Final regulations clarify the treatment of qualified improvement property in FDII and GILTI, and foreign tax credit transition rules address post-2017 NOL carrybacks to pre-2018 tax years.
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Transcript Delivery System down for some Form 941 transcripts
The IRS reports that its Transcript Delivery System is down for business taxpayers who reported information related to COVID-19 employment tax relief on Form 941, Employer’s Quarterly Federal Tax Return.
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.
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.
IRS updates business travel per-diem rates
The allowances for determining deductions for lodging, meals, and incidental costs are slightly higher than before.
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.
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.
Automatic accounting method change procedures updated
The IRS updated the list of accounting method changes to which automatic change procedures apply.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
More ‘Dirty Dozen’: Fake charities, ‘ghost’ preparers, and other ploys
The IRS warns of tax-related scams in a third of four installments.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
