Tax losses in M&As can risk controversy.
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Tax
AICPA honors service and professional contributions in tax
Roby Sawyers, professor of accounting and director of undergraduate programs at North Carolina State University’s Poole College of Management, received the AICPA’s Arthur J. Dixon Award.
Taxpayers not allowed Ponzi loss safe harbor
The Tax Court holds that the taxpayers had not complied with the conditions of Rev. Proc. 2009-20.
Beware of identity theft scam involving unemployment benefits
The IRS warned taxpayers that identity thieves are fraudulently claiming state unemployment benefits using stolen taxpayer identities. Here is what taxpayers should do if they receive a Form 1099-G reporting state unemployment benefits they did not receive.
CPA news to know: PPP vigilance and the start of tax season
An express version of our podcast revisits advice for PPP loan applications and explores the tax season’s compressed calendar.
PPP loan forgiveness and taxes: Part 2
Eileen Sherr, CPA, CGMA, MT, discusses what the CAA resolved regarding deductibility of business expenses paid by loan proceeds from the PPP, along with other AICPA advocacy priorities — and what remains unresolved. Plus, we look ahead to possible developments during 2021 in tax legislation and pandemic relief.
Employee retention credit changes leave practitioners with questions
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.
Partner capital account reporting gets transition penalty relief
Errors by partnerships in reporting partners’ tax capital accounts under new rules for 2020 may be excused, the Internal Revenue Service outlined.
IRS explains extended payroll tax due dates
The IRS issued updated procedures for the deferred employee portion of employment tax payments, which were further extended from April 30, 2021, to Dec. 31, 2021, by year-end legislation.
Some individual taxpayers get relief from underpayment penalty
The IRS granted individual taxpayers a waiver from the penalty for underestimated tax due solely to the amendment to Sec. 461(l)(1)(B) in the CARES Act repealing the excess business loss limitations for years before 2021.
Taxpayers need clarity on coordination of ERC and PPP loans
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.
Tax filing season to start Feb. 12, IRS announces
The IRS announced that it will start accepting 2020 tax returns on Feb. 12, a later date than usual. The delay stems from programming changes needed to account for year-end tax legislation.
Final regs. govern deductibility of fines and penalties
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.
Final rules on exempt organization excess remuneration
The IRS issued final regulations on the excise tax on excess remuneration over $1 million paid by tax-exempt organizations, finalizing proposed regulations with a few changes in response to comments.
Carried interests regulations are finalized
The IRS finalized proposed regulations on certain carried interests to account for changes made by the Tax Cuts and Jobs Act (TCJA). The TCJA extended from one year to three years the holding period for making carried interests eligible for capital gain treatment.
Final regs. address certain Sec. 163(j) rules
The IRS issued final regulations containing rules on the Sec. 163(j) interest expense limitation, including rules for specific passthrough entities and regulated investment companies.
Guidance permits change in vehicle use valuation during pandemic
In response to the COVID-19 pandemic, the IRS is allowing employers to switch from the vehicle lease valuation method to the cents-per-mile method for determining the value of an employee’s personal use of a vehicle during the pandemic.
Final rules govern income inclusion and advance payments
The IRS issued final regulations on Sec. 451 income inclusion rules and advance payments, as those rules were amended by the law known as the Tax Cuts and Jobs Act.
Final regs. issued on foreign partnership interests
Rules govern withholding on transfers and ECI.
Filing season quick guide — tax year 2020
Download and print our annual quick guide, a tax season reference, highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.
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From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
