BW INSIGHTS

Do You Need to File a Gift Tax Return?

The holidays are upon us and even though the holidays may mean more than packages, boxes, and bags, gifting during the holidays can put a twinkle in your eye and thaw your heart as the world slowly freezes over for the winter.     But have your dreams of sugar plum fairies been interrupted by the unwelcome thought of gift taxes?  No need to bah... Read More

Remote Worker Taxation Considerations: What Employers and Employees Should Understand

Since the beginning of the COVID-19 pandemic, remote work has become common in a variety of workplaces and fields. Working from home has become a necessity in some cases, with more and more employees switching to permanent or regular work-from-home arrangements. This unprecedented shift towards remote work has certainly created conveniences for... Read More

Changes to Federal Tax Provisions– Inflation Reduction Act of 2022

In a somewhat surprising turn of events over the last few weeks, on Sunday, August 7th, the Senate passed as part of the budget reconciliation process the Inflation Reduction Act of 2022 (H.R. 5376) (the Act). As expected, the House proceeded to pass the Act on Friday, August 12th, thereby sending it to President Biden for his signature, which he... Read More

45Q Carbon Sequestration Tax Credit: What It Is & How To Get It

The Carbon Sequestration Tax Credit (commonly referred to as the 45Q Tax Credit) was first added to the tax code in 2008, with subsequent expansions and clarifications in 2018 and 2021. This article will walk you through the basics of what the 45Q tax credit is and how to know if you are eligible to receive it.   What is carbon sequestration?  ... Read More

Iowa Legislative Session Concludes with a Late Tax Bill

This year’s Iowa legislative session finally concluded late last Tuesday night after going about five weeks longer than scheduled. In addition to the major tax changes passed early in the session, an explanation of which can be found here, one other tax-related bill passed through the House and Senate at the end. The bill resulted in being Senate... Read More

What Changes are Coming to the Iowa Tax Landscape and When?

On March 1, 2022, Iowa Governor Kim Reynolds signed into law House File 2317 (HF 2317), reshaping parts of the State’s tax regime, some of which the Governor touted in her response to President Biden’s State of the Union address later that day. The Governor’s statement on the tax reform bill (the Bill) can be found here.  While most of the... Read More

2021 Iowa Legislative Session - Week 17 Summary

  The House Ways and Means Committee unanimously passed a tax proposal last Thursday (HF 893)—the day after the Senate and Governor Kim Reynolds introduced their own compromise bill (SSB 1276). Mental health funding is one of the main differences between the two proposals. Reynolds and the Senate are calling to phase out the mental health property... Read More

2021 Iowa Legislative Session - Week Four Summary

This week the Senate began considering two far-reaching bills proposed by Governor Kim Reynolds that would address the affordable housing shortage and policing issues. SSB 1142 is aimed at increasing affordable housing stock largely through tax credits. The bill would establish a new $15 million low-income housing credit designed to match a... Read More

2021 Iowa Legislative Session - Week Three Summary

This week Republican lawmakers moved rapidly on two of Governor Kim Reynolds’ highest priorities, with Reynolds signing one of the bills this morning. SF 160 requires all schools to offer 100% in-person learning. Schools can continue offering additional online or hybrid options, and the waiver process for coronavirus outbreaks remains the same.... Read More

2021 Iowa Legislative Session - Week One Summary

  The legislature convened for the 89th General Assembly Monday, welcoming 26 newly-elected lawmakers to the statehouse. With Republicans maintaining their majority in the Senate and expanding it in the House, the GOP will continue driving the state’s policy agenda for the next two years. In his opening remarks, House Speaker Pat Grassley (R-New... Read More