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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.
New guidance clarifies the application of the credit to “recovery startup businesses” and the treatment of wages paid to majority owners and their spouses.
Simplifying the corporate structure often runs into complications.
U.S. exporters are evaluating how to best use IC-DISC and FDII incentives if tax rules change.
The IRS explains which meals qualify for a temporary 100% expense deduction.
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.
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.
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.
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.
The IRS issued guidance on the temporary rule that allows a 100% deduction for eligible restaurant meals in 2021 and 2022.
After taxpayer confusion, final regulations bring clarity.
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.
Tax losses in M&As can risk controversy.
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.
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.
The IRS issued final regulations on when fines and penalties paid to a government are not deductible by a taxpayer, including defining when a payment counts as restitution, which may be deductible.
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.
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.
The AICPA's Eileen Sherr, CPA, CGMA, MT, discusses recent IRS guidance regarding the tax treatment of loans under the SBA’s Paycheck Protection Program.
The IRS finalized proposed rules on the disallowance of deductions for transportation fringe benefits, which was enacted by the law known as the Tax Cuts and Jobs Act.
SPONSORED REPORT
Get your clients ready for tax seasonUpon 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, 1921–2021With 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.