Safe harbor for deducting PPP loan expenses
Congress clarified that business expenses resulting in loan forgiveness are deductible, but some taxpayers had followed earlier, contrary IRS guidance.
Tax
Proposed bill to regulate tax preparers has AICPA support
A bill recently proposed in Congress would authorize Treasury to regulate paid tax return preparers, and the AICPA strongly supports it.
More 'Dirty Dozen': Fake charities, 'ghost' preparers, and other ploys
The IRS warns of tax-related scams in a third of four installments.
Next batch of 'Dirty Dozen' warns of personal info scams
In the second installment of this year’s “Dirty Dozen” list of tax scams, the IRS warns taxpayers to be vigilant for fraudulent schemes in the form of emails, text or social media messages, and phone calls.
Supreme Court declines to take up remote worker taxation case
The US Supreme Court declined to allow New Hampshire to sue Massachusetts over a pandemic-related regulation that allows Massachusetts to continue to collect state income tax from remote workers who normally work in Massachusetts.
IRS warns of pandemic-related tax scams in 'Dirty Dozen' for 2021
Hijacking of economic impact payments and unemployment checks are spotlighted in the IRS’s annual alert, which warns taxpayers of the most prevalent scams and schemes the Service has identified.
Tax consequences of nonfungible tokens (NFTs)
These new blockchain-created digital assets may be treated as intangibles for tax purposes, but a dearth of guidance leaves questions.
Child tax credit: New portal for opting out of advance payments
A new IRS online portal lets taxpayers unenroll from receiving advance payments of the 2021 child tax credit.
Professional services tax proposals discussed in multiple states
Proposed legislation in several places sought to tax accounting services but was opposed by the AICPA and others.
Supreme Court lets health care law stand
The US Supreme Court held that Texas and several other states lacked standing to sue over the constitutionality of the Sec. 5000A mandate that requires individuals to obtain minimum essential health coverage. The decision leaves the Affordable Care Act in place.
Understanding the global minimum tax and the growing risk of ransomware
Amy Wang Miller, CPA, J.D., senior manager with the AICPA’s Tax Policy & Advocacy team, explains what the framework means, what accounting and finance professionals can expect next, and what the future of a global minimum tax looks like.
Top tax cases practitioners should know
A session at AICPA & CIMA ENGAGE 2021 shows how bedrock tax cases can help practitioners understand and resolve common issues that arise in practice.
Online sign-up now available for advance child tax credit payments
The IRS opened an online site that allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up to receive advance child tax credit (advance CTC) payments, which will begin July 15.
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.
Regs. on postponing tax deadlines due to federally declared disasters
New IRS final regulations clarify when a federally declared disaster will lead to mandatory 60-day postponement of certain tax-related deadlines.
What is a global minimum tax and what will it mean?
Finance ministers for the G7 reached an agreement on Saturday supporting a global minimum tax rate of at least 15%. Here’s how it would work and what might happen next.
A practical guide to economic nexus
New sales tax nexus standards are creating a larger compliance footprint for U.S. companies and, potentially, foreign entities selling into the U.S. State and local taxing authorities have new tools for identifying and enforcing companies’ exposures for sales and use tax.
Avoiding fallout from aggressive tax strategies
CPAs must understand the significant risk that emanates from “too good to be true” tax strategies even if they “just make introductions,” provide tax consulting services, or prepare returns that reflect these strategies.
Time to opt in for an IP PIN?
Now that most taxpayers may obtain an identity protection personal identification number, should they?
Minority interest discounts apply to charitable bequests
The Tax Court partially upholds gift and estate tax deficiencies involving real estate LLC interests held by a family trust and includible in a decedent's estate.
