News
American Rescue Plan tax credits available to small employers to provide paid leave to employees receiving COVID-19 vaccines; new fact sheet outlines details
April 21, 2021
The Internal Revenue Service and the Treasury Department announced today further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations.
Democrat floats paying for SALT cap repeal with more tax audits
April 19, 2021
Representative Josh Gottheimer said a repeal of the $10,000 cap on state and local tax, or SALT, deductions could be offset by cracking down on tax cheats, the first proposal from Democrats as a way to pay for revival of a valuable tax break.
How to Thrive After Another Challenging Tax Season
April 19, 2021
This tax season will go on record as another challenging one for tax practitioners. COVID relief programs have added another layer of complexity to our normally complicated process.
Tips for for-profits applying NFP accounting rules for PPP funds
April 19, 2021
When accounting for Paycheck Protection Program (PPP) loans, for-profit entities may wish to apply the conditional contribution method that has been more commonly associated with not-for-profits’ PPP accounting.
IRS extends penalty relief for pandemic payroll credits
April 14, 2021
To continue to allow employers to take immediate advantage of various credits enacted in response to the COVID-19 pandemic, the IRS is permitting eligible employers who pay qualifying wages to retain an amount of the payroll taxes equal to the amount of qualifying wages that they paid, rather than deposit them with the IRS.
Electing To Apply a 2020 Return Overpayment From a May 17 Payment with Extension Request to 2021 Estimated Taxes
April 13, 2021
The IRS postponed to May 17, 2021, the date to file 2020 Forms 1040 and 1040-SR and to pay any related tax. The due dates for estimated tax payments for 2021 were not postponed. The first 2021 estimated tax installment is due April 15, 2021. If an individual taxpayer has a 2020 overpayment and elects to credit the 2020 overpayment against the 2021 estimated tax, the date on which the 2020 overpayment is applied against the 2021 estimated tax depends on: (a) the date(s) of payment, and (b) the extent to which an overpayment exists as of April 15, 2021. An extension of time to file has no effect on either the date of payment or the date on which an overpayment exists.
IRS sharpens focus on crypto transactions
April 13, 2021
Millions of taxpayers who have failed to report their use or trading of virtual currency in the recent past may find themselves the target of a new IRS initiative called Operation Hidden Treasure — and only their CPA can help, according to experts.
How the 2021 busy season is different
April 12, 2021
Across the country, some accounting firms prepared for the 2021 busy season by staffing up and offering more flexible work options for employees who are dealing with family issues during the pandemic.
AICPA recommendations on Q1 estimates and 2020 Form 709 extensions
April 09, 2021
The AICPA on Thursday released some suggestions for practitioners regarding issues that have arisen around the postponed May 17 tax due date for individuals.
AICPA recommendations regarding estimated tax and gift tax extension
April 09, 2021
The situation regarding the May 17 bifurcated filing and payment due date with IRS keeping the 1st quarter estimated payment at April 15 is extremely fluid. There is also uncertainty regarding filing an extension for gift tax returns due April 15.
Biden Open to Compromise on Corporate Tax Hike
April 09, 2021
President Biden said he is open to compromise on how to pay for his $2.5 trillion infrastructure and jobs package but added that “inaction is simply not an option.”
IRS explains which meals qualify for temporary 100% expense deduction
April 09, 2021
The IRS released guidance on Thursday explaining when the temporary 100% deduction for restaurant meals is available and when the 50% limitation on the deduction for food and beverages continues to apply for Sec. 274 purposes (Notice 2021-25).
IRS suspends requirement to repay excess advance payments of the 2020 Premium Tax Credit; those claiming net Premium Tax Credit must file Form 8962
April 09, 2021
The American Rescue Plan Act of 2021 suspends the requirement that taxpayers increase their tax liability by all or a portion of their excess advance payments of the Premium Tax Credit (excess APTC) for tax year 2020.
U.S. Pitches New Global Tax Deal
April 09, 2021
The Biden administration has pitched a compromise to counterparts around the world that would apply new global tax rules to no more than 100 large multinational corporations.
Interstate tax issues on the rise for employees, businesses
April 07, 2021
Employees who move to low-tax states to take advantage of telecommuting during the pandemic may still be taxed by their former residence, as more states levy taxes on cross-border business.
How the American Rescue Plan Affects Families
April 06, 2021
The American Rescue Plan went into effect in March 2021. Among other things, the act affects tax planning for individuals who are unemployed and for people who have children. It also authorized the sending of a third round of stimulus checks. Here's what you need to know.
DRS Issues Guidance on Unemployment Compensation Exclusion for Connecticut Taxpayers
April 05, 2021
Last night the DRS issued a new taxpayer services bulletin: Taxpayer Services Special Bulletin TSSB 2021-2, Impact of Federal Unemployment Compensation Exclusion on Connecticut Taxpayers.
IRS letters explain why some 2020 Recovery Rebate Credits are different than expected
April 05, 2021
As people across the country file their 2020 tax returns, some are claiming the 2020 Recovery Rebate Credit (RRC). The IRS is mailing letters to some taxpayers who claimed the 2020 credit and may be getting a different amount than they expected.
IRS Seeking Connecticut Volunteers to Serve on Taxpayer Advocate Panel
April 05, 2021
The IRS announced it's looking for volunteers from Connecticut to serve on the Taxpayer Advocacy Panel (TAP). If interested in serving, applications are being accepted through May 14.
KPMG debuts tax data analysis tool
April 05, 2021
KPMG has created a data analysis tool to extract relevant information from financial and other reports and plug it automatically into tax returns.