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Customer service representatives available Monday Friday 7:00 a.m. 5:00 p.m. PT. The Infrastructure Investment and Jobs Act, a bipartisan bill passed in late 2021, made changes to reporting requirements for digital assets, including cryptocurrencies. With the Consolidated Appropriations Act, 2021, millions of small-business owners like you now qualify for the employee retention credit (ERC) thanks to three big changes: 1. *Please allow 2 business days for e-mail delivery of your Tax Planning Client Letter and Checklist and Tips to Prepare Yourself and Your Office for Tax Season. OwuHH?.n~cq7SL\u\ 5sC }CVJ{2|hf=R7>InD3LFtDfh&z]E. PDF Franchise Tax Board Response letter to Spidell Publishing, Inc. Many provisions of the TCJA would be subject to change, such as increasing the corporate tax rate, raising individual tax rates on those earning over $400,000, and subjecting S corporation income to self-employment tax. 16; and Rev. SumwunLost wrote: What is the disaster that caused the payments to be made? Key individual tax elements expiring in 2025 include the top tax rate for individual taxpayers reverting to 39.6% from 37%, an end to the 20% section 199A qualified business income deduction, removing the $10,000 cap on the state and local tax (SALT) deduction and reinstating the personal and dependent exemption deductions. You can also read the documentation to learn about Wordfence's blocking tools, or visit wordfence.com to learn more about Wordfence. Tax Distributions for Pass-Through Entity Owners Welcome to Spidell's Federal Tax Minute, a weekly podcast that focuses on federal tax news snippets to keep you up-to-date on the issues that affect your clients and your practice, in an audio format that you can access at your office or on your phone. Depends if you can justify your client falling under the General Welfare Benefit rule. The owner of this site is using Wordfence to manage access to their site. Regardless as to which regulations are published first, taxpayers can expect more compliance and documentation requirements. Finally, the CHIPS-plus Act includes over $52 billion for semiconductor facilities plus a 25% tax credit for semiconductor manufacturing. 2023 Spidell Publishing, LLC All rights reserved. Engagement letters should always be modified to fit each engagement. The cpa journal - the voice of the accounting profession In the intervening 12 months, several digital asset bills have been introduced, most with bipartisan sponsorship. Guaranteed. To search for references to specific bill numbers, code sections, or regulations, enclose the numbers in quotation marks for exact search. The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity.