The Village Global podcast takes you inside the world of venture capital and technology, featuring enlightening interviews with entrepreneurs, investors and tech industry leaders. Learn more at www.villageglobal.vc.
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The Current State of Congress and Anticipated Tax Legislative Activity
MP3•Episode hjem
Manage episode 359297764 series 2910096
Indhold leveret af Olivia Duffey and BDO USA. Alt podcastindhold inklusive episoder, grafik og podcastbeskrivelser uploades og leveres direkte af Olivia Duffey and BDO USA eller deres podcastplatformspartner. Hvis du mener, at nogen bruger dit ophavsretligt beskyttede værk uden din tilladelse, kan du følge processen beskrevet her https://da.player.fm/legal.
Key Takeaways and Tax Planning Points:
- Enacted as part of the Inflation Reduction Act (IRA), corporations are now subject to a 15% minimum tax on book income of $1 billion or more.
- The IRA also provided $80 billion of funding for IRS – with $46 billion earmarked specifically for enforcement.
- Enacted as part of the 2023 Omnibus Appropriations legislation, the SECURE Act of 2022 contains a host of retirement provisions such as changes to 401k, IRS, Roth, and other plan rules.
- While the current Administration’s “Green Book” on tax policy has not yet been released, a few tax proposals were discussed during the February 2023 State of the Union Address:
- Establishment of a new increase from a 1% excise tax on stock buybacks (enacted August 2022) to 4% excise tax
- Establishment of a new “billionaires” tax – households with net wealth exceeding $100 million would pay a minimum rate of 20% on an expanded computation of income, which would include unrealized capital gains.
- Reaffirmation by President Biden that the government would not raise taxes on anyone earning under $400,000/year.
- As Congress is split politically, it remains difficult for meaningful new tax legislation to make it through both houses and clear the President’s desk in the near term.
Resources:
- Navigating the Intersection of Tax & ESG
- Is Your Company Effectively Managing Tax Risk?
- How to Benefit from Total Tax Transparency
79 episoder
MP3•Episode hjem
Manage episode 359297764 series 2910096
Indhold leveret af Olivia Duffey and BDO USA. Alt podcastindhold inklusive episoder, grafik og podcastbeskrivelser uploades og leveres direkte af Olivia Duffey and BDO USA eller deres podcastplatformspartner. Hvis du mener, at nogen bruger dit ophavsretligt beskyttede værk uden din tilladelse, kan du følge processen beskrevet her https://da.player.fm/legal.
Key Takeaways and Tax Planning Points:
- Enacted as part of the Inflation Reduction Act (IRA), corporations are now subject to a 15% minimum tax on book income of $1 billion or more.
- The IRA also provided $80 billion of funding for IRS – with $46 billion earmarked specifically for enforcement.
- Enacted as part of the 2023 Omnibus Appropriations legislation, the SECURE Act of 2022 contains a host of retirement provisions such as changes to 401k, IRS, Roth, and other plan rules.
- While the current Administration’s “Green Book” on tax policy has not yet been released, a few tax proposals were discussed during the February 2023 State of the Union Address:
- Establishment of a new increase from a 1% excise tax on stock buybacks (enacted August 2022) to 4% excise tax
- Establishment of a new “billionaires” tax – households with net wealth exceeding $100 million would pay a minimum rate of 20% on an expanded computation of income, which would include unrealized capital gains.
- Reaffirmation by President Biden that the government would not raise taxes on anyone earning under $400,000/year.
- As Congress is split politically, it remains difficult for meaningful new tax legislation to make it through both houses and clear the President’s desk in the near term.
Resources:
- Navigating the Intersection of Tax & ESG
- Is Your Company Effectively Managing Tax Risk?
- How to Benefit from Total Tax Transparency
79 episoder
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