The Treasury Department on Friday released its “Green Book,” which contains details on the tax changes that the Biden administration is proposing to help fund the budget for the coming fiscal year.
The Treasury Department today released a report further detailing its proposals to shrink the tax gap as part of the American Families Plan that was unveiled by President Biden last month.
During a virtual roundtable hosted by the Financial Accounting Standards board today, investors, bankers and regulators expressed broad agreement on accounting alternatives related to troubled debt restructurings under CECL and acquired loans.
The American Bankers Association urged the IRS yesterday to delay the use of new draft forms W-4P and W-4R, which are used to determine the appropriate amount of federal income tax to be withheld for various types of retirement distributions.
Agencies propose requiring that national banks, state banks and savings associations that file tax returns as part of a consolidated tax filing group be required to enter into tax allocation agreements with their holding companies and other members of the consolidated group that file a consolidated group tax return.
Under the recently enacted American Rescue Plan Act of 2021, small and midsize employers with fewer than 500 employees may claim refundable tax credits that reimburse them for the cost of providing paid sick leave and family leave to their employees due to COVID-19, including leave taken to receive or recover from COVID-19 vaccinations, the IRS reminded companies today.
In a letter to the Internal Revenue Service this week, the American Bankers Association and several insurance trade groups reiterated their request that the IRS make permanent its temporary relief from the physical presence requirement for spousal consent.
The Treasury Department today provided additional details on the Biden administration’s proposed changes to the U.S. tax code.
Following an announcement from the Internal Revenue Service earlier this month extending the filing date for individual tax returns from April 15 to May 17, the IRS today issued additional guidance on the extension.
With Democrats now in control of the White House and Congress, tax increases could be on the horizon.