New guidance clarifies the application of the credit to “recovery startup businesses” and the treatment of wages paid to majority owners and their spouses.
Tax
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.
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.
Determining when overpayment interest begins for spouses changing their filing status
A key criterion is the overpayment date of a processable return.
Resolving intercompany debt in consolidations
Simplifying the corporate structure often runs into complications.
Lawsuit against microcaptive reporting may proceed
The Supreme Court holds that an adviser’s injunction request is not barred by the Anti-Injunction Act.
Dependent care assistance unused balances are excluded from income
Pandemic relief for 2021 also includes a temporary increase in the exclusion amount.
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.
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.
Why single-audit demand is rising; an update on tax preparer legislation
A CPA shares advice for organizations and practitioners on single audits and why more expertise is needed, and an AICPA vice president explains the reasons behind the organization’s support of a bill recently introduced in the House of Representatives.
Line items
COVID-19 sick and family leave credits may be claimed for vaccination paid time off … IRS extends e-signature authorization for 6 months … Receipt of bitcoin cash as a result of a hard fork is gross income to taxpayer
Last of the ‘Dirty Dozen’: Schemes peddled by tax promoters
The IRS warns taxpayers of unscrupulous tax promoters in the fourth installment of its annual list of common tax scams.
Accounting as a STEM career; more on ‘Dirty Dozen’ tax scams
Hear why the AICPA is backing proposed legislation that would categorize accounting as a STEM career; also, get the scoop on the “Dirty Dozen” tax scams.
Farm businesses receive guidance on tax treatment of losses
The IRS in Rev. Proc. 2021-14 specifies procedures regarding limitation and carryback of net operating losses from farming in light of CARES Act provisions.
Bank information can now be updated on child tax credit portal
The IRS announced that is has added a new feature to its Child Tax Credit Update Portal to allow individuals to enter bank information so they can receive advance child tax credit payments by direct deposit.
Tax deductions prevent discharge of school debt
The debtor’s argument that a loan wasn’t shown to have been used solely to pay higher education expenses is unavailing.
2021 child tax credit, EITC, and premium tax credit limits updated
ARPA temporary measures are quantified in a revenue procedure.
When is food and drink ‘provided by a restaurant’?
The IRS explains which meals qualify for a temporary 100% expense deduction.
Certified professional employer organizations: The first four years
Learn about the important role some CPAs play in the success of the IRS’s certified professional employer organizations program.
Features
SPONSORED REPORT
Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.