Federal Tax News
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- Posted on Friday September 17, 2021
A U.S. defense contract employee's foreign earned income exclusion case provides a glimpse into the life of a contractor's in Afghanistan. Wolters Kluwer projects federal tax inflation adjustments for 2022, including tax brackets, estate tax amounts, capital gains tax brackets, as well as many other amounts.Small business owners should keep good records, regardless of what type of business, and regardless of how many employees they have.SBA Reports 400,000 PPP Loan Recipients Used the Forgiveness Application Portal: 1,300 Lenders Are Participating - Posted on Thursday September 09, 2021
States have enacted a number of special incentives aimed at helping the industries hardest hit by the pandemic, such as restaurants and entertainment venues.In response to the $10,000 federal cap placed on deducting state and local taxes (SALT), some states are enacting optional pass-through entity taxes as a workaround to the cap. California taxpayers may get more money from the state because of the unemployment exclusion in the American Rescue Plan Act of 2021.Washington enacted a capital gains tax that begins in 2022 and applies only to individuals. The tax faces significant legal hurdles. - Posted on Tuesday September 21, 2021
AICPA Proposes Changes to Clarify Performing and Reporting on Peer ReviewThere are many reasons to celebrate the value of today’s internship programs. Wolters Kluwer Tax & Accounting is proud to celebrate National Intern Day.The ASB issued SAS No. 144, Amendments to AU-C Sections 501, 540, and 620 Related to the Use of Specialists and the Use of Pricing Information Obtained From External Information Sources.The IASB has issued targeted amendments to IAS 12, Income Taxes, to specify how companies should account for deferred tax on transactions. - Posted on Thursday September 09, 2021
Construction companies face more complex sales and use tax planning and compliance rules than other businesses mainly because the construction process itself is inherently complex. Construction companies face complex and unique challenges in planning for and complying with the sales and use tax obligations they face in the states in which they do business. The Missouri legislature passed legislation late Friday, May 14 that would impose the requirement to collect and remit sales tax on out-of-state businesses who sell their products into the state. Protect Your Business from Sales and Use Tax Risk
