Latest COST Conscious

ISSUE 21-12; June 18, 2021

Returning to the Office, Part III: Vaccination Policy for Employees – Businesses are reassessing or adding long-term work from home policies (see Question Part II, in “Last Issue’s Question Answered,” below). Our Question Part III asks: does your company have a COVID-19 vaccination policy for its employees?

Latest Practitioner Connection

ISSUE 21-12; June 11, 2021

Multistate: Recent Corporate Tax Rate Reductions Enacted – In spite of the prohibition in the American Rescue Plan Act against using federal relief funds to adopt tax cuts, several states have recently adopted legislation reducing corporate income tax rates. KPMG LLP, June 7, 2021.

BLOOMBERG TAX

Tax Pros Bemoan Slow Rollout of IRS Child Tax Credit Tool

 

The IRS plans to continue adding features to its Child Tax Credit system through the fall, but with checks starting to go out next month, the delay could complicate the situation for some families, tax professionals said.

San Francisco Voter-Approved Vacancy Tax to Start Next Year

 

San Francisco’s voter-approved vacancy tax on commercial spaces—sidelined by the coronavirus until the end of 2021—will start the new year with rules on filing returns and paying the city for empty store fronts.

N.J. Quietly Gets Budget Deal for Tax Windfall to Pay Off Debt

 

New Jersey Governor Phil Murphy and lawmakers are seeking to use an unexpected revenue windfall to pay off bonds and fund infrastructure projects that otherwise would be financed with debt, according to administration officials.

SALT Deduction Relief Included in Sanders Budget Proposal (1)

 

Senate Budget Committee Chairman Bernie Sanders is proposing to partially revive the federal deduction for state and local taxes in an draft outline of a budget resolution designed to fast-track much of President Joe Biden’s economic agenda.

Billionaire’s Fishing Guide Sought as Witness in Tax Fraud Case

 

U.S. prosecutors who accuse billionaire Robert Brockman of the largest tax-evasion case in history are seeking to rebut his claims of dementia by gathering records from his software company, his spiritual adviser and his fishing guide.

Connecticut’s Recreational Cannabis Bill Signed Into Law

 

Connecticut will prepare to launch a commercial, recreational cannabis marketplace by May 2022, under a bill signed into law Tuesday by Gov. Ned Lamont (D).

Billions Lost as Thousands of Sellers Flout State Sales Tax Laws

 

State revenue agencies are finally getting serious about requiring out-of-state retailers to collect tax on e-commerce transactions, frustrated that less than half of such sellers are in full compliance with their sales tax codes.

Tax + Trust: Understanding The New Expectation for Business

 

Kathryn Kaminsky of PwC addresses how expectations around trust in business are changing and what the business community and leaders can do in response.

The Case for Returning to the Office and Making It Work

 

The Covid-19 pandemic made working from home a necessity for many. But patent attorney Josepher Li of litigation boutique Armond Wilson in California says returning to the office by choice in January helped him reimpose needed boundaries between his work and personal life. He provides tips on how to achieve this balance.

Biden’s Plan Relies on a Higher Corporate Tax Rate and Stronger Enforcement

 

President Joe Biden plans a $1.8 trillion social spending plan to be paid for with increased tax revenue. Sanjay Agarwal and Patrick Roach of MGO outline the administration’s plan and explain what they mean for corporate tax payers.