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COVID-19 tax news and resources

Improving cash flow with loss carrybacks

This article discusses two planning areas related to NOL carrybacks: The decision whether to carry a
loss forward or back and planning strategies to increase the balance of the NOL carryback.

CARES Act changes to retirement plans

A distribution that meets the definition of a coronavirus-related distribution carries several advantages and tax planning opportunities.

AICPA mobilizes members to push for deductibility of PPP-funded expenses

The AICPA is asking its members to write to their senators and representatives in Congress in support of legislation that would mandate that anyone who receives a loan through the PPP can deduct business expenses even when payment of those expenses results in loan forgiveness under the CARES Act.

IRS doubles down on nondeductibility of PPP-funded expenses

The IRS issued guidance for taxpayers who pay otherwise deductible expenses with PPP loan funds, stating that even if the payment and PPP loan forgiveness happen in different tax years, the expenses are not deductible.

IRS commissioner: Penalty relief will not be ‘blanket’

IRS Commissioner Charles Rettig told attendees at the AICPA National Tax & Sophisticated Online Tax Conference not to expect blanket penalty relief in response to the COVID-19 pandemic, and he addressed other effects of the pandemic on the agency.

TAX PRACTICE MANAGEMENT

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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.

Tax Clinic

Practical Sec. 174A tax planning in the post-OBBBA landscape

Sec. 163(j) after OBBBA: Leveraging cost-recovery accounting methods

Startups and the OBBBA: Rethinking C corporation vs. passthrough

Foreign employers’ FICA obligations: Key challenges and compliance strategies

Multigenerational wealth transfer with IDGTs and GST tax planning