The IRS announced the start date for tax season and that the due date for most individuals is April 18.
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Reporting & Filing Requirements
SALT payments before year end a priority for passthroughs
To be deductible at the entity level, payments by passthrough entities of state and local taxes should be made in the tax year of the liability, but state-specific elections may complicate that timing, tax advocates advise.
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.
Many changes in store for Form 1040 and related schedules
This item looks at of the changes on the 2021 draft Form 1040 and related schedules to help practitioners prepare for next busy season.
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.”
Social Security wage base, COLA set for 2022
The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2022 and a cost-of-living adjustment for Social Security benefits.
The difference between employees and independent contractors
The gig economy further complicates the distinction between employees and independent contractors.
Penalty for failure to report distribution from foreign trust not reduced
The penalty for failure to report a distribution from a foreign trust is not reduced when the trust beneficiary is also the trust owner.
Gold and bitcoin: Tax implications of physical and virtual mining
The income tax results of digitally mining bitcoin and physically mining gold are significantly different. This article compares and contrasts the tax treatment of these two types of mining operations.
The current state of evolution of cryptoasset taxation
Recently released IRS Chief Counsel Advice targeted at the BTC/BCH hard fork also provides insight into how the IRS may evaluate more complex cryptoasset transactions.
Penalty relief for Forms 5471, 5472, and 8865
Various options are available for mitigating penalties for noncompliance with foreign return filing requirements.
Virtual currency update
Treasury takes a more aggressive stance on reporting of virtual currency transactions.
Planning with revocable trusts after the grantor’s death
This article focuses on the key tax and reporting areas applicable to revocable trusts and the associated planning and pitfalls that arise at the grantor’s death.
Bill to postpone estimated tax due date to be introduced in Congress
Rep. Lloyd Smucker, R.-Pa., announced he will introduce a bill that pushes back the due date for first-quarter 2021 estimated tax payments from April 15, 2021, to May 17, 2021. The AICPA expressed its support for the bill.
Lenders required to send corrected Forms 1099-MISC
The IRS issued guidance requiring lenders who mistakenly sent Forms 1099-MISC reporting loan payments that are permitted to be excluded from the taxpayer’s gross income under the Consolidated Appropriations Act, 2021, to send corrected forms.
Underpayment penalty relief for individuals affected by excess business loss repeal
The IRS grants underpayment penalty relief for
taxpayers affected by excess business loss repeal.
IRS provides details on April 15 postponement
The IRS issued a notice providing more details and clarification of its previously announced postponement of the April 15 tax deadline for individuals. The notice extends the date for making 2020 IRA contributions; however, it does not extend the date for estimated tax payments.
Revocable trusts and the grantor’s death: Planning and pitfalls
This article focuses on the key tax and reporting areas applicable to revocable trusts and the associated planning and pitfalls that arise at the grantor’s death.
Tax filing postponement doesn’t go far enough, AICPA says
The IRS has postponed individual returns’ due date to May 17, but June 15 remains a more appropriate date for many reasons, the AICPA says.
IRS postpones April 15 deadline
The IRS announced that it is postponing the April 15 deadline for individual tax returns and payments. The postponement applies only to individual taxpayers. Formal guidance is expected in the near future.
PRACTICE MANAGEMENT
2026 tax software survey
CPAs rate their return preparation software’s performance during this year’s tax season.
