Federal Taxation

Bypasses to the curb in states including Connecticut and New Jersey provide legal ways for business owners to preserve their full deduction, which includes those often-steep property levies. But some shocked taxpayers can wind up owing more tax than they originally would have.

The Biden administration is likely to dramatically change its approach to tax policy, with the first step in the stimulus package it began pushing through Congress this month.

The U.S. federal tax-filing season that begins Friday will be among the most consequential in recent history, as households face potential surprises — both negative and positive — sorting through pandemic-related measures at a time of high unemployment and depressed consumer confidence.

Throughout the pandemic, the American Institute of CPAs (AICPA) has actively advocated for legislation to (a) provide taxpayers relief from inconsistent state and local income tax and withholding rules impacting employees and employers, and (b) create a uniform national standard to simplify and enhance compliance with various state and local tax laws, thereby reducing these burdens.

The IRS instructed lenders that have erroneously filed or furnished Forms 1099-MISC, Miscellaneous Income, reporting certain payments on U.S. Small Business Administration (SBA) subsidized loans as income of the borrower, to file and furnish corrected Forms 1099-MISC that exclude these subsidized loan payments (Announcement 2021-2).

The Internal Revenue Service today posted updated FAQs about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the Families First Coronavirus Response Act (FFCRA).

The Internal Revenue Service today explained how corporations may qualify for the new 100% limit for disaster relief contributions and offered a temporary waiver of the recordkeeping requirement for corporations otherwise qualifying for the increased limit.

At first glance, the border battle between Massachusetts and New Hampshire over income taxes might seem like a mere squabble between two neighbors. But the fallout could be felt nationwide once the dust finally settles because of the rising acceptance of remote work, and the trend’s implications for state tax policies.

Businesses who didn’t receive forgiveness on their Paycheck Protection Program loans can now claim a tax credit instead, thanks to a provision in last month’s coronavirus stimulus package.

The Internal Revenue Service today rolled out a new online option that will help tax professionals remotely obtain signatures from individual and business clients and submit authorization forms electronically.

Business leaders and the CPAs who serve them will need to use a variety of strategies all at once as they pursue economic support in the newest round of Paycheck Protection Program (PPP) funding.

Working from home has been the reality for millions of Americans for months due to the COVID-19 pandemic, but it also creates new tax challenges for employers. Many staff members reside in one state but work for a company in another. Nahla Davies addresses how business owners can work around these kinds of tax issues.

With the inauguration of President Joe Biden and a congress narrowly controlled by the Democratic party, many clients and estate planners have begun to worry about what, if anything, will happen to the federal estate, gift and generation-skipping transfer (“GST”) tax exemptions and rates in 2021 and beyond.

Here is a recap of the Employee Retention Credit under the CARES Act and the higher-impact modifications under the latest COVID-19 Relief Package.

The IRS provided transition penalty relief Tuesday to partnerships in complying with new rules for reporting partners’ capital account balances.

The Internal Revenue Service today released Notice 2021-11 PDF addressing how employers who elected to defer certain employees' taxes can withhold and pay the deferred taxes throughout 2021 instead of just the first four months of the year.

The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

Tax-refund delays and stimulus-payment hiccups could spill into the upcoming tax season as the Internal Revenue Service continues to face challenges related to the coronavirus pandemic and as Congress considers yet another round of direct payments.

2020 introduced a number of unprecedented situations that have required some massive adjustments. And now, with the tax filing season upon us, a raft of brand new challenges await ahead of the April 15 deadline. Chief among them: uncertainty around the economic stimulus given to American taxpayers as part of the Coronavirus Aid, Relief and Economic Security, or CARES Act.

The Internal Revenue Service today assured taxpayers and tax professionals that updates to key federal tax forms and instructions are complete and will be available when Americans begin filing their tax returns.