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Tax

2021 child tax credit, EITC, and premium tax credit limits updated

The IRS issued guidance on the amount of and limitations on the child tax credit, earned income tax credit, and premium tax credit available for taxpayers for the 2021 tax year as a result of changes to those provisions enacted by the American Rescue Plan Act of 2021, P.L. 117-2.

Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns

The IRS issued guidance on a safe harbor permitting qualifying taxpayers who have PPP loans, who did not deduct expenses related to those loans paid or incurred in 2020 on their 2020 returns, to deduct the expenses on their returns for the immediately subsequent tax year, instead of on an amended return or administrative adjustment request for the 2020 tax year.

IRS extends e-signature authorization for 6 months

In response to the coronavirus pandemic, the IRS issued guidance extending the temporary authorization to issue a number of IRS forms using electronic signatures from June 30, 2021, through Dec. 31, 2021.

Quiz: More deduction limitations for business meals and entertainment

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.

IRS extends penalty relief for pandemic payroll credits

The IRS provided for penalty relief under Sec. 6656 for an employer’s failure to timely deposit certain employment taxes with the IRS to allow employers to immediately take advantage of various credits enacted in response to the COVID-19 pandemic.

IRS explains new treatment of excess premium tax credits

The IRS said it would not require taxpayers who received excess advance premium tax credits for 2020 to file Form 8962, Premium Tax Credit, after the American Rescue Plan Act retroactively exempted those amounts from being taxed.

EBP tax compliance testing tips

Employee benefit plan tax professionals need to dig deep in search of affiliates under common control and must carefully assess whether plans are skewed in favor of highly compensated employees.

IRS to automatically issue refunds on tax-free unemployment benefits

To help taxpayers who might otherwise have been required to file amended income tax returns, the IRS announced that, beginning in May and continuing into the summer, it will automatically issue to eligible taxpayers refunds of income tax paid on 2020 unemployment benefits.

IRS provides details on April 15 postponement

The IRS issued a notice providing more details and clarification of its previously announced postponement of the April 15 tax deadline for individuals. The notice extends the date for making 2020 IRA contributions; however, it does not extend the date for estimated tax payments.

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Preparing clients for new provisions next tax season

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.

From The Tax Adviser

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Current developments in taxation of individuals: Part 1

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