New R&D credit documentation requirements clarified
Starting Jan. 10, a Sec. 41 credit claimed on an amended return must include specific information.
C Corporation Income Taxation
What’s new for 2022 in federal taxes
A law change and some regulations take effect while an array of provisions expire.
Standard mileage rates to go up in 2022
The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.
Decoding the Senate Finance Committee’s Build Back Better text
The Senate Finance Committee has released language for its portion of the reconciliation bill, which some lawmakers would like to pass before Christmas. Here’s what you need to know about the timeline and the bill, which includes several key tax provisions.
Senate Finance Committee releases tax provisions of Build Back Better Act
The Senate Finance Committee’s text includes changes from the House’s version of the bill, including a removal of the House’s increase in the SALT deduction cap.
Early sunset of the employee retention credit gets penalty relief
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.
Mortgage REITs: When should one be used?
Mortgage REITs have numerous tax advantages over C corporations and partnerships with respect to operating and investing in debt securities.
Seven strategies to accelerate income in response to increasing rates
Due to concern about tax rate increases, some taxpayers may be looking to accelerate income. While income acceleration does not make sense in all circumstances, this article outlines seven strategies for accelerating income when it does.
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.
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.
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.
Corporation not covered by economic hardship exception
The economic hardship exception to a levy does not apply to corporations.
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.
Beware of IRS initiatives against microcaptive insurance arrangements
Microcaptive insurance arrangements have been vigorously scrutinized recently by the IRS.
IRS memo illustrates application of Sec. 263 to amounts paid to acquire or create intangibles
The memo provides an analysis of the capitalization of amounts paid to acquire or create intangibles, providing insight into capital expenditures under Sec. 263 and trade or business expenses under Sec. 162, clarifying capitalizing vs. expensing.
AICPA requests LIFO safe harbor
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.
Qualified small business stock exclusion: Who’s eligible?
This discussion explores the question of how to determine whether a company is engaged in a qualified trade or business.
Automatic procedures to change a CFC’s depreciation method
The IRS issued Rev. Proc. 2021-26, which contains procedures for certain foreign corporations to obtain automatic consent to change their methods of accounting for depreciation to the alternative depreciation system.
IRS amplifies and updates ERC for second half 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.
