News & Insights
Recent Posts
- Managing Overhead Costs Today
- The Pros and Cons of Alternative Investments for Nonprofits
- The Audit Findings That Never Seem to Go Away – And How Municipalities Can Fix Them
- Looking for Funding? Consider SBA Loans
- Protect Yourself From Fraudsters Impersonating the IRS and Other Tax Scams
- Self-Employed? Don’t Overlook a Roth IRA
- Knowing What’s Coming: Why Every Local Government Needs a Capital Improvement Plan
- Is an Advisory Board the Right Solution for Your Nonprofit?
House Passes Tax Relief for American Families and Workers Act
Yesterday, the house passed H.R. 7024 – the Tax Relief for American Families and Workers Act. This bill includes provisions such as:
-
- Expanding bonus depreciation back to 100% for 2023 – 2025
- Restoring Section 174 R&D expensing for 2022 – 2025
- An expanded low-income housing tax credit
- Restoring the calculation for 163(j) interest expense limitations purposes so that ATI is calculated without regard to any deduction taken for depreciation or amortization
- Increasing 179 expensing
- Elimination of the Employee Retention Tax Credit
- Increasing reporting requirements for 1099-MISC & 1099-NEC from $600 to $1,000 (adjusted for inflation)
- Expanded Child Tax Credit for Individuals
The materials provided in the News & Insights section are for general informational purposes only and may not reflect the most current legal, tax, or financial developments. While we strive to ensure accuracy at the time of publication, Maner Costerisan does not guarantee that the information remains up-to-date or free from error. We recommend consulting directly with a Maner Costerisan team member to confirm the applicability and relevance of any information to your specific situation.