IRS explains extended payroll tax due dates
The IRS issued updated procedures for the deferred employee portion of employment tax payments, which were further extended from April 30, 2021, to Dec. 31, 2021, by year-end legislation.
Individual Income Taxation
Some individual taxpayers get relief from underpayment penalty
The IRS granted individual taxpayers a waiver from the penalty for underestimated tax due solely to the amendment to Sec. 461(l)(1)(B) in the CARES Act repealing the excess business loss limitations for years before 2021.
Tax filing season to start Feb. 12, IRS announces
The IRS announced that it will start accepting 2020 tax returns on Feb. 12, a later date than usual. The delay stems from programming changes needed to account for year-end tax legislation.
Final regs. govern deductibility of fines and penalties
The IRS issued final regulations on when fines and penalties paid to a government are not deductible by a taxpayer, including defining when a payment counts as restitution, which may be deductible.
Final regs. address certain Sec. 163(j) rules
The IRS issued final regulations containing rules on the Sec. 163(j) interest expense limitation, including rules for specific passthrough entities and regulated investment companies.
Guidance permits change in vehicle use valuation during pandemic
In response to the COVID-19 pandemic, the IRS is allowing employers to switch from the vehicle lease valuation method to the cents-per-mile method for determining the value of an employee’s personal use of a vehicle during the pandemic.
The impact of filing status on student loan repayment plans
This article discusses income-based plans and how married couples with student loan debt may minimize their current loan payments by filing separately instead of jointly.
How to report deferred employee payroll taxes
The IRS issued guidance to employers and employees on reporting deferred Social Security tax on Form W-2 under the Presidential Memorandum authorizing the deferral.
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.
Recent changes to the rehabilitation tax credit
This item discusses IRS regulations on rehabilitation credits for historic buildings.
Taxpayer had unfettered control over SEP-IRA distribution
A distribution from a SEP-IRA to an LLC owned by the taxpayer is includible in the taxpayer’s gross income.
Gambler is big winner in Tax Court
The Cohan rule is used to determine the losses of a compulsive gambler.
Taxpayer Relief Initiative to help taxpayers with tax debt during pandemic
The IRS said it was revising its procedures to help taxpayers who cannot pay their taxes because of the pandemic. The new program is called the Taxpayer Relief Initiative.
Many tax provisions appear in year-end coronavirus relief bill
The year-end coronavirus relief and spending bill passed by Congress includes many tax provisions, including pandemic-related relief, extensions of expired provisions, and a large number of miscellaneous items, including temporary 100% deductibility for business meals.
2021 standard mileage rates decrease
The IRS issued the 2021 standard mileage rates for use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The rates all decreased from 2021 to 2020.
The role of family CPAs in IRS tax controversies
This article focuses on the role of family CPAs in IRS collection matters.
Several tax provisions set to expire at end of 2020
Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified tuition and related expenses.
Final regulations on the meals and entertainment deduction
The IRS issued regulations to address the changes made to the meals and entertainment deduction under the TCJA.
QBI deduction: Interaction with various Code provisions
This discussion focuses on how Sec. 1231 and various loss disallowance provisions affect the QBI deduction.
