As a young entrepreneur, Chase McAnulty pieced together certain aspects of running a business. He had little financial knowledge when he started Charlie Hustle, and while Chase was the early creative director, he knew he also needed to learn what it would take to be a CEO.
Recent updates to 1031-exchange regulations provide new details on the definition of real property and incidental property and provide new means for testing fixtures involved in like-kind property exchanges.
The American Rescue Plan Act (ARPA) has been signed into law by President Biden and makes significant updates to several tax provisions to alleviate some of the pandemic's financial burdens for individual taxpayers and businesses. Updates include expansions and extensions of various tax credits such as the employee retention credit (ERC), COBRA continuation coverage, Affordable Care Act (ACA) subsidies, and more. The bill also includes $1.46 billion for the IRS to manage the additional responsibilities on top of the annual tax filing season. Here are the critical tax updates.