By STAN CHOE and KEN SWEET
AP Business Writers
NEW YORK (AP) â Just as President Joe Biden is pushing to raise taxes on companies to help pay for his infrastructure plan, a report from a Washington policy group is highlighting how many firms pay zero despite making big pretax profits.
More than 50 of the largest U.S. companies paid nothing in federal income taxes last year, with many getting rebates, even though they reported almost $40.5 billion in pretax profits as a group, according to the Institute on Taxation and Economic Policy. The group believes the tax system needs to raise more tax revenue.
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LOS ANGELES, Calif., March 16, 2021 (SEND2PRESS NEWSWIRE) â James Cha, a CPA and a Certified Tax Resolution Specialist from Ace Plus Tax Resolution, underlines the newly enacted restaurant revitalization fund, recent tax challenges the restaurant industry is facing, and tax relief strategies.
Restaurant Revitalization Fund and Grants
Along with small and medium enterprises, the restaurant industry has also been severely impacted by the pandemic. However, the governments have been trying to ensure that tax reliefs are provided to help the restaurant industry. This has been effectively encapsulated in the Restaurant Revitalization Act signed on March 11. Certified Tax Resolution Specialist James from Ace Plus Tax Resolution recommends that ârestaurant owners that are financially struggling must strategize and receive the full benefit of the Restaurant Revitalization Fund.â