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.
Tax
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.
Cattle farm with no cattle denied farming losses
The Tax Court holds that the activity was a hobby of the taxpayer despite his farming experience.
Compulsive gambler’s losses are substantiated using Cohan rule
The Tax Court estimates the taxpayer's losses exceeded his reported winnings.
Line items
PPE is deductible as a medical expense ... IRS advises on repayments of deferred employer Social Security taxes ... Final regs. cover misdirected refunds
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.
A closer look at paid tax preparer regulation
An AICPA senior manager explains why the AICPA recently offered recommendations on six key areas of regulation of paid tax return preparers.
Draft employer’s payroll tax return incorporates ARPA changes
A proposed new version of Form 941, Employer’s Quarterly Federal Tax Return, reflects relief provisions of the American Rescue Plan Act.
Sorting out tax exempts’ UBTI painlessly
To help exempt organizations “silo,” or separately compute, their unrelated business or trade income, three experts who will be giving a presentation on the topic at the upcoming Not-for-Profit Industry Conference offer their thoughts.
