Credits

Topics

May 1, 2022

Maximizing the benefits of general business tax credits

The Sec. 196 deduction for unused business credits is available both where the credit carryforward period expires and when a taxpayer dies or ceases to exist.

April 1, 2022

An early 21st century history of IRS efforts to police the R&D credit

The IRS has attempted to review and audit R&D credit claims through various techniques and strategies over the years, and the FAA harks back to recordation requirements of the late 1990s and early 2000s.

March 1, 2022

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.

February 1, 2022

IRS: ‘Limited group’ getting erroneous Letters 6419

The Internal Revenue Service pushes back against suggestions that errors in the letters, which report to taxpayers their advance child tax credit payments for 2021, are widespread.

February 1, 2022

Research credit refund claims: New documentation requirements

A Chief Counsel memorandum advises that taxpayers must provide additional information to make a valid Sec. 41 research credit refund claim on an amended tax return.

February 1, 2022

The research credit: Using statistical sampling

This item discusses the Sec. 41 research credit and how statistical sampling can be used to efficiently satisfy the fourpart test that governs whether research activities qualify for the credit.

January 26, 2022

How nonfilers can claim 2021 tax credits

Procedures are available for individuals not otherwise required to file a return to claim three common tax credits.

January 14, 2022

FAQs address calculation and reconciliation of recovery rebate credit

Economic impact payments taxpayers received during the tax year must be netted against a tax credit on 2021 returns.

January 12, 2022

Updated FAQs address 2021 child tax credit and advance payments

FAQs on the Service’s website are updated for preparing 2021 returns.

January 7, 2022

New R&D credit documentation requirements clarified

Starting Jan. 10, a Sec. 41 credit claimed on an amended return must include specific information.

January 6, 2022

What’s new for 2022 in federal taxes

A law change and some regulations take effect while an array of provisions expire.

December 6, 2021

Early sunset of the employee retention credit gets penalty relief

The IRS describes how employers may avoid failure-to-pay and failure-to-deposit penalties for ERC claimed or anticipated in the fourth quarter but eliminated by the Infrastructure Act.

November 24, 2021

IRS official: New R&D credit documentation applies to amended returns

The deputy commissioner of the IRS Large Business and International Division hears AICPA tax committee’s feedback on new requirements.

November 9, 2021

FAQ guidance on income change reporting for advance child tax credit

The IRS updated its FAQs to explain whether and how to report changes to projected 2021 income for taxpayers receiving advance child tax credit payments.

November 1, 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.

November 1, 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.

November 1, 2021

Tax treaties do not provide a foreign tax credit against net investment income tax

A U.S. taxpayer living abroad was not entitled to take a foreign tax credit against her net investment income tax based on provisions in the United States–France and United States–Italy tax treaties.

October 1, 2021

IRS amplifies and updates ERC for second half 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.

October 1, 2021