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Welcome to our Tax Reform Resource Center.

We are keeping an ear to the ground so that when updates and regulations occur surrounding the Tax Cuts and Jobs Act, you will know first. Check back here and follow us on social media to receive breaking news as it occurs.

Have questions about how the legislation affects your personal and business tax planning? Contact your local Blue & Co. tax advisor.

Articles

R&D Tax Credit for Manufacturing

R&D Tax Credit Qualifying Criteria for Manufacturing

By Stephen Stringer, CPA, Director at Blue & Co. & David Seibel, Senior Manager at McGuire Sponsel Manufacturing companies have claimed the Research & Development (R&D) Tax Credit since the 1980s, but there continues to be much uncertainty as to what and how companies truly qualify for this potentially lucrative annual tax benefit. While businesses […]

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Treasury Report targeted at Competition in the Beverage Industry

By: Zach Mattingly, CPA, Manager and Derek Gray, CPA, Director In early February, the U.S. Treasury Department released a 63-page report titled, Competition in the Markets for Beer, Wine, and Spirits, targeted at changes in the market for beer, wine, and spirits. The recommendations outlined in the report are part of a larger effort aimed […]

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2021 Annual Report to Congress Released by IRS Taxpayer Advocate Office | IRS envelope on an American flag | Blue & Co., LLC Tax Advisors

2021 Annual Report to Congress Released by IRS Taxpayer Advocate Office

By: Sara Jacobi, CPA CEPA Director Still waiting for your 2021 Federal tax refund? Tried calling the IRS, only to wait on hold for two hours without talking to anyone? Sent correspondence to the IRS to resolve a notice, only to continue to receive collection notices? If one or more of these items apply to […]

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Deferred Payroll Tax Payments

Employers who made the election to defer 2020 social security tax payments per provided CARES Act relief issued in March of 2020 are required to remit the first repayment by December 31, 2021. The second portion can continue deferral until December 31, 2022. To avoid penalties and interest, at least half of the total deferred […]

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On Demand Webinar: Tax Planning for Year-End and 2022

Join Blue & Co. presented a webinar entitled Tax Planning for Year-End and 2022. on Wednesday, December 8 at 12:00 PM EST. Duration: 1 Hour CPE Available Recording of the webinar, presentation slides, and other helpful documents will be emailed after the event. To Download Resources, Fill Out the Form Below:  Panelists will discuss: Tax reform […]

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Tax Reform Distillery

Webinar: Tax Reform – What Does it Mean for You and Your Distillery?

You’re Invited! Join Blue & Co. and the Kentucky Distillers’ Association (KDA) on Thursday, December 9 at 10:00 AM EST for a webinar entitled Tax Reform: What does it mean for you and your distillery? Presented by the Beverage Services Group at Blue & Co., LLC., this session will discuss the potential tax outlook for distilleries […]

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Employer Retention Credit (ERC) Ends Early – But Opportunities Remain

By: Aimee Reavling, CPA, Director Update 12/14/2021: The IRS recently issued guidance with Notice 2021-65 providing relief to employers who were anticipating Employee Retention Credits for the fourth quarter of 2021 but are no longer eligible based on the elimination of the ERC with the Infrastructure Act. If employers follow the steps provided in the […]

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Breaking: Build Back Better Plan

By: Derek Gray, CPA, Director Before departing for Europe to attend the G20 Leaders’ summit and climate talks at the COP26 summit, President Biden announced that Congress had agreed to the framework for the President’s Build Back Better (BBB) plan. Months of discussions and negotiations appear to be leading towards passage of a spending bill […]

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Tax Reform Distillery

Webinar: Tax Reform: What does it mean for you and your distillery?

You’re Invited! Join Blue & Co. and the American Distilling Institute (ADI) on Thursday, November 4 from Noon to 1:00 PM EST for a webinar entitled Tax Reform: What does it mean for you and your distillery? Presented by the distillery team at Blue & Co., LLC., this session will discuss the potential tax outlook […]

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IRS Federal Penalty Assessment and Abatement – The More You Know

By: Thomas Nowak, Principal Typically, when taxpayers receive a notice and are assessed penalty and interest related to their federal income and informational tax returns, there is a tendency to just pay it. Not so fast! If you have knowledge of the federal system and share your notice and assessment with your tax professional, penalties […]

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Summary of Ways and Means Committee Proposed Tax Changes

Ways and Means Proposed Tax Increases

By: Derek Gray, CPA, Director On the morning of September 13, 2021, the House Ways and Means Committee released details of proposed tax increases totaling $2.9 trillion. The revenue raised from these increases, along with an additional $600 billion coming from dynamic growth, is intended to pay for the Democrats’ proposed $3.5 trillion budget bill. […]

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How Did the American Rescue Plan Affect your Child Tax Credits?

By: Aimee Reavling, CPA, Director & Andy Arnold, CPA, Senior Accountant The American Rescue Plan Act of 2021 was passed by Congress in March 2021 to aid economic recovery from the COVID-19 pandemic. Amongst the most important provisions of the American Rescue Plan were the changes made to the Child and Dependent Care Tax Credit […]

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Employee Retention Credit Relief and Impact on Taxpayers Continues

B: Aimee Reavling, CPA, Director & Justin Gubser, JD, CPA, Manager With the expansion of the Employee Retention Credit (ERC) under the Taxpayer Certainty and Disaster Relief Act of 2020 and the additional extension granted under The American Rescue Plan Act, enacted in March 2021, the ERC now has the potential to provide relief to […]

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Senate Passes Bipartisan Infrastructure Bill

By: Derek Gray, CPA, Director & Chuck Mallick, Senior Manager On August 10, 2021, the Senate passed a bipartisan infrastructure bill. The $1 trillion bill now moves to the House, where the Biden administration hopes for passage shortly after Congress returns from recess. The Senate’s version of the bill contains only a few tax provisions, […]

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Estate and Gift Planning in Uncertain Times

Estate and Gift Planning in Uncertain Times

By: Derek Gray, CPA, Director, and Chuck Mallick, CPA, Senior Manager On the campaign trail, President Biden frequently mentioned significant changes to the estate tax. His proposals generally centered around three prongs: first, to raise the estate tax rate from 40% to 45%; second, to drop the lifetime exemption amount from $11.7 million to $3.5 […]

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