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.

Economic development credits and incentives programs traditionally are applied to two areas: new investment and new jobs.

Under the 2017 Tax Cuts and Jobs Act, R&E expenses paid or incurred after 2021 must be capitalized and amortized over five years (15 years if research is performed overseas).

The Democratic Senator said there’s little chance that Congress can complete work on President Biden’s economic agenda by the end of the month.

The Internal Revenue Service’s Office of Chief Counsel is spelling out new requirements for information from companies submitting claims for research credit tax refunds to prove they’re valid.

An open letter last week expressed bipartisan opposition to proposals to retroactively end the credit before the end of the fourth quarter.

It can help firms and clients improve their bottom line, while boosting diversity, team morale and community relations.

Lawmakers are seeking to extend the recently expanded tax break through 2025, endorsing a key component of the president’s social safety net plan.

The IRS's strategy for examining claims for the Earned Income Tax Credit are falling short, according to a new report.

Planning should involve consideration of economic credits and incentives, which focus on future savings and future growth goals.

The Ways and Means Committee voted to approve 12 weeks of paid family leave and a mandate to enroll employees in retirement accounts.