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White House Releases Build Back Better Act Framework
Early Thursday, the White House had released the framework for the Build Back Better Act. The White House and House and Senate Democrats are continuing to negotiate and discuss the final bill. Here’s what’s included in the framework: Keep in mind that negotiations are still ongoing, and as we mentioned earlier this week are still […]
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New Direction for Potential Tax Legislation?
Authored by Miryam Wisnicki, Melissa Labant, and Chris Hesse After a week of backdoor negotiations between President Biden and key Democrat holdouts Senators Joe Manchin and Kyrsten Sinema, the White House and progressive Democrats appear prepared to compromise on some significant priorities in order to cobble together a social spending package that can pass Congress. Speaker Pelosi expects […]
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What’s Going On in Washington?
The infrastructure bill and spending bill have been held up in limbo for weeks. The $1 trillion infrastructure bill has already been passed in the Senate but initially the hang up was that the House wouldn’t proceed with a vote on it without a spending bill. Many other hurdles have come up as the spending […]
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The IRS Lately: the Good, the Bad, and the Ugly
The IRS has been getting a lot of attention lately, for a variety of reasons. Most of it has been highlighting some frustrations taxpayers have been experiencing along with being a piece of the pending legislative proposals. Over the past 18 months, the pace of change has caused some major headaches for both taxpayers and […]
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Lease Accounting – Changes Are Coming Quickly!
Authored by Chris Nieman and Brandon Knight Key insights Implementing the new lease standard will likely require more time and resources than most realize. Choosing the right software solution is a critical component. Taking steps to prepare now will help ensure successful implementation of this landmark standard. In 2016, the Financial Accounting Standards Board (FASB) […]
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Tax Proposals from the Chairman of the Senate Finance Committee
For those anxiously waiting to hear more about possible tax changes through a reconciliation bill, read on! Last week we posted about several of the proposals issued by the House Ways and Means Committee. Senator Ron Wyden, Chairman of the Senate Finance Committee, released a series of tax proposals as well that could be included […]
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Budget Reconciliation Proposals Released by House Ways and Means Committee
Last week the House Ways and Means Committee released their proposals for budget reconciliation. As anticipated, the proposals included various tax increases to offset spending. Key items in the proposals are outlined below. Please note this is not a comprehensive list and the proposals do include many other items you may want to discuss with […]
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Per Diem Rates Set to Increase for the Transportation Industry October 1st
Per diem pay was a hot topic when the Tax Cuts and Jobs Act changed the law and made it so that W-2 employee drivers who did not receive per diem pay from their employer could not claim an itemized deduction on their personal tax returns. It may well be a hot topic again. For […]
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Bus Driver Shortage
With schools starting back up, most of what you hear is around politically hot topics like should kids be in person, should masks be required, and what’s in the curriculum. But maybe the bigger discussion should be, how are your kids going to get to school? Finding school bus drivers has certainly been challenging the […]
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Could a Reconciliation Bill be Tied to the Infrastructure Bill?
Aside from the major news of the $1 trillion infrastructure bill that passed the Senate, the Senate also approved a $3.5 trillion budget plan. This budget plan may be setting the stage for future tax policy changes. Like the infrastructure bill, a budget resolution also needs to go through the House where it’s future is […]
