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Returning Value Blog

Carried Interest Taxation Changes Proposed in Inflation Reduction Act of 2022

Posted by Michael D. Machen, CPA, CVA on Aug 05, 2022

Taxpayers should be aware that they may soon lose the advantage of long-term capital gain treatment in respect of carried interest should the Inflation Reduction Act of 2022 (2022 IRA) become law. The deal on a reconciliation package announced on July 27 by Senators Chuck Schumer (D-N.Y.) and Joe Manchin (D-W.Va.) would raise an estimated $739 billion in revenue, of which an estimated $14 billion would come from closing tax-advantaged provisions for carried interests.

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Posted in Tax News

White House Unveils 2023 Budget Proposal

Posted by Michael D. Machen, CPA, CVA on Apr 07, 2022

The Biden administration, on March 28, issued its fiscal year 2023 budget, which would reduce the national deficit by approximately $1 trillion over 10 years primarily by increasing the corporate tax rate to 28% and introducing a minimum tax on billionaires.

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Posted in Tax News

U.S. House Passes Bipartisan Infrastructure Bill

Posted by Marty Williams, CPA on Nov 11, 2021

The U.S. House of Representatives, in the late hours of Friday, November 5, 2021, passed H.R. 3684, the “Infrastructure Investment and Jobs Act,” in a 228 to 206 bipartisan vote. The Senate had approved the same version of the bill, which is now ready for the president’s signature, on August 10, 2021.

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Posted in Tax Updates, Tax News

Details of Proposed Corporate Minimum Tax and Billionaires Tax Released

Posted by Nick Wheeler, CPA on Nov 05, 2021

Senate Democrats have released details of two tax proposals – a minimum tax on large corporations and a tax on billionaires – that, if enacted, would be used to help pay for spending for social infrastructure under the Build Back Better Plan.

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Posted in Tax News

House Releases Rewrite of Build Back Better Tax Proposals

Posted by Michael D. Machen, CPA, CVA on Nov 02, 2021

A version of H.R. 5376 (the Build Back Better Act), released on October 28, 2021, by the House Budget Committee, eliminates many of the previously proposed tax increases that would have impacted individuals.

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Posted in Tax News

Employers: The Social Security Wage Base Is Increasing in 2022

Posted by Michael D. Machen, CPA, CVA on Oct 26, 2021

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax.

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Posted in Tax Updates, Tax News, Taxation

House Ways and Means Committee Releases Initial Tax Proposals

Posted by Michael D. Machen, CPA, CVA on Sep 16, 2021

On September 13, 2021, the House Ways and Means Committee released draft legislation that proposes a series of tax increases and tax cuts, which will undergo a round of markups by the committee over the next few days. Most tax proposals were anticipated; however, the House provided a few surprises. 

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Posted in Tax News

2021 Federal Tax Legislation? A Review of the Current State of Play

Posted by Lesley L. Price, CPA on Aug 25, 2021

As we’ve reported this year, the Biden Administration has made tax policy a legislative priority, and the Treasury Department’s Green Book, released on May 28, provides additional details on these tax policy proposals. Congressional Democrats have also indicated their interest in tax legislation. The question is: Will we see federal tax legislation in the near future? To answer this question, we need to look at the Administration’s and Congress’ infrastructure legislative plans.

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Posted in Business Tax, Tax News

What Are the Tax Breaks with Green Energy?

Posted by Nick Wheeler, CPA on May 15, 2019

 How to get (tax) credit for your home's green energy upgrades.

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Posted in Tax News

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