Under President Biden’s budget for fiscal year 2023, billionaires would face a new tax. Among other administration priorities, the new tax covers the 20 percent increase in funding for the Department of the Treasury. According to the budget proposal, released March 28, the president’s Fiscal Year 2023 budget “includes a 20 percent minimum tax on multi-millionaires and billionaires who so often pay indefensibly low tax rates.” Read More
Under President Biden’s budget for fiscal year 2023, billionaires would face a new tax. Among other administration priorities, the new tax covers the 20 percent increase in funding for the Department of the Treasury. According to the budget proposal, released March 28, the president’s Fiscal Year 2023 budget “includes a 20 percent minimum tax on multi-millionaires and billionaires who so often pay indefensibly low tax rates.” Read More
Under President Biden’s budget for fiscal year 2023, billionaires would face a new tax. Among other administration priorities, the new tax covers the 20 percent increase in funding for the Department of the Treasury. According to the budget proposal, released March 28, the president’s Fiscal Year 2023 budget “includes a 20 percent minimum tax on multi-millionaires and billionaires who so often pay indefensibly low tax rates.” Read More
As we approach tax season, the Employee Retention Credit (ERC) may be an important credit for businesses. The ERC is a fully refundable IRS payroll tax credit (not a loan) available to employers with the potential of up to $26,000 per employee in federal payroll taxes. Businesses that received round one and/or two of Paycheck Protection Program (PPP1 and PPP2) loans also qualify for the ERC.
We previously sent you information about the details of the SALT cap work around, or Pass-Through Entity (PTET) on November 8, 2021. Here is a brief recap and a link to the full article:
This year California passed AB 150, which enacts an elective passthrough entity tax (PTET). The idea behind the PTET is to work around the $10,000 SALT deduction limit to an individual’s itemized deductions that came into effect back in 2018.
When it comes to retirement, there is always a thought in the back of your mind saying, “how can I get there earlier?” Though some plan for traditional retirement, there is a vast majority that would love nothing more than to retire early to fully enjoy their golden years. With the right planning, that goal is achievable. There are 10 steps you will need to consider before gaining access to early retirement. Read More