President Biden signed the American Rescue Plan Act into law Thursday, triggering the release of $1,400 Economic Impact Payments along with tax breaks for stimulating the economy.
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March 12, 2021
Upcoming Events March 12, 2021
Daily Briefing
Biden signs American Rescue Plan into law, expanding tax credits
By Michael Cohn      8 min read
President Biden signed the American Rescue Plan Act into law Thursday, triggering the release of $1,400 Economic Impact Payments along with tax breaks for stimulating the economy.
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COVID relief bill’s tax, cash benefits can apply to some wealthy clients
By Lynnley Browning      5 min read
It’s not just $1,400 checks. Here’s what advisors need to know about other financial perks in the massive stimulus package.
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Biden’s $1.9T bill tees up stimulus payments as soon as weekend
By Jordan Fabian and Jenny Leonard      3 min read
The president's first major legislative achievement will offer aid to tens of millions of individuals, businesses, and state and local governments.
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Tax refunds plunge 32% in slow-moving IRS filing season
By Laura Davison      2 min read
Just under a month into federal tax filing season, the IRS reported a 32 percent slide in the number of refunds sent out compared with last year, showcasing delays that have spurred Democrats to call for postponing the traditional April 15 deadline.
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Tax Fraud Blotter: Rep rap
By Jeff Stimpson      6 min read
UnReliable; Terminated; the wire tap; and other highlights of recent tax cases.
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Are your clients doing business in California? They’d better know the tax ramifications
By Paul C. de Bernier, Michael Lebovitz, Tareah E. Ikharo and Stephanie M. Hurst      5 min read
For companies not based in California, a determination that they are “doing business” in California, even without a physical presence, can trigger registration, reporting and tax obligations.
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How to allocate land vs. building values for investment property
By Lester Cook, Sasha Brenecki      4 min read
Calculating land and building values for tax purposes is a critical step toward maximizing your available tax deductions from depreciation.
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Credit Suisse tax whistleblowers urge U.S. to punish bank
By David Voreacos, Neil Weinberg and Eyk Henning      3 min read
Former Credit Suisse Group AG bankers who blew the whistle on their employer for helping wealthy Americans dodge taxes are now urging U.S. authorities to punish the bank beyond the $2.6 billion it paid as part of a guilty plea seven years ago.
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White House says $1,400 payments will begin arriving this month
By Laura Davison      2 min read
Households will begin receiving the $1,400 stimulus payments included in the pandemic-relief bill approved by Congress before the end of March, according to the White House.
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What’s in the $1.9T stimulus bill Biden is about to sign
By Laura Davison      6 min read
The legislation includes a massive, one-year expansion to the child tax credit program aimed at curbing child poverty, a change Democrats are already seeking to make permanent.
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