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The IRS describes how employers may avoid failure-to-pay and failure-to-deposit penalties for ERC claimed or anticipated in the fourth quarter but eliminated by the Infrastructure Act.
An AICPA vice president analyzes the recently passed Infrastructure Investment and Jobs Act and previews what’s to come regarding budget reconciliation and key tax provisions.
The IRS issued updated income tax brackets and other inflation-adjusted amounts under 62 Code sections, including a new standard deduction amount.
The employee retention credit was created in March 2020, but changing requirements have caused some confusion over eligibility. It’s important for businesses and their tax preparers to know who can take the credit and how much relief they can receive.
The IRS issued a safe harbor that allows an employer to exclude certain amounts received from other coronavirus economic relief programs in determining whether it qualifies for the employee retention credit based on a decline in gross receipts
Download and print this quick guide for use during tax season, and look for our quick guide for individual taxpayers in the January 2020 issue.
Finding the “sweet spot” to maximize the qualified business income deduction may involve adjusting a business’s workforce.
The taxpayer, as a reseller, could not include indirect inventory costs in its cost of goods sold.
Smaller taxpayers now are afforded greater flexibility.
The hybrid nature of these specified occupations may allow taxpayers in them to claim the 20% deduction of Sec. 199A from qualified business income.
An altered landscape awaits CPA preparers and their clients.
Here are several key characteristics CPAs need to know about limited liability companies and how they compare with other entities.
Nonmarijuana merchandise sales did not constitute a separate business, and the cost of goods sold was limited to amounts the IRS conceded, the court finds.
Download or print this quick guide for use during tax season.
The Tax Cuts and Jobs Act shut down net losses on a Schedule C from wagering as a trade or business. Find out how the stakes have changed.
A second taxpayer's captive fails to qualify as an insurance company.
The Tax Court allows a refund of overpaid Social Security taxes to professional employer organization Paychex.
AICPA tax policy experts discuss advocacy efforts related to the recent tax overhaul bill and the role member input will have on its implementation.
The Bipartisan Budget Act of 2018 has many tax provisions, including retroactive extensions of a number of tax credits.
In this Q&A, AICPA policy experts discuss wide-ranging implementation challenges and members’ role in advocating for guidance and technical corrections.
Starting this month, all Association magazines — the Journal of Accountancy, The Tax Adviser, and FM magazine (coming in February) — are completely digital. Read more about the change and get tips on how to access the new flipbook digital issues.
SPONSORED REPORT
Get your clients ready for tax seasonUpon its enactment in March, the American Rescue Plan Act (ARPA) introduced many new tax changes, some of which retroactively affected 2020 returns. Making the right moves now can help you mitigate any surprises heading into 2022.