The IRS has issued guidance on these payments, which it calls “economic impact payments,” and says they generally will be direct-deposited to most qualifying taxpayers’ bank accounts in the next three weeks without taxpayers having to do anything.
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Coronavirus paid sick leave and family leave guidance issued
The IRS issues rules to implement paid sick and child care leave credits enacted in response to the pandemic.
R&D tax credit: Don’t leave money on the table
Many taxpayers do not realize that the R&D tax credit is available to businesses of all sizes in many lines of business, not just major corporations conducting tests in research laboratories.
Current developments in individual taxation
This article is a semiannual review of recent developments in individual federal taxation, covering cases, rulings, and guidance on a variety of topics.
The solar energy credit: Where to draw the line?
To determine the IRS’s likely treatment, an analysis is necessary of two Code sections that address energy credits: Sec. 25D and Sec. 48.
Has the TCJA changed the definition of a dependent for children with special needs?
This article provides an overview of the rules defining a dependent and addresses the issue of a child’s receipt of Supplemental Security Income.
Individual tax report
This semiannual update on current developments in the area of individual taxation includes a number of cases on material participation, hobby losses, charitable contributions, the Sec. 199A regulations, and several other important areas.
The TCJA’s effect on future R&D tax credit planning
This article discusses the modifications made to Sec. 174 and Sec. 41, which will affect taxpayers’ R&D tax credit claims for tax years after Dec. 31, 2021.
IRS releases guidance on new paid family and medical leave tax credit
Sec. 45S requires that an eligible employer for purposes of claiming the family and medical leave credit must have in place a written policy meeting certain requirements.
Question-and-answer guidance issued on paid family and medical leave credit
The IRS released guidance on the new Sec. 45S tax credit for employers that provide paid medical and family leave.
Using R&D credits to reduce payroll taxes: An overlooked opportunity for startups
This article discusses who qualifies to take the credit, how to make the election, the calculation and allocation of the credit, and how to report it.
IRS issues 2018–2019 per-diem rates
The IRS issued its annual update of the special per-diem rates for business travel away from home from Oct. 1, 2018, through Sept. 30, 2019.
Deemed personal exemption amount introduced for various tax benefits
The IRS issued guidance on how it intends to interpret the exemption amount in tax years 2018 through 2025 in determining who is a qualifying relative for purposes of the various Code provisions that refer to the definition of a dependent in Sec. 152.
Individual taxation: Report of recent developments
This article is a semiannual review of developments
in individual federal taxation, including issues of alimony, trade or business expenses, and recognition of loss.
Statistical sampling makes it easier to claim a research tax credit than ever before
Not just large but also medium-size and even smaller companies can more easily take a RTC now that the IRS allows multiple tax years under one statistical sample study.
A new safe harbor for LB&I taxpayer R&D credits
A new directive allows taxpayers to use R&D costs reported on FASB ASC financial statements as the starting point for computing QREs.
What the House tax bill holds for individuals
From new tax rates to fewer deductions, credits, and exclusions, the tax reform bill released by the House would have wide-ranging effects on the taxation of individuals.
Tax credit for solar panels installed in residential property
Most people know that this credit is available for qualifying solar property installed in their homes, but they may not realize the credit is also available for rental properties they may own.
Gross receipts definition in R&D credit may limit its benefit to startups
Since the R&D tax credit is a nonrefundable credit, startup companies are frequently limited in their ability to claim it in the current tax year because
they have net operating losses.
IRS issues regulations on premium tax credit
The IRS issued final regulations that govern the relief available for victims of domestic abuse or abandonment from the requirement that married taxpayers must file joint income tax returns to qualify for the Sec. 36B premium tax credit.
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.
