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Lesley L. Price, CPA

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How to Realize Tax Savings When Tax Rates Increase

Posted by Lesley L. Price, CPA on Sep 10, 2021

The Treasury Department’s Green Book outlines proposals supported by the Biden Administration that would increase federal tax rates for corporations and high-income individuals, generally effective for taxable years beginning after December 31, 2021. Under these proposals:

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Posted in Tax Planning, Business Tax

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

2021 State & Local Tax Year-End Issues to Consider Now

Posted by Lesley L. Price, CPA on Jul 19, 2021

State and local governments are revisiting taxpayer compliance with nexus rules and other tax policies, considering new taxes on digital services, and reconsidering conformity with federal tax rules and legislation in an effort to rebuild their economies. The following is an in-depth look at five key state tax issues that taxpayers should begin considering now.

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Posted in Business Advisory

Accounting Methods: Private Companies Have Options

Posted by Lesley L. Price, CPA on Jun 24, 2021

Businesses need financial information that’s accurate, relevant, and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S. Generally Accepted Accounting Principles (GAAP), often considered the “gold standard” in financial reporting in the United States. But privately held companies can use simplified alternative accounting methods. What’s right for your business depends on its size, regulatory and contractual requirements, management’s future plans, and the needs of its stakeholders.

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Posted in Business Advisory

SALT Watch: 5 Issues to Consider in 2021

Posted by Lesley L. Price, CPA on Jun 02, 2021

As state and local governments look for new ways to stimulate their economies, incentivize employment and keep businesses afloat, the pressure for states to generate additional tax revenue continues. In response to this pressure, states are revisiting taxpayers’ compliance with their “nexus” rules and other tax policies and considering new taxes on digital services. In addition, many state governments are reconsidering the extent to which they are willing to conform to federal tax rules and legislation.

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Posted in Business Tax

Employers Get Tax Breaks for Vaccination Leave

Posted by Lesley L. Price, CPA on May 11, 2021

Small and midsize employers, and certain governmental employers, can claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19, including leave taken by employees to receive or recover from COVID-19 vaccinations. These credits are available to eligible employers that paid sick and family leave for leave from April 1, 2021, through September 30, 2021.

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Posted in Business Tax

Biden Administration Unveils Tax Blueprint

Posted by Lesley L. Price, CPA on Apr 06, 2021

On March 31, 2021, the Biden administration unveiled a job and infrastructure plan, the American Jobs Plan, to address the nation's pressing infrastructure needs. The plan calls for about $2 trillion in spending over eight years. To pay for these expenditures, the plan also includes a proposed overhaul of the corporate tax system that would increase the corporate tax rate and the global minimum tax, eliminate federal tax benefits for fossil fuel companies, and strengthen enforcement against corporations.

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Posted in Business Tax

Business Highlights in the New American Rescue Plan Act

Posted by Lesley L. Price, CPA on Mar 17, 2021

President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks and financial benefits for businesses.

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Posted in Business Tax

Many Tax Amounts Affecting Businesses Have Increased For 2021

Posted by Lesley L. Price, CPA on Feb 08, 2021

A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020. Here’s a rundown of those that may be important to you and your business.

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Posted in Business Tax

Can Your Business Benefit From the Enhanced Employee Retention Tax Credit

Posted by Lesley L. Price, CPA on Jan 14, 2021

COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended and enhanced in the latest law.

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Posted in Business Tax

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