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WHAT TO EXPECT FROM A BIDEN ADMINISTRATION AND HOW TO MINIMIZE YOUR TAX LIABILITY

WHAT TO EXPECT FROM A BIDEN ADMINISTRATION AND HOW TO MINIMIZE YOUR TAX LIABILITY

In the past year, US government spending has exploded due to the COVID-19 pandemic and economic recession. Relief packages total upwards of 6 trillion dollars to date, and the new Biden administration has plans to continue spending in various packages investing in the future of the United States. We expect the Biden administration to offset these programs and stimulus spending by raising taxes. We’ve already seen changes in the American Rescue Plan Act (ARPA) and have an idea of what tax legislation the new administration plans to propose moving forward.

Based on campaign promises, new spending proposals, and the current split in Congress, tax professionals like Alison Dunleavy and Tom Sena from UHY Advisors can gauge what to expect and how to prepare for changes affecting the IT and engineering staffing industry.

Passed Legislation

Joe Biden passed the ARPA early on in his term. The bill includes the following:

  • Unemployment compensation
  • Stimulus checks
  • Expanded child tax credit with advanced payments
  • Excess business loss limitation – extended through 2026
  • Employee Retention Credit
  • Paid sick and family leave tax credits
  • Payroll Protection Program

The two significant aspects that affect the IT and engineering staffing industry are the Employee Retention Credit and PPP.

 

Read the full article published by TechServe Alliance.

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