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Accounting News
2020 Post-Election Tax Policy Update: Tax Policy and Health Care
Since passage of the Affordable Care Act (ACA), taxes and health care have become more intertwined than in previous years. The ACA created a number of new taxes and fees. However, the ACA's individual mandate was repealed on a bipartisan basis. Biden proposed...
2020 Post-Election Tax Policy Update: International Tax Policy
Repatriation Under current law, U.S. corporations can defer payment of U.S. income tax on profits from offshore subsidiaries until those are repatriated. Biden proposed ending TCJA incentives for multinationals. Additionally, according to Biden's website, he would...
2020 Post-Election Tax Policy Update: Individual Taxation Policy
Income Tax Rates Under current law, there are seven tax brackets: 10, 12, 22, 24, 32, 35, and 37 percent, which are applicable from 2018 through 2025 under the TCJA. During the campaign, Biden proposed increasing the top rate back to 39.6 percent, where it sat prior...
2020 Post-Election Tax Policy Update
Biden's Win Means Possible Changes, Senate Control May Limit Scope On November 7, 2020, after a protracted period of vote counting in several states, nearly all media outlets declared that Democrat Joe Biden will be the 46th President of the United States. While, at...
Is My Debt Modification a Troubled Debt Restructuring?
Andrew Wan, CPA, CFE, is the leader of our Emerging Markets and Small to Medium Sized Business Practice Groups. He is an expert in IT...
2020 Year-End Tax Planning: Gift Taxes & Retirement Planning
Required Minimum Distributions Individuals who have reached age 72 during 2020 (701/2 prior to 2020) and are retired generally need to make sure that they are making their required minimum distributions (RMDs) from IRAs. However, the CARES Act eliminated the need to...
2020 Year-End Tax Planning: Year-End Business Strategies
Depreciation and Expensing The Tax Cuts and Jobs Act (TCJA) provided very generous depreciation and expensing limitations. Businesses may want to take advantage of 100-percent first-year depreciation on machinery and equipment purchased during the year. Additionally,...
2020 Year-End Tax Planning: Minimizing Individual Taxes
The key to any year-end planning strategy is to minimize taxes. This is done by either reducing the amount of income received or increasing the amount of deductions, which is all easier said than done. However, there are a few simple things that can be done in the...