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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.

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.

States and individuals do not have standing in PPACA challenge

The U.S. Supreme Court held that several states and other plaintiffs that asked the courts to declare unconstitutional the Sec. 5000A minimum essential coverage provision in the PPACA did not have standing to challenge the provision.

FAQs address ARPA credits

The IRS has posted two sets of FAQs that explain changes to the child and dependent care credit and to the sick and family leave credits made by the American Rescue Plan Act.

Farming losses clarified

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.

Business property taxes: COVID-19’s effect on valuation

The COVID-19-related downturn and its impact on
commercial property values offers an opportunity to claim favorable valuations on returns as they are filed or to challenge valuations from state taxing
authorities.