Dear Friends, As the U.S. entered 2021, many assumed that newly elected President Joe Biden along with Democratic majorities in the House and Senate would swiftly enact tax increases on both corporations and individuals to pay for the cost of proposed new infrastructure and social spending plans, potentially using the budget reconciliation process to do…
HOUSE WAYS AND MEANS COMMITTEE RELEASES INITIAL TAX PROPOSALS On September 13, 2021, the House Ways and Means Committee released draft legislation that proposes a series of tax increases and tax cuts, which will undergo a round of markups by the committee over the next few days. Most tax proposals were anticipated; however, the House…
Dear Friends, With the May 17th tax deadline out of the way, it would be a good idea to continue to keep your tax planning at the top of your mind. As accounting industry leaders, our goal remains to keep you informed of the important tax updates. In this issue, you’ll read more about the…
On March 17, 2021, the IRS announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May…
The IRS recently updated its frequently asked questions (FAQs) on the Employee Retention Credit (ERC) and payroll tax deferrals under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). These provisions encourage businesses to keep employees on their payroll during the COVID-19 global pandemic. Although the FAQs cannot be relied upon as legal…
Dear Friends, Welcome to our GJC Advisor Spring/Summer Tax Update! As we all continue to deal with the impact of the novel coronavirus COVID-19 and this rapidly-changing situation, there continues to to be new developments. Rest assured that GJC will continue to keep you updated with how these developments may impact you and your business, whether…