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.
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TOPICS
Tax
Regs. on postponing tax deadlines due to federally declared disasters
New IRS final regulations clarify when a federally declared disaster will lead to mandatory 60-day postponement of certain tax-related deadlines.
What is a global minimum tax and what will it mean?
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.
Minority interest discounts apply to charitable bequests
The Tax Court partially upholds gift and estate tax deficiencies involving real estate LLC interests held by a family trust and includible in a decedent’s estate.
Line items
PPE is deductible as a medical expense … IRS advises on repayments of deferred employer Social Security taxes … Final regs. cover misdirected refunds
Compulsive gambler’s losses are substantiated using Cohan rule
The Tax Court estimates the taxpayer’s losses exceeded his reported winnings.
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.
Cattle farm with no cattle denied farming losses
The Tax Court holds that the activity was a hobby of the taxpayer despite his farming experience.
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.
Time to opt in for an IP PIN?
Now that most taxpayers may obtain an identity protection personal identification number, should they?
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.
A closer look at paid tax preparer regulation
An AICPA senior manager explains why the AICPA recently offered recommendations on six key areas of regulation of paid tax return preparers.
Draft employer’s payroll tax return incorporates ARPA changes
A proposed new version of Form 941, Employer’s Quarterly Federal Tax Return, reflects relief provisions of the American Rescue Plan Act.
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.
COBRA premium assistance credit under ARPA clarified
The IRS answered questions concerning COBRA continuation coverage premium assistance and the corresponding tax credit that employers, plan administrators, and insurers may claim under the American Rescue Plan Act.
How nonfilers can claim advance child tax credit payments
The IRS explained in a revenue procedure how individuals can claim advance child tax credit payments and stimulus payments if they are not required to file 2020 federal income tax returns.
Supreme Court: Microcaptive reporting challenge may go forward
Reversing the Sixth Circuit, the Supreme Court held that an injunction sought against an IRS notice is not barred by the Anti-Injunction Act because it challenges a reporting requirement and not a tax.
Taxpayers deserve pandemic penalty relief, AICPA says
In a letter to the IRS and Treasury, the AICPA recommended, in light of the ongoing COVID-19 pandemic, that the IRS implement fair, reasonable and practical penalty relief measures, including targeted relief from both the underpayment-of-estimated-tax penalty and the late-payment penalty for the 2020 tax year.
6 key areas of paid tax preparer regulation highlighted in AICPA letter to Congress
The Biden administration says the IRS should be given the authority to regulate paid tax return preparers who are currently unregulated, and the AICPA offers its recommendations in six key areas.
IRS clarifies pandemic relief for dependent care assistance programs
Dependent care assistance program benefits carried over or available during an extended claims period under special temporary COVID-19 relief provisions retain their status as excludable from employees’ gross income and wages, the IRS explains in a notice.
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