The Texas Construction Trust Fund Act: What You Need to Know
Anyone who has ever been involved in a construction job—be it commercial or residential—is familiar with complex payment process of partial, periodic payments and the downstream flow of money from general contractors to subcontractors or others who performed the work. Quite frequently, the money received upstream does not make it downstream. Instead, the money is […]
Child Tax Credit
On March 11, 2021, President Biden signed the American Rescue Plan of 2021 into law. The American Rescue Plan provides financial relief to eligible families during the final phase of the COVID-19 pandemic through the expanded Child Tax Credit. The Credit is a refundable tax credit, up to $3,600 per child, that is expected to […]
NEW M&E EXPENSE REGULATIONS for BUSINESSES
The “three martini lunch” has reappeared, as have other recent changes to the taxability of business entertainment and food and beverage expenses. On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (the “CAA Act”), authorizing a 100% deduction for certain business meal expenses for the next two years. Prior to the CAA […]
Important Texas Tax Updates
Employers Cannot View Unemployment Insurance Tax Rates Until February 2021 2020 brought a long list of concerns for Texas employers; one our firm hears frequently is whether an employer’s unemployment insurance tax rate will increase dramatically due to increased claims. The Texas Workforce Commission (“TWC”) acknowledged this concern earlier this month, stating it is “explor[ing] […]