WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?

The last BUZZ of 2021!

* The NATP BLOG reminds us that “100% business meal deduction and per diem clarified”.

The IRS has previously said business taxpayers “may treat the meal portion of a per diem rate or allowance paid or incurred after Dec. 31, 2020, and before Jan. 1, 2023, as attributable to food or beverages provided by a restaurant”, and therefore 100% deductible.

* The Build Back Better legislation will not be addressed in the Senate in 2021.  The future of the bill is truly up in the air.  As noted in a “Build Back Better pending legislation update” also at the NATP BLOG -

“. . . it is uncertain if a revised bill is on the horizon, and if so, what changes will be made to the existing bill.”

The post discusses the history of the legislation and a comparison of the House and Senate versions.

The main thing tax pros have been waiting for is to see if there is any change to the SALT limit for 2021.  The House version “increases the SALT deduction from $10,000 to $80,000 ($40,000 for MFS, and trusts and estates); extends the limitation through 2031” but the Senate version does not.

* TaxGirl Kelly Phillips Erb attempts to explain a consuming topic in “Understanding Stock Options—Even When You’re Not a Billionaire” at her BLOOMBERG.COM blog.

* No BUZZ would be complete without at least one contribution from Kay Bell, the yellow rose of taxes.  Kay lists “5 tax-smart alternative ways forcool cats to contribute to charities” at DON’T MESS WITH TAXES.  

* Let me end with a Daily Double, and another list, from Kay Bell – “6 tax moves to make by Dec. 31.”

THE LAST WORD

As we approach the end of 2021 it is sad to acknowledge that the greatest threat to America, the American people, American values, and American democracy today is no longer Trump, but the Trump-embracing Republican Party.  

Every win for a Republican candidate at any level in 2022 who does not vocally and aggressively oppose, denounce and disavow Trump, his lies and the national leadership of today’s Republican Party is truly a loss for America and the world.

TTFN