There are many tax changes proposed in the Build Back Better Act. PBMares has detailed a dozen tax changes (including an update October 28th) that would change the tax landscape and would require many taxpayers to re-evaluate their tax positions.
North Carolina is on the verge of passing major tax changes affecting corporate, pass-through, and individual taxpayers. If passed, the state's corporate income tax would be eliminated and 250,000 taxpayers would be removed from state tax rolls.
The new Global Intangible Low-Taxed Income (GILTI) regime imposes U.S. tax on foreign earnings of certain foreign corporations whether or not the profits are repatriated to the U.S. owner.
With the tax filing season just around the corner, I repeatedly hear the question, “can I deduct my home office?” The answer varies as the IRS has a more restrictive definition of the home office than those heard in ordinary conversation.
As Internet Explorer will discontinue browser security updates by August of 2021, this site is best viewed using Google Chrome, Safari or Microsoft Edge.
