American Jobs Plan and the American Families Plan, which President Biden releasedRead More
Tax Warrior Chronicles
Late last week, the IRS released Notice 2020-39 providing relief for Qualified Opportunity Funds (QOFs) and their investors in response to COVID-19, and updated the Qualified Opportunity Zones frequently asked questions on its website to reflect the recent changes. With the June 30th investment standard testing date fast approaching for many QOFs, this presents welcome relief and flexibility to QOFs and their investors.Read More
ALERT! The article below was written prior to Treasury’s release of the final Opportunity Zone regulations on December 19, 2019 and has not been updated to incorporate any items that may have changed. Stay tuned for more as The Tax Warriors pour through the 544 pages of new guidance, which you can access here. Happy Holidays from the IRS!
At Drucker & Scaccetti, December is always abuzz with tax planning as our clients’ annual tax pictures come into better focus and strategies can be designed and implemented to increase Santa's allocated budget. But in the Opportunity Zone (OZ) context, year-end is even more critical. Below are 3 things you need to knowRead More
By: Peter Derby, CPA
Today, Republican outsider Donald J. Trump will become the 45th President of the United States. We’ve heard him proclaim his ownership in companies worth “billions and billions of dollars.” Assuming the Trump empire consists of both corporate and pass-through entities, Mr. Trump is in a position to help himself and his family financially via his proposed changes to U.S. tax law. Here is a high-level look at parts of his plan that may benefit wealthy Americans to the tune of “millions and millions of dollars.”Read More
As adults, we know that we normally must pay income tax on our investment income. But, did you know that this is also true for children? If a child can’t file his or her own return, their parent or guardian is normally responsible for filing their tax return. Doing so may provide an excellent opportunity to teach older children about the difficult life lesson of paying taxes.
While The Tax Warriors® have been closely following the many tax changes that are effective for the 2013 tax year, we understand that many of you have not. If you haven’t already heard, the tax landscape has shifted precipitously for those of you who find yourselves on the wrong side of a new divide between "middle class" and "higher earners." Higher earners are now subject to an array of new taxes, higher rates, and stringent deduction limits. If you are a high earner, all of this will combine to balloon your individual tax bill come April 15th, and the worst part is: your employer is most likely NOT withholding any more taxes than they did in 2012. This could leave you with
Below, is a letter sent by our Chief Tax Warrior, Jane Scaccetti, to a client regarding the 2013 tax increases high-salary earners will face. In addition to the tax law changes outlined, the letter also demonstrates the close connection our leadership has with our clients and the detailed manner in which we take to present facts and their potential impact. As you read, take note of the significant tax changes described and use the examples provided as a barometer to gauge their potential impact on you; but also notice the care with which we take to inform and explain these changes to our client. Our personal approach to client service is well known throughout the profession and has