The AICPA has asked Treasury and the IRS for guidance on the recently announced executive order that defers some employee payroll taxes that would be due between Sept. 1 and Dec. 31.
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Individuals
Final regs. issued on payments to charitable organizations
The IRS issued additional final regulations on payments made to charitable organizations in lieu of state and local tax credits.
Executive action delays workers’ payroll tax payments
President Donald Trump issued an presidential memorandum to defer the withholding, deposit, and payment of certain payroll taxes paid from Sept. 1 through Dec. 31, 2020.
Litigation support payments are income, not loans
Litigation support payments received by lawyer are
includible in gross income.
Remote signatures allowed temporarily on plan loan consents
In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.
When deductions are permitted for restitution payments
The IRS issued regulations explaining the allowance of deductions for certain fines and penalties under Sec. 162(f) as amended by the law known as the Tax Cuts and Jobs Act.
Premium tax credit rules issued in proposed form
The IRS issued proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction under Sec. 151 to zero.
IRS announces 2021 HSA limits
The IRS issued its annual inflation-adjusted contribution limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most of the amounts increased slightly over the 2020 amounts.
Practitioners can benefit from academic tax research
The findings of four recent research papers are distilled in this column.
IRS issues business interest expense limitation guidance
The IRS issued a package of related guidance on the business interest expense limitation enacted in the law known as the Tax Cuts and Jobs Act and amended by the CARES Act.
2020 depreciation limits for cars and trucks are issued
The IRS issued the 2020 limits on depreciation deductions for cars and trucks first placed in service in 2020 and the income inclusion amounts for passenger automobiles first leased in 2020.
Tax savings opportunities from the CARES Act
This article summarizes business and individual tax provisions of the CARES Act, emergency legislation designed to speed relief to employers and individuals who are struggling due to the COVID-
19 pandemic.
Foreclosure of principal residence and DOI income
Taxpayers can exclude from gross income a discharge of qualified principal residence indebtedness before Jan. 1, 2021; under the CARES Act, certain taxpayers may also request forbearance from foreclosure on their residence.
RIC shareholders can take Sec. 199A deduction for REIT dividends
The IRS issued final regulations allowing regulated investment companies (RICs) to report qualified real estate investment trust (REIT) dividends as Sec. 199A dividends to their shareholders.
Rollover relief for required minimum distributions
The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.
Swaps with nonperiodic payments: Back to the old way for some NPCs
Under proposed regulations, the IRS would return to a modified version of the rules that predated the temporary regulations.
Rules proposed for direct primary care arrangements, health care sharing ministries
The IRS issued proposed regulations defining direct primary care arrangements with doctors and health care sharing ministries and how payments for them can qualify as Sec. 213 medical expenses.
Qualified opportunity zone rules are relaxed
In response to the COVID-19 pandemic, the IRS further postponed the 180-day deadline to invest in a qualified opportunity fund from July 15, 2020, to Dec. 31, 2020, extended other deadlines, and relaxed some qualified investment rules.
IRS permits remote signatures for plan loan consents
In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.
Elective capitalization as a TCJA planning tool
Taxpayers whose overall tax position in a given year would benefit from accelerating gross income or from converting current deductions into capital expenditures should consider the elective capitalization provisions of Sec. 266.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
