Federal Tax Legislation

Stay informed of important developments in tax legislation. Key items include guidance and new rules involving tax reform, COVID-19 Relief Acts, international taxation and partnerships.

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Federal Tax Legislation CPE

More than ever, this year promises to be one with lots of questions from your clients. Find your way through the uncertainty with numerous CPE courses led by expert instructors, addressing COVID-19 Relief Acts and other federal tax updates.

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Recent Legislation

American Rescue Plan Act of 2021

Updated: March 10, 2021

On March 10, 2021, Congress passed the American Rescue Plan Act of 2021 after the House approved the measure by a 220-211 vote. This followed passage in the Senate by a 50-49 vote on March 6. The bill will now head to President Biden’s desk for signature. The bill was originally passed by the House on February 27, but was amended in the Senate in order both to appease moderate Democrats to ensure passage in the evenly divided chamber and to meet Senate rules. Lawmakers had set a deadline of March 14 to approve the package, as that was the expiration of unemployment relief last extended by the Consolidated Appropriations Act, 2021 in late December, 2020.

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2020 Tax Year-in-Review

Updated: Jan. 14, 2021

2020 was an unprecedented year across the social, economic, and political spectrum. It was a year that saw political upheaval, with both an impeachment of the President of the United States and a contentious national election. Much of the year saw social unrest with many in the country deeply concerned about race issues in America. Overarching it all was the ongoing coronavirus (COVID-19) pandemic, that has claimed the lives of hundreds of thousands of Americans, and severely short-circuited the economy.

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Consolidated Appropriations Act, 2021

Updated: Dec. 28, 2020

Late in the day on Dec. 20, 2020, leaders in Congress announced that they had reached an agreement on a new round of relief for the ongoing COVID-19 pandemic and economic stimulus. The Consolidated Appropriations Act, 2021 finally took shape after several days of negotiations between the Democrats and GOP on Capitol Hill. The passage of the bill, as well as the negotiations, were closely tied to passage of an omnibus appropriations bill for the federal government for the 2021 fiscal year. Congress passed several short-term extensions of the appropriations bill to avoid a shutdown as the COVID-19 stimulus package was negotiated.

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2020 Post-Election Tax Policy Update

Updated: Nov. 11, 2020

On Nov. 7, 2020, after a protracted period of vote counting in several states, nearly all media outlets declared that Democrat Joe Biden will be the 46th President of the United States. While, at the time of publication, this outcome is not yet official, given that several lawsuits have been filed by the reelection campaign of President Donald Trump and the Electoral College still has to vote in December, it seems that most people are proceeding as if Biden will be sworn in on Jan. 20, 2021.

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2020 Year-End Tax Planning

Updated: Oct. 28, 2020

Tax planning in 2018 and 2019, in the wake of the Tax Cuts and Jobs Act, was largely a settled issue. Tax rates have been stable at a low level, meaning that there hasn’t exactly been much reason to act quickly at the end of the year to take advantage of a beneficial tax environment down the road. With no looming tax legislation or massive policy changes, one year has more or less been just like the year before it. Of course, 2020 has changed all of that, throwing Major League curveballs into what had been batting practice. The biggest curveball is the ongoing coronavirus(COVID-19) crisis. With an uncertain economic future because of the pandemic, there is major incentive to maximize all tax savings now. Additionally, the Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted many taxpayer-friendly provisions, many of which have a 2020 expiration date.

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2020 Tax Policies Of The Major Presidential Candidates

Updated: Sept. 3, 2020

This special briefing describes the current tax policies of the candidates of the two major parties: President Donald Trump, the incumbent candidate for the Republican Party and former Vice President Joe Biden, the Democratic candidate for president.

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2020 Payroll Tax Deferral Order

Updated: Aug. 10, 2020

As the coronavirus (COVID-19) pandemic continues to surge in multiple regions of the United States, the economy continues to flounder. While some economic recovery has occurred in the aftermath of large shutdowns in the spring, job losses continue to mount while state and local governments struggle with increased costs from battling outbreaks and reduced tax revenue.

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2020 Post-Filing Season Update

Updated: July 24, 2020

The extension of the due date to July 15 gave tax preparers nearly six months to prepare client returns. However, that extra three months included much more work than just preparing returns. Helping clients weather the ongoing economic storm of the pandemic, ensuring compliance with new employee retention credits created by Congress in response to the pandemic, and assisting clients in the acquisition of Paycheck Protection Program loans all added to the workload. During the extended filing season, the IRS continued to issue guidance not related to the COVID-19 pandemic. Guidance implementing the Tax Cuts and Jobs Act continues to be released, as does other guidance addressing issues unrelated to filing 2019 returns or actions that needed immediate attention. As we do every year, Wolters Kluwer publishes this Special Report on the things you may have missed during this supersized filing season.

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Coronavirus Aide, Relief, and Economic Security (CARES) Act

Updated: March 27, 2020

As COVID-19 continues to upend nearly every aspect of life in the United States, Congress has been working to relieve suffering Americans. Having passed the Families First Coronavirus Response Act on March 18 in an effort to limit the spread of the pandemic and support relief efforts, Congress turned to stabilizing the economy. After days of furious negotiations between Republicans and Democrats on the Hill and Trump Administration officials, the Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. With a $2.2 trillion price tag, the bill is the most expensive piece of legislation ever passed.

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Coronavirus Tax Relief

Updated: March 23, 2020

As coronavirus (COVID-19) continues to spread, rattling financial markets, forcing the closures of businesses and schools, and canceling major public events across the country, the Trump Administration and Congress began taking steps to mitigate the impact on Americans.

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