Tax

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.

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.

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.

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.

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.

SPONSORED REPORT

Implementing a global statutory reporting maturity model

Assess your organization's capabilities and progress toward an ideal state of global statutory reporting. Sponsored by Workiva.

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.