Tax Season 2021

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Build Back Better Act (Draft Released)

New Bill Released by President Biden

A new bill has been launched by President Biden, which includes approximately 1.75 trillion dollars of investments to combat climate change, extend health care coverage and ease child poverty, among other priorities.

The newly released bill includes financing for climate change and other priorities. The bill extends health care coverage focusing on children who live below the poverty line or without adequate access to affordable family planning services. Also, increasing jobs opportunities through development funds devoted to green technology projects, like solar power plants that can provide clean energy sources independent from fossil fuels while also creating jobs.

A major component within this plan not only focuses upon fighting global warming but still makes sure Americans have what they need.

What’s inside the bill summary regarding taxes?

  • 15% Corporate Minimum Tax on Large Corporations
  • 1% Surcharge on Corporate Stock Buybacks
  • Global Minimum Tax: Consistent with OECD and with appropriate effective date for 15%, Country-by-Country
  • Penalty Rate for Foreign Corporations Based in Non-Compliant Countries (i.e. Base Erosion and Anti-Abuse Tax)
  • New Surtax on Multi-Millionaires and Billionaires
  • Close Medicare Self-Employment Tax Loophole by Strengthening the Net Investment Income Tax for Those Making Over $400,000
  • Continue Limitation on Excess Business Losses
  • Invest in IRS Enforcement.

Your business is likely facing some tough decisions about how best to minimize its tax liability this year. I’m always happy to help business owners pay less in taxes, so reach out today.

Do you know what tax bracket your business is in?

Saving money is difficult, but it’s easier when you are our client. We have countless strategies for tax planning and our clients in Texas are saving themselves from Tax Payments that could cost thousands!

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