The Taxpayer Advocate Service stands ready to assist taxpayers and their representatives.
Advertisement
TOPICS
Tax
Tomato processor’s accrued production costs fail all-events test
The Tax Court holds that the fact of the liabilities was not yet established to currently deduct costs to restore, rebuild, recondition, and retest manufacturing facilities.
5 things CPAs need to know about bankruptcy
Examine aspects of bankruptcy, including whether a CPA is likely to get paid and steps that a business can take when dealing with a bankrupt customer.
Tax season preview
COVID-19 relief measures confront return preparers with novel predicaments. [Updated with tax provisions from the Consolidated Appropriations Act, 2021, the COVID-19 relief package signed into law in late December 2020.]
District court holds incarcerated individuals are entitled to economic impact payments
The IRS is ordered to make payments it previously denied.
Effect of delayed filings on statute of limitation
Assessment and refund time limits are clarified amid postponements caused by the pandemic.
PPP expense deductibility and forgiveness raises basis, other issues
The potential for the deductibility of PPP-funded expenses raises some practice questions, and traps for the unwary lurk in the details.
Many tax provisions appear in year-end coronavirus relief bill
The year-end coronavirus relief and spending bill passed by Congress includes many tax provisions, including pandemic-related relief, extensions of expired provisions, and a large number of miscellaneous items, including temporary 100% deductibility for business meals.
Simplified accounting rules for small businesses allow annual election
The IRS finalized regulations for simplified accounting rules for small businesses, which are defined as businesses with inflation adjusted average annual gross receipts of $25 million ($26 million for 2020 and 2021).
AICPA tax policy and advocacy recommendations deliver results in 2020
Amid challenging circumstances, the AICPA’s tax policy and advocacy efforts provided successful results that benefited the accounting profession and taxpayers in 2020.
2021 standard mileage rates decrease
The IRS issued the 2021 standard mileage rates for use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The rates all decreased from 2021 to 2020.
Circular 230 update planned for 2021
Updating the rules governing practice before the IRS is one of the goals of the IRS Office of Professional Responsibility for the new year, its director says.
IRS regs. govern misdirected refund claims
The IRS announced procedures for identifying and recovering direct deposit refunds that a taxpayer did not receive in the designated account.
Executive compensation regulations finalized
The IRS issued final rules on the $1 million executive compensation limits enacted by the law known as the Tax Cuts and Jobs Act, finalizing proposed rules with a few changes in response to comments.
Temporary e-signature authorization for IRS forms extended
The IRS announced that it was extending taxpayers’ ability to file a number of forms using electronic signatures due to the pandemic. The limited relief extends the authorization through June 30, 2021.
Some teleworkers could be hit with surprise tax bills
With many workers unaware of the implications when remote work crosses state lines, CPAs may face frustration and confusion in clients.
PPP loan forgiveness and taxes
The AICPA’s Eileen Sherr, CPA, CGMA, MT, discusses recent IRS guidance regarding the tax treatment of loans under the SBA’s Paycheck Protection Program.
Final rules govern disallowed transportation fringe benefits
The IRS finalized proposed rules on the disallowance of deductions for transportation fringe benefits, which was enacted by the law known as the Tax Cuts and Jobs Act.
Several tax provisions set to expire at end of 2020
Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified tuition and related expenses.
IRS finalizes qualified plan loan rollover rules
The IRS finalized proposed regulations on the qualified plan loan rollover rules amended by the law known as the Tax Cuts and Jobs Act with just one change in response to a comment.
Features
FROM THIS MONTH'S ISSUE
How to set up a simple automation in Zapier
When automating apps within the same tech ecosystem, that system’s automation options are highly effective. Tools like Zapier, though, allow automation across ecosystems. Learn how in this Tech Q&A article.
From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
