Tag: taxes

NAHB Opposes House Democrats’ Plan for $2 Trillion in New Taxes

Filed in Advocacy, Housing Affordability, Tax Reform by on September 14, 2021 22 Comments
NAHB Opposes House Democrats’ Plan for $2 Trillion in New Taxes

NAHB is sounding the alarm to lawmakers as House Democrats within the Ways and Means Committee begin consideration of a massive overhaul of the tax code which would generate over $2 trillion in additional tax revenue over the next 10 years.

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Proposed Changes to Partnership Tax Rules Would Raise $172 Billion

Filed in Tax Reform by on September 10, 2021 2 Comments
Proposed Changes to Partnership Tax Rules Would Raise $172 Billion

Senate Finance Committee Chairman Ron Wyden (D-Ore.) released the outline of a bill that would significantly alter the tax rules for partnerships.

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Senate Finance Committee Chair Proposes Housing Bill

Filed in Advocacy, Housing Affordability, Tax Reform by on August 18, 2021 1 Comment
Senate Finance Committee Chair Proposes Housing Bill

Senate Finance Committee Chairman Ron Wyden (D-Ore.) announced today the Decent, Affordable, Safe Housing (DASH) for All Act. The legislation includes a number of tax-related proposals, which fall under Wyden’s committee jurisdiction, as well as other housing policy changes that are outside of the panel’s focus.

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Employee Retention Credit: New IRS Guidance Creates Confusion for Business Owners

Filed in Advocacy, Tax Reform by on August 13, 2021 0 Comments
Employee Retention Credit: New IRS Guidance Creates Confusion for Business Owners

The IRS last week released further guidance on the Employee Retention Credit (ERC), which includes a controversial interpretation for when the wages paid to a majority owner of the business, as well as the owner’s spouse (if applicable), are to be treated as qualifying wages.

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Democrats Take Aim at Pass-Through Deduction for Businesses

Filed in Advocacy, Tax Reform by on August 11, 2021 3 Comments
Democrats Take Aim at Pass-Through Deduction for Businesses

Senate Finance Committee Chairman Ron Wyden recently introduced a bill that would make several changes to section 199A of the tax code, which provides many owners of sole proprietorships, partnerships, S corporations, and some trusts and estates a deduction of income from a qualified trade or business.

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President Biden to Announce $1.5 Trillion Tax Plan

Filed in Advocacy, Housing Affordability, Tax Reform by on April 28, 2021 0 Comments
President Biden to Announce $1.5 Trillion Tax Plan

President Biden is expected to outline tonight in an address to a joint session of Congress his “American Families Plan,” which includes significant tax changes that would harm real estate. 

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Treasury, IRS Extend Federal Tax Filing Deadline Until May 17

Filed in Tax Reform by on March 17, 2021 0 Comments
Treasury, IRS Extend Federal Tax Filing Deadline Until May 17

The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

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IRS, HUD Grant Texans Relief After Disaster Declaration

Filed in Disaster Response by on February 23, 2021 0 Comments
IRS, HUD Grant Texans Relief After Disaster Declaration

In response to the toll this month’s winter storms have taken on Texas and other states, the Internal Revenue Service (IRS) has extended many tax filing deadlines to June 15, 2021. Separately, the U.S. Department of Housing and Urban Development announced its own relief for mortgages insured by the Federal Housing Administration (FHA) for those living in areas affected by the severe winter storm.

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Employer-Focused Tax Changes in Senate Coronavirus Relief Bill

Filed in Advocacy, Disaster Response by on July 28, 2020 0 Comments
Employer-Focused Tax Changes in Senate Coronavirus Relief Bill

The Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act introduced in the Senate yesterday includes four notable tax provisions, including substantial modifications to the existing Employee Retention Tax Credit.

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IRS Not Extending July 15 Tax Deadline

Filed in Economics by on June 30, 2020 0 Comments
IRS Not Extending July 15 Tax Deadline

The Department of Treasury and IRS has announced the July 15 tax-filing and payment deadline will not be extended a second time due to the coronavirus pandemic. The IRS originally extended the April 15 deadline as a result of the pandemic. However, individuals taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until Oct. 15.

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