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.
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Practical highlights of recent tax research
This article looks at recent academic research of interest to tax practitioners.
Tax provisions in the American Rescue Plan Act
The stimulus bill passed by the House contains many tax provisions, including a new round of economic stimulus payments, tax credits for COBRA continuation coverage, and expansions of the child tax credit, the earned income credit, and the child and dependent care credit.
Employee retention credit changes leave practitioners with questions
The IRS issued guidance on two aspects of the employee retention credit — how to claim the credit when filing the fourth quarter Form 941 when the taxpayer knows its loan under the PPP will not be forgiven and how the newly extended and amended employee retention credit will apply.
Taxpayers need clarity on coordination of ERC and PPP loans
The AICPA asked the IRS and Treasury to clarify that the filing of a Paycheck Protection Program loan forgiveness application is not an election by the taxpayer to forgo the employee retention credit for wages reported on the application exceeding the amount of wages necessary for loan forgiveness.
Recent changes to the rehabilitation tax credit
This item discusses IRS regulations on rehabilitation credits for historic buildings.
Claiming the recovery rebate credit on 2020 individual returns
Tax preparers can help taxpayers claim the recovery rebate on 2020 returns.
Donations to charities in exchange for SALT credits
The IRS provided guidance regarding limitations on the deductibility of charitable contributions made in exchange for state and local tax credits.
Tax-saving opportunities for the housing and construction industries
This item discusses how businesses can qualify for
incentives in the housing and construction industries and how tax preparers can assist them in claiming these tax benefits.
How to treat foreign tax credits
The IRS issued final and proposed regulations covering a variety of issues involving deductions and credits for foreign taxes.
Tax incentives for college students: Part 1
This article examines planning issues when a student is a young child whose parents are saving for college and when the student is a young adult paying for college.
Premium tax credit unaffected by zeroing of personal exemptions
The IRS makes clear in final regulations that the health care premium tax credit calculation is unaffected by the personal exemption decrease to zero.
Treasury issues proposed regulations on Sec. 47 rehab credit
the IRS published proposed regulations regarding the Sec. 47 rehabilitation tax credit, including rules to coordinate the new five-year period over which the credit may be claimed with other special rules for investment credit property.
Recent developments in individual taxation
This semiannual update of recent developments in the area of individual taxation includes cases on conservation easements, discharge of student loan debt, net operating loss deductions, and real estate professional status.
Recovery rebates: Tax planning pitfalls and opportunities
The CARES Act enacted a recovery rebate tax credit to help individual taxpayers through the economic disruption caused by the coronavirus pandemic. This article discusses strategies to lower a taxpayer’s 2020 AGI to avoid a phaseout of the credit and other strategies for maximizing the credit a taxpayer receives.
R&D tax credits: A valuable cash infusion for businesses
R&D tax credits can be a very effective and controllable way for businesses to replenish valuable dollars spent on new and innovative products or processes.
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 issues Form 7200 for advance payment of employer tax credits, explains employee retention credit
The IRS issued a new form and instructions for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic.
Premium tax credit unaffected by personal exemption decrease to zero
The IRS issued long-promised 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.
Employer tax credits form, employee retention credit guidance posted
The IRS issued a new form and instructions for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic.
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.
