Pandemic relief, tax extenders, and much more were included in year-end legislation.
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TOPICS
Tax
Managing the ‘excess compensation’ tax
Highly paid employees require some exempt organizations to pay an excise tax.
Dropping the curtain on entertainment deductions
After taxpayer confusion, final regulations bring clarity.
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.
AICPA seeks certainty on filing deadline and relief for 2020 tax year
The AICPA has written to Treasury and the IRS, calling for certainty about the April 15 tax filing and payment deadline and for underpayment and late-payment penalty relief during the COVID-19 pandemic.
IRS provides cafeteria plan relief for the pandemic
The IRS issued guidance on how employers can amend their health flexible spending arrangements and dependent care assistance programs to respond to the coronavirus pandemic.
CPA news to know: Why mobile workforce tax legislation matters
This express version of the JofA podcast offers insight into mobile workforce legislation, a recent FASB update, and more.
Senate shows bipartisan support for mobile workforce tax legislation
The Senate voted to make room in the FY 2021 budget resolution for mobile workforce legislation. Details of the budget still must be negotiated, but the vote creates the possibility that mobile workforce legislation, which the AICPA strongly supports, will be enacted this year.
Eligible educators may deduct personal protective equipment expenses
The IRS issued guidance providing a safe harbor under which eligible educators who have unreimbursed expenses for personal protective equipment, disinfectant, and other supplies used to prevent the spread of COVID-19 in the classroom can deduct those expenses as educator expenses.
Identity theft tips and PPP-related employee retention credit changes
News to know in this express version of the JofA podcast: Reminders for online shopping, employee retention credit changes, and more.
IRS requires corrected information returns for certain SBA loans
The IRS issued guidance requiring lenders who mistakenly sent Forms 1099-MISC reporting loan payments that are permitted to be excluded from the taxpayer’s gross income under the Consolidated Appropriations Act, 2021, to send corrected forms.
Expert advice on defending tax and other claims
Learn what CPA firms can do (and should not do) to assist those defending tax professionals against professional liability claims.
‘Willful’ FBAR penalties upheld
Despite a couple’s ignorance of the FBAR filing requirement, their disregard of it was reckless, the Fourth Circuit holds.
States’ rolling conformity to the Code and CARES Act
Examples from several states show that rolling conformity is not as clear-cut as it sounds.
Tax penalty relief amid the pandemic
Help clients establish COVID-19-related reasonable-cause defenses and abatement requests.
‘Individual mandate’ payment is not a priority bankruptcy debt
District court’s holding for tax debtors contributes to courts’ divergence in the wake of Sebelius.
Acquiring the tax benefits of a corporation
Tax losses in M&As can risk controversy.
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.
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