July 2021

July 27, 2021

COBRA premium assistance credit clarified further

The IRS has supplemented its guidance on COBRA premium payment assistance and the corresponding business tax credit under the American Rescue Plan Act.

July 20, 2021

IRS launches ‘Tax Pro Account’ feature

A new online portal automates the submission of powers of attorney and tax information authorizations, and there are plans to expand its functionality over time.

July 1, 2021

Last of the ‘Dirty Dozen’: Schemes peddled by tax promoters

The IRS warns taxpayers of unscrupulous tax promoters in the fourth installment of its annual list of common tax scams.

July 1, 2021

Farm businesses receive guidance on tax treatment of losses

The IRS in Rev. Proc. 2021-14 specifies procedures regarding limitation and carryback of net operating losses from farming in light of CARES Act provisions.

July 1, 2021

Bank information can now be updated on child tax credit portal

The IRS announced that is has added a new feature to its Child Tax Credit Update Portal to allow individuals to enter bank information so they can receive advance child tax credit payments by direct deposit.