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.
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AICPA tax advocacy gets results in 2021
The AICPA Tax Policy and Advocacy group worked with the AICPA Congressional Affairs group to represent the interests of practitioners and the public.
E-signing for forms, tax compliance documents extended
Temporary pandemic-related procedures are reauthorized through October 2023 for certain paper returns and forms and documents in exams and similar taxpayer interactions.
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.
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.”
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.
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).
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.
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.
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.
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.
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.”
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.
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.
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.
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.
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.
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.
Guidance issued for LLCs seeking tax-exempt recognition
The IRS clarified the standards that an LLC must satisfy to obtain a determination letter that it is exempt from taxation under Sec. 501(c)(3).
Videoconferencing with IRS now an option for all LB&I taxpayers
The IRS announced it is expanding the availability of videoconference meetings for large business taxpayers for examinations and appeals.
INDIVIDUALS
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
