Corporation income taxation

Line items

Private tax debt collection contracts awarded ... New per diem travel rates ... Regs. authorize collection of excess sick and family leave credits

New safe harbor for ERC gross receipts calculation

Under the safe harbor, an employer can exclude certain amounts received from other coronavirus economic relief programs in determining whether it qualifies for the employee retention credit based on a decline in gross receipts.

IRS posts ARPA credit FAQs

The IRS has posted two sets of FAQs that explain changes to the child and dependent care credit and to the sick and family leave credits made by the American Rescue Plan Act.

President's budget contains many tax proposals

The proposed $6 trillion fiscal year 2022 budget unveiled by the Biden Administration includes a host of tax items, including proposals to raise the corporate tax rate, raise the top tax rate for high-income individuals, limit like-kind exchanges, and make permanent recent temporary changes to various tax credits.

Quiz: Tax deduction limitations for business meals and entertainment

Here’s a chance to test your knowledge of the rules for deductibility for business-related food and beverages and/or entertainment and how much, if any, of a given expenditure can be claimed as an ordinary and necessary expense of conducting a trade or business under Sec. 162.

Employee retention credit changes leave practitioners with questions

The IRS issued guidance on two aspects of the employee retention credit — how to claim the credit when filing the fourth quarter Form 941 when the taxpayer knows its loan under the PPP will not be forgiven and how the newly extended and amended employee retention credit will apply.

Taxpayers need clarity on coordination of ERC and PPP loans

The AICPA asked the IRS and Treasury to clarify that the filing of a Paycheck Protection Program loan forgiveness application is not an election by the taxpayer to forgo the employee retention credit for wages reported on the application exceeding the amount of wages necessary for loan forgiveness.

2021 standard mileage rates decrease

The IRS issued the 2021 standard mileage rates for use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The rates all decreased from 2021 to 2020.

Executive compensation regulations finalized

The IRS issued final rules on the $1 million executive compensation limits enacted by the law known as the Tax Cuts and Jobs Act, finalizing proposed rules with a few changes in response to comments.

SPONSORED REPORT

Get your clients ready for tax season

Upon its enactment in March, the American Rescue Plan Act (ARPA) introduced many new tax changes, some of which retroactively affected 2020 returns. Making the right moves now can help you mitigate any surprises heading into 2022.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.