The IRS warned taxpayers that identity thieves are fraudulently claiming state unemployment benefits using stolen taxpayer identities. Here is what taxpayers should do if they receive a Form 1099-G reporting state unemployment benefits they did not receive.
Advertisement
TOPICS
Individuals
Debt workouts involving commercial real estate
As short-term agreements that borrowers and creditors reached at the beginning of the pandemic start to expire, real estate companies and others
will need to find long-term solutions to their insolvency problem.
Payment of deferred payroll taxes extended
The IRS issued updated procedures for the deferred employee portion of employment tax payments, which were further extended from April 30, 2021, to Dec. 31, 2021, by year-end legislation.
Practical highlights of recent tax research
This article looks at recent academic research of interest to tax practitioners.
Final rules determine when fines and penalties are deductible
The IRS issued final regulations on when fines and penalties paid to a government are not deductible by a taxpayer, including defining when a payment counts as restitution, which may be deductible.
Like-kind exchanges of real property: New final regs.
This article provides background on like-kind exchanges and examines how final regulations define real property for purposes of like-kind exchanges.
Lenders required to send corrected Forms 1099-MISC
The IRS issued guidance requiring lenders who mistakenly sent Forms 1099-MISC reporting loan payments that are permitted to be excluded from the taxpayer’s gross income under the Consolidated Appropriations Act, 2021, to send corrected forms.
Underpayment penalty relief for individuals affected by excess business loss repeal
The IRS grants underpayment penalty relief for
taxpayers affected by excess business loss repeal.
IRS issues additional rules on the business interest expense limitation
The IRS issued final regulations containing rules on the Sec. 163(j) interest expense limitation, including rules for specific passthrough entities and regulated investment companies.
Determining qualified rehabilitation expenditures
Certified historic buildings continue to qualify for a credit equal to 20% of QREs, but now the credit must be claimed ratably over a five-year period.
Revisiting withholding on equity compensation
In the time of COVID-19, where employers may
increasingly turn to equity compensation to save on cash compensation expenses and employees are increasingly mobile, there is increased risk for employers.
IRS provides details on April 15 postponement
The IRS issued a notice providing more details and clarification of its previously announced postponement of the April 15 tax deadline for individuals. The notice extends the date for making 2020 IRA contributions; however, it does not extend the date for estimated tax payments.
Amounts paid for personal protective equipment qualify for medical deduction
The IRS announced that purchases of personal protective equipment used to combat the COVID-19 pandemic qualify for the Sec. 213 medical expenses deduction to the extent they exceed 7.5% of a taxpayer’s adjusted gross income and have not been compensated for by insurance or otherwise.
Revocable trusts and the grantor’s death: Planning and pitfalls
This article focuses on the key tax and reporting areas applicable to revocable trusts and the associated planning and pitfalls that arise at the grantor’s death.
Tax filing postponement doesn’t go far enough, AICPA says
The IRS has postponed individual returns’ due date to May 17, but June 15 remains a more appropriate date for many reasons, the AICPA says.
IRS postpones April 15 deadline
The IRS announced that it is postponing the April 15 deadline for individual tax returns and payments. The postponement applies only to individual taxpayers. Formal guidance is expected in the near future.
American Rescue Plan Act passes with many tax components
The $1.9 trillion coronavirus relief bill contains many tax provisions, including changes to the child tax credit and many other credits, making certain unemployment benefits tax-free in 2020, and a $1,400 recovery rebate credit for many individuals.
No deduction for donation of house for deconstruction
Contribution of a house to a charity for deconstruction was not a donation of the taxpayers’ entire interest in the property.
Determining whether to file a joint return in the year of death
A surviving spouse has the option to file a joint return for the deceased spouse’s year of death, but several factors must be considered to determine if this is a good idea.
Tax provisions in the year-end coronavirus relief act
Pandemic relief, tax extenders, and much more were included in year-end legislation.
INDIVIDUALS
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
