Insight

Green Book: Observations & Insights

Understanding the tax proposals in the Biden Administration's budget for FY2022

Manal Corwin

Manal Corwin

Principal in Charge, Washington National Tax, KPMG US

+1 202-533-3127

 

On May 28, 2021, the Biden Administration transmitted to Congress its budget recommendations for fiscal year (FY) 2022, and the U.S. Treasury Department released the “Green Book”—a 114-page explanation of the tax proposals in the budget. The Green Book outlines the Administration’s proposals in greater detail than seen before, including information on effective dates, revenue estimates, and design choices. Following are resources from the KPMG Washington National Tax practice that analyze potential implications for business taxation.

Greener on the Other Side? The Inbound Perspective of the Green Book

June 15, 2021

KPMG Inside International Tax podcast | After much anticipation, the Biden Administration showed its cards General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals (Treasury’s Green Book), which provided beach reading for tax professionals over Memorial Day weekend. This podcast walks through the Green Book’s inbound company tax proposals and how they might affect these companies. [40:59]

Treasury Releases the American Families Plan Tax Compliance Agenda

June 14, 2021

KPMG Report | Treasury's Green Book further describes the Biden Administration's proposals related to tax compliance, a comprehensive plan providing IRS funding for enforcement activities. This KPMG article discusses this potential marked uptick in enforcement activity that may affect many types of taxpayers.

Planning in Advance for the Biden Administration’s Proposed Increased Tax Rates

June 14, 2021

KPMG Report | As outlined in Treasury’s Green Book, the Biden Administration proposes that the requested corporate rate increase become effective for tax years beginning after December 31, 2021. This article summarizes common “reverse” planning opportunities for accelerating income and deferring deductions through accounting method changes, elections, and transactional planning.

Biden's Tax Plan and Real Estate

June 4, 202

KPMG What's News in Tax | If the tax provisions described in the Green Book are enacted into law, the real estate industry (e.g. sponsors, developers, investors, and others) will have a lot to think about. This article outlines the potential changes and impact on these taxpayers.

Analysis and Observations of Tax Proposals in Biden Administration’s FY 2022 Budget

May 31, 2021

KPMG Report | KPMG analysis of the Biden Administration’s tax proposals provided in the General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals document prepared by the Department of the Treasury, released on May 28, 2021. This analysis includes observations on what the Biden proposals might mean for taxpayers, observations on what the proposals include, and often observations on what they do not.

Biden’s Budget Proposals: It’s Not Easy Being Green

May 25, 2021

KPMG Catching Up on Capitol Hill podcast | The Biden Administration’s forthcoming budget will include a “Green Book”—a more detailed explanation of its tax proposals. How important is this Green Book to the tax legislation being contemplated by Congress? Listen to this podcast to learn more about the history of Green Book proposals becoming law, the relevance of this year’s version, effective dates and more. [14:24]