IRS extends e-filing to more 1040-series amended returns
Nonresident alien amended returns and those for Puerto Rico residents are added; superseding returns can be designated.
Reporting & Filing Requirements
Cryptoassets: How should proof-of-stake rewards be taxed?
In light of the lack of guidance from the IRS and Treasury, the case for deferred recognition of income for staking rewards has recently gained traction.
Individual taxpayers must answer cryptoasset question, IRS notes
Front and center on Form 1040 is whether taxpayers had a virtual currency transaction.
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.
Practitioners wary of IRS service lapses as tax season begins
Continuing problems in timely processing of returns and correspondence may threaten more headaches.
IRS to accept 2021 tax returns starting Jan. 24
The IRS announced the start date for tax season and that the due date for most individuals is April 18.
Many changes in store for Form 1040 and related schedules
This item looks at of the changes on the 2021 draft Form 1040 and related schedules to help practitioners prepare for next busy season.
Seven strategies to accelerate income in response to increasing rates
Due to concern about tax rate increases, some taxpayers may be looking to accelerate income. While income acceleration does not make sense in all circumstances, this article outlines seven strategies for accelerating income when it does.
Changing ways of working call for changing employment and tax policy
Annette Nellen examines possible tax policy implications as more people shed tradition work roles and become “digital nomads.”
Social Security wage base, COLA set for 2022
The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2022 and a cost-of-living adjustment for Social Security benefits.
The difference between employees and independent contractors
The gig economy further complicates the distinction between employees and independent contractors.
Gold and bitcoin: Tax implications of physical and virtual mining
The income tax results of digitally mining bitcoin and physically mining gold are significantly different. This article compares and contrasts the tax treatment of these two types of mining operations.
The current state of evolution of cryptoasset taxation
Recently released IRS Chief Counsel Advice targeted at the BTC/BCH hard fork also provides insight into how the IRS may evaluate more complex cryptoasset transactions.
Virtual currency update
Treasury takes a more aggressive stance on reporting of virtual currency transactions.
Penalty relief for Forms 5471, 5472, and 8865
Various options are available for mitigating penalties for noncompliance with foreign return filing requirements.
Bill to postpone estimated tax due date to be introduced in Congress
Rep. Lloyd Smucker, R.-Pa., announced he will introduce a bill that pushes back the due date for first-quarter 2021 estimated tax payments from April 15, 2021, to May 17, 2021. The AICPA expressed its support for the bill.
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.
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.
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.
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.
