The Infrastructure Investment and Jobs Act, which will fund investment in improvements to the country’s roads, bridges, highways and Internet connections, was signed into law by President Biden last week. It includes several tax-related provisions.
EPCRS consists of the Self Correction Program (SCP), the Voluntary Correction Program (VCP), and the Audit Closing Agreement Program (CAP).
As 2021 draws to a close, employers should review whether they have properly included the value of common fringe benefits in their employees’ and (if applicable) 2% S corporation shareholders’ taxable wages. This is especially true for 2021, since COVID relief brought about a number of changes to the rules relating to traditional fringe benefits.
We were thrilled to be named the German American Bank Business of the Year (51+ employees) at the 1si ONCE Awards!
A third version of the Build Back Better Act was released last week, which increases the state and local tax deduction, brings back many of the retirement proposals from the original 9/13 draft of the Act, and retains the surcharge on high-income individuals, estates and trusts from the 10/28 version.