Biden Archives - Wiss & Company, LLP

Tax Implications of the Inflation Reduction Act

Written on August 17, 2022. Posted in Tax.

By Nicole DeRosa, CPA, MAcc Just a mere four days following the House passage, President Joe Biden signed the Inflation Reduction Act (IRA) of 2022 into law on August 16, 2022, which is projected to raise more than $700 billion in revenue through federal policy changes impacting U.S. energy, environment, and tax sectors. Several noteworthy items that are not included in the final bill include: A provision to remove the itemized deduction cap for an individual’s state and local...

2021 Cryptocurrency Market: Year In Review

Written on December 29, 2021. Posted in Advisory Services, Cryptocurrency, Investing, Tax, Tax Alerts.

Interest in and adoption of cryptocurrency (“crypto”) has been at an all-time high in 2021. In the past year, there have been a number of new, game-changing developments in the space which we will summarize in this piece. In addition to a market update, we will also highlight the most common audit, tax, and advisory themes that our teams have been discussing with our clients. Market Update The crypto market exploded in early 2021, with bitcoin reaching an all-time high of $65k in...

2021 Year-End Tax Planning for Businesses

Written on December 20, 2021. Posted in Tax, Tax Alerts.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager As the U.S. entered 2021, many assumed that newly elected President Joe Biden along with Democratic majorities in the House and Senate would swiftly enact tax increases on both corporations and individuals to pay for the cost of proposed new infrastructure and social spending plans, potentially using the budget reconciliation process to do so. Since then, various versions of tax and spending measures have been negotiated and...

Biden’s Announcement on Employer Vaccine Mandates

Written on September 13, 2021. Posted in General Business, Healthcare, Human Resources, Small Business.

Employers have been grappling with whether to enforce vaccine mandates in their companies, however President Biden’s recent Executive Order may now take that decision out of their hands. Late last week, the President announced his multi-level strategy for combatting the continued spread of COVID-19 – a key piece of which includes sweeping vaccine mandates for many employers. The mandate for private employers affects those with 100 or more workers. The proposed plan stipulates that...

$1.9 Trillion American Rescue Plan Released – Perhaps the 3rd Time is a Charm!

Written on March 2, 2021. Posted in Financial Planning, Stimulus Package, Tax, Tax Alerts.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager The much anticipated $1.9 trillion American Rescue Plan was released by lawmakers last week and passed by House by a near party-line vote of 219-212 early Saturday morning. The third stimulus package is now on its way to the Senate, which is expected to pass in hopes to meet a mid-March deadline, albeit with some potential changes. Once signed into law by President Biden, this 592-page stimulus package will offer a wide range of...

Biden Administration Targeting PPP Aid to Smallest Businesses – 2 Week Delay Starting Wednesday Morning

Written on February 23, 2021. Posted in Financial Planning, General Business, PPP, Small Business.

By Travis Miskowitz, Manager, CFO Advisory Early Monday morning, the Biden Administration announced it is instituting a 2-week period targeting Paycheck Protection Program (PPP) loans to small businesses only. The temporary freeze goes into effect Wednesday morning beginning at 9:00 am, and only small businesses with 20 or fewer employees will be eligible to apply for a PPP loan for the next 2 weeks. The move by the current Administration is an effort to provide much-needed funding...

What Federal Tax Policy Changes Can We Expect? Clues From the Campaign Trail

Written on October 28, 2020. Posted in Tax, Tax Alerts.

By Michael LaMotta By this time next week, the U.S. presidential election will be in the rearview mirror, and we’ll all have more questions than we have answers. One of those big questions will be: What is the new president-elect’s vision for the tax code? Neither of the candidates has laid out a formal, detailed plan for this, although they have left clues about some aspects of tax policy along the campaign trail. Tax policy is an underappreciated element of federal policy; considering...

Tag: Biden