2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
The 2022 Gift Tax Return Deadline Is Coming Up Soon
HUD Strengthens the Effects Test
President Biden’s Proposed Budget Includes Notable Tax Provis...
As anticipated, the Senate Republicans released a tax reform plan on Nov. 9, which is positioned to heavily impact individuals and businesses. Like the Tax Cuts and Jobs Act released by the House GOP earlier in November, the plans calls for lowering the individual and corporate tax rates, repealing several tax credits and deductions, enhancing the child tax credit, eliminating the Alternative Minimum Tax (AMT), boosting business expensing, both domestically and internationally, and more.
Doeren Mayhew’s tax advisors highlight details from the Senate GOP plan below and how it compares to the House GOP bill:
Like the House GOB bill, the Senate GOP plan also calls for abolishing AMT. Additionally, both the Senate GOP plan and House GOP bill do not change the current tax treatment of qualified dividends, capital gains, Affordable Care Act, net investment income, Medicare and medical device excise tax.
Like the House GOP bill, the Senate GOP plan keeps the research and development credit, but does not require the five-year amortization of research and development expenditures. Additionally, the rules for business meals would be revised.
Under both plans, foreign tax credit carryforwards would be fully available and foreign tax credits triggered by the deemed repatriation would be partially available to offset the U.S. tax. This is in an effort to provide an incentive for businesses to not shift operations overseas moving forward.
As more details unfold related to both plans, look to our tax advisors to help keep you informed on how these provisions may impact you and your business. If you have questions, contact us today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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