Tax credits

With Congress having terminated the Employee Retention Credit, Notice 2021-65 explains what businesses that claimed it need to do.

Eliminating the revenue-raising R&D amortization provision in the 2017 tax reform is the best way forward for U.S. innovation.

The House passed a roughly $2 trillion bill incorporating the core of President Joe Biden’s economic agenda — ramping up funding for the social safety net and increasing taxes on corporations and the wealthy — sending it on to the Senate, where it’s likely to be significantly reshaped.

President Joe Biden’s signature plan to expand the social safety net, address climate change and rewrite tax policies passed the House Friday morning as Speaker Nancy Pelosi united fractious Democrats to send the legislation to the Senate, where its fate remains uncertain.

The House reconvened for the vote Friday after Republican leader Kevin McCarthy delayed action with a more than eight-hour floor speech.

The new act impacts cryptocurrency, the Employee Retention Credit and tax deadlines.

The service’s recent move to set new requirements for claiming refunds on research tax credits is provoking an uproar among tax professionals.

The bipartisan infrastructure bill that the House passed over the weekend and sent to President Biden’s desk includes some tax-related provisions, including an early expiration of the Employee Retention Tax Credit and new rules for reporting on cryptocurrency transactions.

The $1.75 trillion package marks a dramatic shift toward boosting support for families with children.

The Section 179D incentive would jump from $1.80 per square foot for efficiency improvements to a sliding scale between $2.50 and $5.