COVID-19 tax news and information

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September 1, 2021

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.

September 1, 2021

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.

September 1, 2021

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.

September 1, 2021

Supreme Court declines to take up remote worker taxation case

The US Supreme Court declined to allow New Hampshire to sue Massachusetts over a pandemic-related regulation that allows Massachusetts to continue to collect state income tax from remote workers who normally work in Massachusetts.

September 1, 2021

How banks that make SBA loans are taxed on their fees

This item discusses some of the federal tax issues
that arise for banks with respect to loan fees earned through both the PPP and 7(a) program.

August 23, 2021

Interruption of LIFO inventories due to COVID-19 and Sec. 473 relief

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.

August 11, 2021

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.

August 11, 2021

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.

August 10, 2021

Infrastructure bill would end ERC, increase cryptoasset reporting

The Infrastructure Investment and Jobs Act, passed by the Senate on Tuesday, contains a few tax provisions, most notably it would end the employee retention credit on Sept. 30. It would also require information reporting about cryptoasset transfers.

August 5, 2021

Guidance on claiming the ERC for third and fourth quarters 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.