November 2021

November 24, 2021

IRS official: New R&D credit documentation applies to amended returns

The deputy commissioner of the IRS Large Business and International Division hears AICPA tax committee’s feedback on new requirements.

November 23, 2021

Automatic extension for furnishing health coverage statements proposed

Proposed regulations would permanently allow an automatic extension for furnishing health care Forms 1095-B and 1095-C and would also specify that Medicaid services to test for and diagnose COVID-19 are not “minimum essential coverage.”

November 19, 2021

Tax provisions in the Build Back Better Act

The Build Back Better Act contains a large number of tax provisions, ranging from an extension of the advance child tax credit, to a wide variety of green energy tax incentives, and a minimum tax on corporations.

November 18, 2021

Further guidance issued on tax treatment of PPP loan forgiveness

Forgiveness amounts are excluded from gross income but included in gross receipts for purposes including determining “small business taxpayer” status under Sec. 448(c).

November 17, 2021

New user verification for IRS online accounts to be required by mid-2022

Tax professionals and taxpayers will have to create an account with a third-party provider, ID.me, which requires uploading an image of a government-issued ID and a selfie, in order to access certain IRS online tools and portals.

November 16, 2021

IRS commissioner: We’re hiring

Commissioner Charles Rettig and other IRS officials tell the AICPA & CIMA National Tax Conference about their administrative challenges and plans.

November 16, 2021

Meal portion of per diem allowance can be treated as attributed to a restaurant

An IRS notice provides a special rule for the temporary 100% deduction.

November 15, 2021

New FAQs cover interplay of unemployment income exclusion and credits

The IRS advises on the effects on tax credits and the Free Application for Federal Student Aid and what taxpayers should do.

November 12, 2021

Changing ways of working call for changing employment and tax policy

Annette Nellen examines possible tax policy implications as more people shed tradition work roles and become “digital nomads.”

November 10, 2021

IRS issues inflation adjustments for 2022 returns

The IRS issued updated income tax brackets and other inflation-adjusted amounts under 62 Code sections, including a new standard deduction amount.

November 9, 2021

FAQ guidance on income change reporting for advance child tax credit

The IRS updated its FAQs to explain whether and how to report changes to projected 2021 income for taxpayers receiving advance child tax credit payments.

November 9, 2021

Tax treatment of COVID-19 homeowner relief payments clarified

A revenue procedure clarifies Homeowner Assistance Fund payments are excluded from gross income and gives a safe harbor for computing certain itemized deductions.

November 6, 2021

Infrastructure bill tax provisions include ERC termination

The infrastructure bill that passed the House on Friday and is headed to President Joe Biden’s desk will terminate the employee retention credit early and require broker reporting of cryptoasset transfers.

November 4, 2021

IRS makes retirement account inflation adjustments for 2022

The IRS issued the adjusted ceilings, thresholds, and limitations for various retirement plans and individual retirement accounts for 2022.

November 4, 2021

Carried interest reporting FAQs and guidance posted

The IRS posted FAQs with sample worksheets and instructions for taxpayers to use when calculating and reporting certain net long-term capital gains from partnership interests held in connection with the performance of services that must be recharacterized as short-term capital gains.