Dear Clients and Friends: Last Friday, November 19, 2021, the House of Representatives passed H.R 5376, The Build Back Better Act (the “Act”), which was introduced into the House on September 27, 2021: https://www.govtrack.us/congress/bills/117/hr5376 Among many tax law changes, the bill reduces the estate, gift, and generation skipping tax exemptions in half- from approximately $12 …
Dear Clients and Friends: After President Biden announced his Build Back Better compromise framework on October 28, 2021 ( https://www.jckempe.com/what-to-do-now/ ), the House Rules Committee later released a revised bill (H.R. 5376) reflecting the compromise. The bill reflects a significantly pared down proposal for their budget reconciliation package. Moderate Democrats, like Senators Sinema and Manchin, …
Dear Clients and Friends: This morning President Biden announced a framework that he believes will secure unanimous Democratic approval, but details remain unknown. Democrat infighting has caused a substantial reduction in their tax and spend reconciliation proposal, which is now reduced and projected at $1.85 trillion. The extent to which this alters the House and …
Dear Clients and Friends: The House Ways and Means Committee (the “House”) recently released 881 pages of proposed legislation aimed at paying for its spending initiatives. There are many changes aimed at filling loopholes and raising taxes on the “wealthy” (those earning over $400,000 per year, as pledged). These proposals differ from versions proposed in …
Dear Clients and Friends: The Senate has passed President Joe Biden’s $550 billion infrastructure bill, which is expected to pass the House, but with conditions. The largest has to do with Congresswoman Pelosi’s condition that a $3.5 million social spending bill must be passed along with it. This condition took a major step forward today …
Dear Clients and Friends: This is a fourth note concerning potential tax reform. The other three can be found in the News & Resources, Hot Topics, section of our website. This note elaborates on President Biden’s American Jobs Plan, by summarizing the relevant tax reform proposals most applicable to our clients. These proposals have now …
TAX REFORM: BIDEN ADMINISTRATION TREASURY PROPOSAL Read More »
See also the IRS Hurricane Irma Information Center IR-2017-150, Sept. 12, 2017 WASHINGTON –– Hurricane Irma victims in parts of Florida and elsewhere have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. Today’s relief parallels that granted last month to victims …
