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Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More


2021 Budget Outlines Administration Priorities for Extending Tax Cuts, Increased IRS Funding

On February 11, the White House released President ... Read More


Calculation of “Average Income” Minimum Set Aside Test for Low Income Housing Credit Explained

Taxpayers claiming the low-income ... Read More


Fleet-Average and Vehicle Cents-Per-Mile Base Valuation Amounts Updated

Final regulations increase a vehicle’s maximum value ... Read More


House Writers Debate Effects of Corporate Income Tax Cut

House Democratic and Republican tax writers debated ... Read More


Practitioners’ Corner Wolters Kluwer Interviews TCPI Symposium Experts on Current and Future State of Tax Policy

Tax reform legislation widely known as the Tax Cuts and ... Read More


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Qualified Opportunity Zone Investment Regulations Finalized

By: Annemarie Aguanno, CPA, Senior Audit/Tax Manager

 

Annemarie Aguanno, CPA, Senior Audit/Tax ManagerProposed qualified opportunity zone regulations issued on October 29, 2018 ( REG-115420-18) and May 1, 2019 ( REG-120186-18) under Code Sec. 1400Z-2 have been finalized with modifications. The regulations. which were issued in a 550 page document, are comprehensive.
The regulations address issued related to all aspects of the gain ... Read More




Proposed Regulations Reflect Changes to Wage Withholding, Redesigned W-4

By: Andrew Presti, Senior Partner

 

Andrew Presti, Senior Partner The IRS has proposed regulations with guidance for employers on withholding federal income tax from employee’s wages. The proposed regulations:

● implement recent changes made to Code Secs. 3401 and 3402 by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97); and

● reflect the redesigned 2020 Form W-4, Employee’s Withholding Certificate, and the ... Read More




Guidance Provided on Qualifying for EITC

By: Elias Koumniotes, Senior Tax Manager

 

Elias Koumniotes, Senior Tax ManagerThe IRS has provided guidance on qualifying for the Earned Income Tax Credit (EITC). The EITC is a refundable tax credit that is intended to be a financial boost for families with low to moderate incomes.

Due to changes in marital, parental or financial status, millions of workers may qualify for EITC for the first time this year. The IRS urges individuals who (1) work for someone else or have their own businesses or farm, and (2) earned $55,952 or less in 2019, to see if they ... Read More




    



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