The government recently agreed on the details of a $900 billion coronavirus bill attached to a $ 1.4 billion omnibus that will fund the government for fiscal 2021. Congress also voted...
The TCJA that was passed in 2017 significantly reduced the corporate tax rate and introduced the Qualified Business Income Deduction (QBID).The QBI deduction makes it possible to reduce...
Background. Effective for each tax year beginning after December 31, 2017, an ATEO is generally subject to a special tax (currently 21%) on the amount of any employee's overcompensation...
Several charities are experiencing a drop in donations as the United States grapples with the COVID health crisis. In response, Congress included a clause in the CARES Act, designed...
Some laws remain relatively unchanged for decades, if not centuries. However, tax laws are not timeless and must reflect an ever-changing global economy, complex government changes,...
What is the Internal Revenue Code?The Internal Revenue Code refers to Title 26 of the United States Code. "Formal consolidation and codification of the United States' general...
Several recent developments may affect taxpayers based on a strategy of trading or holding tax-exempt state and local bonds, commonly known as municipal or "munis" bonds....
The Internal Revenue Service recently published new, higher contribution limits for health savings accounts for 2021. An individual is allowed to contribute $ 3,600, while it is $...
Posted by Carmen Garcia on 10/15/2020
An overview of spousal liability concerns in the world of income tax.To be able to understand this concept better, we will create a scenario where we have imaginary characters. "For...