It’s been in the press for months … the Democrats unveiling of the Build Back Better Act. Within its 881 pages are significant changes to the tax code with drastic impacts on current estate planning strategies and gifting rules. High tax bracket and wealthy taxpayers will be the most affected class of taxpayers … assuming...Read More
The following are two descriptions of proposed bumps in the capital gain rate retroactive for asset sales … one proposed by President Biden, the second more recently by the House Ways & Means Committee. We won’t speculate as to how either of those proposals may play out … just a heads-up for you to know...Read More
The Employee Retention Credit (ERC) is an $80 billion dollars tax savings program that promises financial relief for hundreds of thousands of small and medium businesses as well as tax-exempt entities. The ERC, as part of the CARES Act offers tax credits to encourage employers to retain employees at the height of the COVID-19 pandemic...Read More
The American Rescue Plan was enacted in response to the families, workers and employers impacted by the ravages of the COVID-19 pandemic. In this article, we’ll highlight those elements of the Plan that are most likely to deliver meaningful relief for readers of the Pearson Perspective.Read More
Millions of American taxpayers are clamoring for an answer … “Where’s my refund?” Lack of a definitive answer is further exacerbated by not knowing what’s the delay, when will it be resolved and how to get answers for help from the agency.Read More
In the January issue of The Pearson Perspective we addressed the lament voiced by many 2019 taxpayers … “Where’s My Refund?” Taxpayer frustrations are largely due to pandemic related moves by the IRS to defer tax deadlines as well as changes in penalties and interest for late-filers.Read More
We all know the frustrations induced by unintended consequences … especially when it impacts our pocketbooks. Well that’s the backdrop to the current stress experienced by many taxpayers who continue to lament – “Where’s my refund?!”Read More
Business owners … you may qualify for one or more of three new tax credits announced and launched by the Treasury Department and the Internal Revenue Service.Read More
Potential to Reduce Your Tax Bill by as Much as $2,000 per Qualifying Child Raising children is an expensive responsibility. So it’s worth your while to take just a few minutes to see if you may qualify for relief under the Child Tax Credit (CTC). The CTC has been expanded under the new tax law...Read More
Do So Charitably, and With Caution This is the season for giving. Generally we all feel more willing to open our purses for good causes. And there are plenty of opportunities to do so … both solicited and unsolicited by you. So in this article we’ll cover two major considerations before you write that check...Read More
