COVID-19 tax news and information

TOPICS

July 1, 2021

‘Restaurant’ defined for 100% deductible business meals in 2021 and 2022

The IRS issued guidance on the temporary rule that allows a 100% deduction for eligible restaurant meals in 2021 and 2022.

June 28, 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.

June 11, 2021

IRS posts ARPA credit FAQs

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.

June 1, 2021

A conversation on future-proofing CPA firms

The experts on the AICPA Tax Practice Management
Committee discuss the technology updates that helped their firms endure through COVID-19 and beyond.

June 1, 2021

IRS refunding taxes overpaid on unemployment benefits

To help taxpayers who might otherwise have been required to file amended income tax returns, the IRS announced that it will automatically issue to eligible taxpayers refunds of income tax paid on 2020 unemployment benefits.

June 1, 2021

IRS explains employee retention credit rules for first half of 2021

The IRS issued guidance on how to claim the employee retention credit for the first and second quarters of 2021.

June 1, 2021

Transfer price adjustments don’t necessarily increase import duty costs

Importers should consider transfer-pricing arrangements in advance, based on the totality of the circumstances, to assess any potential refund of duties on adjusted prices to imported goods.

May 27, 2021

Draft employer’s payroll tax return incorporates ARPA changes

A proposed new version of Form 941, Employer’s Quarterly Federal Tax Return, reflects relief provisions of the American Rescue Plan Act.

May 19, 2021

COBRA premium assistance credit under ARPA clarified

The IRS answered questions concerning COBRA continuation coverage premium assistance and the corresponding tax credit that employers, plan administrators, and insurers may claim under the American Rescue Plan Act.

May 17, 2021

Taxpayers deserve pandemic penalty relief, AICPA says

In a letter to the IRS and Treasury, the AICPA recommended, in light of the ongoing COVID-19 pandemic, that the IRS implement fair, reasonable and practical penalty relief measures, including targeted relief from both the underpayment-of-estimated-tax penalty and the late-payment penalty for the 2020 tax year.