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IRS does not acquiesce to Sixth Circuit’s holding on split-dollar regs. ... COBRA premium assistance credit clarified ... Bank deposit could escape tax levy by hours
Tax
AICPA recommends QBI improvements
The AICPA recommended in a letter to Senate tax-writing leaders eight ways to improve the deduction for qualified business income under Sec. 199A.
Interruption of LIFO inventories due to COVID-19 and Sec. 473 relief
Global supply chain problems caused by the COVID-19 pandemic have made it difficult for US companies to replace inventories, potentially subjecting them to additional taxable income. The AICPA has requested relief under Sec. 473.
The key tax provisions of the Senate infrastructure bill
An AICPA vice president shares some key areas of focus for accountants in the infrastructure bill recently passed by the Senate.
Automatic accounting method change procedures updated
The IRS updated the list of accounting method changes to which automatic change procedures apply.
Better remote job interviews and ERC updates
A CPA shares how her organization made remote job candidates feel more comfortable thanks to an improved interview process.
Certification deadline extended for work opportunity tax credit
Certain employers have until Nov. 8 to submit a required worker certification request to a designated local agency for purposes of the work opportunity credit.
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.
Infrastructure bill would end ERC, increase cryptoasset reporting
The Infrastructure Investment and Jobs Act, passed by the Senate on Tuesday, contains a few tax provisions, most notably it would end the employee retention credit on Sept. 30. It would also require information reporting about cryptoasset transfers.
IRS updates car and truck depreciation limits
The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles (including passenger vans and trucks) placed in service in 2021.
Guidance on claiming the ERC for third and fourth quarters of 2021
New guidance clarifies the application of the credit to “recovery startup businesses” and the treatment of wages paid to majority owners and their spouses.
Export tax incentives: The effect of potentially rising tax rates
U.S. exporters are evaluating how to best use IC-DISC and FDII incentives if tax rules change.
Energize your practice with a tax innovation challenge
The skills and ingenuity the accounting profession showed in reacting to the pandemic can be applied proactively with a new type of competition.
Resolving intercompany debt in consolidations
Simplifying the corporate structure often runs into complications.
Dependent care assistance unused balances are excluded from income
Pandemic relief for 2021 also includes a temporary increase in the exclusion amount.
Determining when overpayment interest begins for spouses changing their filing status
A key criterion is the overpayment date of a processable return.
Articles on risk assessment and home office deduction win JofA awards
Two articles received the JofA’s Lawler Award for the best articles of 2020.
Lawsuit against microcaptive reporting may proceed
The Supreme Court holds that an adviser's injunction request is not barred by the Anti-Injunction Act.
COBRA premium assistance credit clarified further
The IRS has supplemented its guidance on COBRA premium payment assistance and the corresponding business tax credit under the American Rescue Plan Act.
IRS launches 'Tax Pro Account' feature
A new online portal automates the submission of powers of attorney and tax information authorizations, and there are plans to expand its functionality over time.
