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.
Impact of Treasury's Green Book Proposals on Individuals and Family Offices
June 11, 2021
KPMG TaxWatch Webcast - Family Office Fridays | Hear from KPMG Washington National Tax professionals on this one-hour webcast, beginning at 2:00 p.m. (EDT), on the individual income tax aspects of the Green Book proposals.
Treasury's Green Book on Biden Administration Proposals
June 7, 2021
KPMG TaxWatch webcast | Attend this 90-minute webcast replay to hear KPMG Washington National Tax professionals unpack the key corporate and business tax aspects of the Green Book’s analysis.
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.
President Releases FY 2022 Budget, Measures Affecting Individuals
May 28, 2021
GMS Flash Alert | Highlights the individual income tax proposals contained in Treasury’s Green Book that may impact global mobility programs and their assignees
Initial Impressions of Tax Proposals in Biden Administration’s Budget for FY 2022
May 28, 2021
KPMG TaxNewsFlash | Administration's budget with long-term spending and tax plans released, outlining the Biden Administration’s proposals in greater detail than seen before, including information on effective dates, revenue estimates, and design choices.
Green Book—Treasury’s Explanation of Tax Proposals in FY 2022 Budget
May 28, 2021
KPMG TaxNewsFlash | Green Book—Treasury’s explanation of tax proposals in FY 2022 budget
Biden Administration’s Budget Proposals for FY 2022
May 28, 2021
KPMG TaxNewsFlash | Policy priorities and recommendations to Congress for spending and taxation for the fiscal year that begins October 1, 2021
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]
