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Accounting for Income Taxes Insights

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