Why is the government trying to legislate our futures in the midst of tax season?! Well, it is what is it. So, I scoured The Internet to find some resources to help us all stay on top of the twisty-turny legislative environment we have in Washington.
KPMG does a great job of keeping their clients up to date on what is happening in the world of tax proposals. This link takes you to a series of articles that go over what is currently on the table. I especially like the tables they put together to support a quick reference to the items actually making it into the bills. Here is the one for the Made in America Tax Plan and The American Jobs Plan.
This website is great for tracking everything being presented on the legislative floor for discussion. It also gives a handy rating of the likelihood of success. It is a look of fluff and not a lot of useful information, but occasionally a bill we actually believe will pass is presented and the confidence rating is high enough to read the bill! I recommend this site if your clients are prone to reading obscure proposed legislation and want to know how likely it will be.
This article is a great high level breakdown of the Biden plan to tax corporations differently. It goes into why and a bit of how the Biden Administration plans to plug the ability for large corporations to shift profits to tax havens.
This beautifully produced PDF goes through the current economic state leading into the tax policy decisions. It breaks down the why behind the proposals on policy and it lays out a wonderful analysis of the current political environment. This report is long, but it’s worth the read.