Credits

Current developments in taxation of individuals

This semiannual update covers recent federal tax developments involving individuals, highlighting noteworthy IRS guidance and decisions of the Tax Court and other courts, as well as tax changes made by legislation.

Advance child tax credits

The newly expanded child tax credit creates opportunities for advising clients on direct payment opt-outs and avoiding surprises on 2021 tax returns.

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.

ARPA expands tax credits for families

The American Rescue Plan Act made significant changes to the child tax credit and child and dependent care credit for the 2021 tax year, making the credits larger for most taxpayers and more widely available.

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.

Tax Insider Articles

DEDUCTIONS

Business meal deductions after the TCJA

This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction.

TAX RELIEF

Quirks spurred by COVID-19 tax relief

This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.