BLS Insights

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Month: November 2021

U.S. House Passed the Build Back Better Act – Waiting for the Senate to Weigh In

November 29, 2021

On November 19, the U.S. House of Representatives passed a crucial part of President Biden’s agenda by a vote of 220-213. While we are waiting for the Senate to vote on The Build Back Better Act (BBBA), we thought we would outline some of the provisions related to various areas, including taxes. Impact on the … Continued

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2022 Cost-of-Living Adjustments

November 19, 2021

Don’t forget to factor 2022 cost-of-living adjustments into your year-end tax planning The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, mainly due to the COVID-19 pandemic, many amounts increased considerably over 2021 amounts. As you implement 2021 year-end tax planning strategies, be sure … Continued

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Potential Tax Law Changes Affecting Business Year-End Tax Planning

November 11, 2021

The end of the tax year is fast approaching for many businesses, but their ability to engage in traditional year-end planning may be hampered by the specter of looming tax legislation. The budget reconciliation bill, also known as the proposed Build Back Better Act (BBBA), is likely to include provisions affecting the taxation of businesses … Continued

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Potential Tax Law Changes Affecting Individual Year-End Tax Planning

November 11, 2021

As if another year of the COVID-19 pandemic wasn’t enough to produce an unusual landscape for year-end tax planning, Congress continues to negotiate the budget reconciliation bill. The proposed Build Back Better Act (BBBA) is certain to include some significant tax provisions, but much uncertainty remains about their impact. While we wait to see which … Continued

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Tax Related Provisions of the Investment and Jobs Act

November 10, 2021

Almost three months after it passed the U.S. Senate, the U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act (IIJA), better known as the bipartisan infrastructure bill. While the bulk of the law is directed toward investment in infrastructure projects across the country, a handful of noteworthy tax provisions are also included. … Continued

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