Tax News - The Tax Adviser

September 13, 2021

Ways and Means releases list of tax provisions for budget bill

The proposal would raise tax rates for corporations and individuals and make many other changes to the Internal Revenue Code.

September 8, 2021

Guidance issued on 2021 qualified sick and family leave wage reporting

Information reporting on Form W-2 or a separate statement allows self-employed taxpayers to claim qualified sick leave and qualified family leave equivalent credits.

September 3, 2021

IRS updates business travel per-diem rates

The allowances for determining deductions for lodging, meals, and incidental costs are slightly higher than before.

August 26, 2021

AICPA recommends QBI improvements

The AICPA recommended in a letter to Senate tax-writing leaders eight ways to improve the deduction for qualified business income under Sec. 199A.

August 23, 2021

Interruption of LIFO inventories due to COVID-19 and Sec. 473 relief

Global supply chain problems caused by the COVID-19 pandemic have made it difficult for US companies to replace inventories, potentially subjecting them to additional taxable income. The AICPA has requested relief under Sec. 473.

August 12, 2021

Automatic accounting method change procedures updated

The IRS updated the list of accounting method changes to which automatic change procedures apply.

August 11, 2021

Certification deadline extended for work opportunity tax credit

Certain employers have until Nov. 8 to submit a required worker certification request to a designated local agency for purposes of the work opportunity credit.

August 11, 2021

New safe harbor for ERC gross receipts calculation

Under the safe harbor, an employer can 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.

August 10, 2021

Infrastructure bill would end ERC, increase cryptoasset reporting

The Infrastructure Investment and Jobs Act, passed by the Senate on Tuesday, contains a few tax provisions, most notably it would end the employee retention credit on Sept. 30. It would also require information reporting about cryptoasset transfers.

August 9, 2021

IRS updates car and truck depreciation limits

The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles (including passenger vans and trucks) placed in service in 2021.

August 5, 2021

Guidance on claiming the ERC for third and fourth quarters of 2021

New guidance clarifies the application of the credit to “recovery startup businesses” and the treatment of wages paid to majority owners and their spouses.

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.

June 30, 2021

Proposed bill to regulate tax preparers has AICPA support

A bill recently proposed in Congress would authorize Treasury to regulate paid tax return preparers, and the AICPA strongly supports it.

June 30, 2021

More ‘Dirty Dozen’: Fake charities, ‘ghost’ preparers, and other ploys

The IRS warns of tax-related scams in a third of four installments.

June 29, 2021

Next batch of ‘Dirty Dozen’ warns of personal info scams

In the second installment of this year’s “Dirty Dozen” list of tax scams, the IRS warns taxpayers to be vigilant for fraudulent schemes in the form of emails, text or social media messages, and phone calls.

June 28, 2021

Supreme Court declines to take up remote worker taxation case

The US Supreme Court declined to allow New Hampshire to sue Massachusetts over a pandemic-related regulation that allows Massachusetts to continue to collect state income tax from remote workers who normally work in Massachusetts.