Tax news and information - Journal of Accountancy

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March 17, 2021

Federal aid could hobble new state tax cuts and credits

The American Rescue Plan Act’s $350 billion in “fiscal recovery” aid to states comes with a big string attached — the states may not use the money to offset new tax credits or other revenue reductions.

March 16, 2021

AICPA asks for guidance on S corp. and partnership PPP loan forgiveness

In a letter dated March 15, the AICPA asked for IRS guidance on how S corporations and partnerships should treat tax-exempt income from PPP loan forgiveness, especially when it occurs during a different tax period.

March 11, 2021

House gives final approval to $1.9 trillion pandemic aid bill

The bill contains numerous tax provisions, including a $1,400 rebate for individuals. It also extends federal unemployment benefits and provides funds for small businesses, COVID-19 vaccination and testing, K-12 schools and colleges and universities, and state and local governments.

March 10, 2021

American Rescue Plan Act passes with many tax components

The $1.9 trillion coronavirus relief bill that passed Congress contains many tax provisions, including changes to the child tax credit and many other credits, making certain unemployment benefits tax-free in 2020, and a $1,400 recovery rebate credit for many individuals.

March 6, 2021

Senate passes amended $1.9 trillion COVID-19 stimulus bill

The Senate approved a $1.9 trillion pandemic economic relief bill on Saturday. The bill will be sent back to the House of Representatives because the Senate changed the legislation originally approved by the House.

March 5, 2021

AICPA recommends Circular 230 changes

In response to a request for comments about planned revisions to Circular 230, Regulations Governing Practice Before the IRS, the AICPA sent a letter making recommendations to the director of the IRS’s Office of Professional Responsibility.

March 4, 2021

Employee retention credit guidance update and rising economic confidence

This podcast with transcript shares analysis of the latest IRS guidance on the employee retention credit and takes a look at CPA executives’ sentiment about the economy.

March 4, 2021

AICPA requests tax deadline postponements until June 15

In a letter, the AICPA asked the IRS to postpone until June 15, 2021, all 2020 federal income tax and information returns and payments (e.g., extension and estimated payments) originally due April 15, 2021.

March 3, 2021

Will states be able to extend their tax filing seasons?

An AICPA expert details some of the factors that could affect changes to filing dates.

March 2, 2021

IRS issues employee retention credit guidance

The IRS issued guidance on the employee retention credit in effect for qualified wages paid after March 12, 2020, through Dec. 31, 2020, including how it interacts with Paycheck Protection Program loans.

March 1, 2021

Quiz: Tax deduction limitations for business meals and entertainment

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.

March 1, 2021

Guiding clients through change and uncertainty

Financial advisers can lead the way in an investment landscape upended by COVID-19.

March 1, 2021

Line items

IP PIN opt-in goes nationwide … ‘Tax insurance’ premiums are nondeductible … Employer van pools get COVID-19 relief

March 1, 2021

Theft loss of marital property disallowed

The taxpayer had a reasonable prospect for recovery in the tax year, the Tax Court holds.

March 1, 2021

President of not-for-profit organization denied passthrough losses

The Tax Court held that the taxpayer had no ownership interest that would generate passthrough losses.

March 1, 2021

Conservation easements were granted in perpetuity

Eleventh Circuit reverses the Tax Court on ‘Swiss cheese’ reserved rights.

March 1, 2021

Tax provisions in the year-end coronavirus relief act

Pandemic relief, tax extenders, and much more were included in year-end legislation.

March 1, 2021

Managing the ‘excess compensation’ tax

Highly paid employees require some exempt organizations to pay an excise tax.

March 1, 2021

Dropping the curtain on entertainment deductions

After taxpayer confusion, final regulations bring clarity.

February 27, 2021

Tax provisions in the American Rescue Plan Act

The stimulus bill passed by the House contains many tax provisions, including a new round of economic stimulus payments, tax credits for COBRA continuation coverage, and expansions of the child tax credit, the earned income credit, and the child and dependent care credit.