[On November 5, 2021, the changes detailed below were approved by the Senate and are going to be voted on in the House of Representatives.]
Potential Tax Impact to Individual Taxpayer: Effective – January 1, 2021
Increase to Allowable State and Local Tax Deduction (§137601):
On September 13, 2021, the House Ways & Means Committee of the U.S. House of Representatives released the draft text of its proposed budget reconciliation bill (the “Build Back Better Act [First Draft]”), and on September 15, 2021 it approved various sections of the proposal. The Committee released an updated draft on October 28, 2021
On September 13, 2021, the House Ways & Means Committee of the U.S. House of Representatives released the draft text of its proposed budget reconciliation bill (the “Build Back Better Act [First Draft]”), and on September 15, 2021 it approved various sections of the proposal. The Committee released an updated draft on October 28, 2021
On September 13, 2021, the House Ways & Means Committee of the U.S. House of Representatives released the draft text of its proposed budget reconciliation bill (the “Build Back Better Act [First Draft]”), and on September 15, 2021 it approved various sections of the proposal. The Committee released an updated draft on October 28, 2021
In October of 2021, as a result of the largest leak of documents in history, 11.9 million files from over 2.94 terabytes of data were publicly released by the International Consortium of Investigative Journalists [ICIJ].
With 70% of the California counties reporting, not enough outstanding votes remain to recall the sitting Governor, therefor solidifying that Gavin Newson has survived the 2021 Recall Election.
On September 9th, 2021, President Biden announced incoming restrictions on non-vaccinated individuals in the workplace. Private employers with 100 or more employees must require their workers to be either be: (i) fully vaccinated or (ii) have them obtain weekly COVID-19 tests confirming they are not live carriers of the virus.
In a 6-3 decision on party lines, Alabama Assn. of Realtors v. Department of Health and Human Servs., the Supreme Court struck down President Biden’s COVID-19 eviction ban. This decision was unexpected as the Court’s upheld the ban placed by the prior administration which expired last July.
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A business may generally deduct legitimate losses from its taxable income to reduce its tax due to the state and federal government. However, sometimes these losses are greater than income, and thus is called Net Operating Loss (“NOL”). Though obviously not a great sign for company longevity,
