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After months of negotiations, the White House announced a framework for President Biden’s Build Back Better agenda, a $1.75 trillion package of social infrastructure measures paid for by tax increases. The measures are in addition to those previously approved by the Senate in the… Read more

Tags: Tax

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The House Ways and Means Committee on September 15TH approved a tax package that would increase rates on high-net-worth individuals and corporations and affect cross-border activity and pass-through entities, advancing the tax elements of the Biden administration’s “Build Back Better” agenda.

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Tags: Tax

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On September 13, 2021, the House Ways and Means Committee released draft legislation that proposes a series of tax increases and tax cuts, which will undergo a round of markups by the committee over the next few days. Most tax proposals were anticipated; however, the House provided a few surprises.

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Tags: Tax

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Earlier this year New York State introduced an optional 'Pass-through entity tax ("PTET")' that partnerships or New York S Corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. This type of tax has been enacted by a number of states and is…

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Tags: Tax, CPE, Seminar

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Join us virtually for two days of programs centered around the latest hot topics.

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Tags: Tax

Fust Charles Chambers Tax Sports
Football season will be kicking off soon. Beware: If you participate in fantasy sports leagues for money, there may be tax implications related to these activities. For instance, you may enter fantasy sports competitions offered by sponsors like FanDuel and DraftKings where you can win or lose…

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Tags: Tax, Audit, Consulting

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As you recover, reopen, and rebuild, let Fust Charles Chambers LLP serve your special project needs. Pandemic induced delays and lingering projects can be readily managed and staffed by our seasoned professionals.

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Fust Charles Chambers_Tax_Deductions Syracuse Accounting Small Business
If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you're looking to fulfill a lifelong dream of running a business for the first time. In any event, there's been a recent uptick in the number of people starting small businesses. Uncle Sam…

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Tags: COVID, Tax

Fust Charles Chambers_Passive Activity LLC
Many privately held businesses have incurred losses during the COVID-19 pandemic. Unfortunately, the federal income tax passive activity loss (PAL) rules can limit an owner's ability to currently deduct tax losses thrown off by passive activities. Here's an overview of how the PAL rules apply to…

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