True Partners Insights

Pillar Icon
WEBINAR: Tax Reform 2.0 The Sequel – The Made in American Tax Plan

This one-hour course covered key aspects of the Made in America Tax Plan described in the Whitehouse Whitepaper and most recently, in the Presidents proposed budget for fiscal year 2022. We reviewed the proposals and accounting impact of the Senate Finance Committee proposal, along with discussions on tax items by the OECD. We reviewed the financial reporting impact of these tax plans, if enacted, under ASC 740 Accounting for Income […]

July 28, 2021

Will Clean Renewable Energy Tax Proposals be Enacted by Congress in 2021?

The Biden Administration is pushing forward with a $3.5 trillion plan to provide significant initiatives intended to reform and expand current law tax incentives and create new energy tax incentives that are designed to encourage companies to invest in clean renewable energy solutions and source energy from clean renewable sources.  As the Biden Administration looks to pull away from the dependence on fossil fuels, it has made energy a primary […]

July 22, 2021

Washington Tax Insight July 2021

Politics and Congressional Activity Congress has returned from the July 4th recess and is scheduled to leave again for the August recess on August 9th and return on September 10th.   There is the possibility that the August recess will be delayed, especially considering the busy schedule facing the House and Senate.  Senate Majority Leader Schumer (D-NY) has warned his Senate colleagues that the recess will be deferred until the Senate […]

July 14, 2021

The Employee Retention Credit (ERC) – How to qualify and calculate the credit?

The Basics The ERC was created as part of the CARES Act as a temporary coronavirus-relief provision to assist businesses in keeping employees on payroll.  Since its enactment the ERC has been expanded and extended through December 31, 2021. The ERC is a credit that first offsets payroll taxes and then is refundable.  Employers can receive a benefit of up to $5,000 per employee in 2020 and up to $28,000 […]

July 5, 2021

Narrowing the “Tax Gap”: Treasury & the IRS Target “High-Income Taxpayers” and Cryptocurrency Transactions

The Biden Administration has identified the “tax gap” as a priority issue for 2021 with the Treasury Department suggesting that the tax gap could total $7 trillion over the next ten years and noting that the beneficiaries of that tax gap are wealthy taxpayers and the corporations they own.  During the Senate Finance Committee hearing on the Biden budget proposals, Chair Wyden (D-OR) expressed concern about the recent leak of […]

June 30, 2021

Washington Tax Insight June 2021

Politics and Congressional Activity Congress returned from its recess on June 7th and now decisions will be made by Congressional leadership about how to proceed with infrastructure legislation and whether they can reach a bipartisan agreement.  It is expected that Speaker Pelosi will direct her committee chairs to complete their work on a budget resolution and other implementing legislation before the July 4th recess in the event it is necessary […]

June 8, 2021