B.A. Harris Blog

Corporate Transparency Act: New Federal Law to Require Information Reporting for Most Small and Medium Size Businesses

There is a new law out, not yet brought to the public’s widespread attention, that will impact most businesses. The implementation rules are still being developed and we’ll keep you up to date as the forms are published. We expect for the law to become effective in 2022 and recommend that companies start gathering the data now to timely report when this happens. Here is what we know so far.

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Idaho Employers Can Receive Tax Credit for Contributions to Their Employees' 529 Plans

For parents, saving for a child's education is often a major priority and many choose to save for the future costs of education through tax-advantaged 529 plans. And as the cost of higher education rises, employers looking to attract and retain a talented workforce might consider offering contributions to their employees' 529 plans as an employment benefit. Not only can they help employees reach their education savings goals, but employers are also eligible for a 20 percent annual tax credit of up to $500 per employee when they contribute directly to an employee's Idaho College Savings Program account.

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First-time Homebuyers Tax Incentives

There are several potential tax benefits of purchasing a home. The most well-known perks are deducting property tax, mortgage interest, and mortgage insurance premiums when itemizing deductions, and gain exclusion ($250,000 single filers, $500,000 married filers) when you sell your home, if certain requirements are met. However, as a first-time home buyer, it may seem impossible to buy in today’s overwhelming market. Before those real estate listings scare you away from buying, there are some additional tax incentives to consider.

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$10,000 State and Local Tax Limitation Workaround for Idaho Pass-through Entity Owners

Since its inception in 2017, a major point of contention with the Tax Cuts and Jobs Act has been its limitation of the deduction for state and local taxes on individual returns to $10,000. This limitation, which includes state and local income taxes, real property taxes, and personal property taxes, has resulted in a number of taxpayer’s losing out on federal tax deductions they had previously been afforded, while others have been barred from itemizing on their returns altogether.

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Huge Changes to the Child Tax Credit: Should You Decline the Advanced Payments?

In response to the U.S.’s continued struggles recovering from the Coronavirus Pandemic, President Biden passed the American Rescue Plan Act (ARPA) in January, which contained a major overhaul to the Child Tax Credit (Provision 9611), a credit which currently benefits nearly 39 million households across the country. Now, not only does the maximum credit per child increase, but taxpayers will no longer have to wait to file their taxes in order to reap the benefits of the credit.

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