Federal Taxation

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Avoiding the SALT cap might spark a larger tax bill

February 17, 2021

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.

  • state tax
  • federal tax

Tax policy shifting this year under Biden

February 16, 2021

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.

  • state tax
  • advocacy - federal
  • federal tax

Surprise tax bills await in pandemic-affected IRS filing season

February 11, 2021

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.

  • coronavirus
  • personal financial planning
  • state tax
  • federal tax

AICPA Applauds Taxpayer Relief in Mobile Workforce Amendment

February 09, 2021

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.

  • practice management
  • advocacy - state
  • advocacy - federal
  • federal tax

IRS requires corrected information returns for certain SBA loans

February 02, 2021

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).

  • coronavirus
  • federal tax

IRS updates FAQs on paid sick leave credit and family leave credit

January 29, 2021

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).

  • coronavirus
  • federal tax

New law increases deduction limit for corporate cash contributions for disaster relief; IRS provides recordkeeping relief

January 29, 2021

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.

  • business and industry
  • federal tax

The N.H.-Mass. tax fight could have implications that go far beyond our borders

January 26, 2021

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.

  • business and industry
  • coronavirus
  • practice management
  • state tax
  • federal tax

IRS offers option when PPP loan forgiveness is denied

January 25, 2021

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.

  • coronavirus
  • federal tax

New IRS "Submit Forms 2848 and 8821 Online" offers contact-free signature options for tax pros and clients sending authorization forms

January 25, 2021

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.

  • coronavirus
  • federal tax

6 tips for CPAs on newest round of PPP funding

January 21, 2021

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.

  • coronavirus
  • practice management
  • advocacy - federal
  • federal tax

Overcoming Tax Policy Issues for Remote Workers

January 21, 2021

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.

  • coronavirus
  • federal tax

What will happen to estate, gift and generation-skipping transfer tax exemptions in 2021 and beyond?

January 21, 2021

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.

  • personal financial planning
  • state tax
  • federal tax

Employee Retention Credit Under COVID-19 Relief

January 20, 2021

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.

  • business and industry
  • coronavirus
  • practice management
  • advocacy - federal
  • federal tax

Partner capital account reporting gets transition penalty relief

January 20, 2021

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

  • coronavirus
  • federal tax

Employers can withhold, make payments of deferred Social Security taxes from 2020

January 19, 2021

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.

  • business and industry
  • coronavirus
  • practice management
  • advocacy - federal
  • federal tax

2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic

January 15, 2021

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.

  • coronavirus
  • federal tax

Refund delays, stimulus check errors foreshadow rough tax season

January 13, 2021

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.

  • coronavirus
  • state tax
  • federal tax

Stimulus payments and tax returns: What tax pros need to know

January 13, 2021

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.

  • coronavirus
  • federal tax

IRS ready for the upcoming tax season; last-minute changes to tax laws included in IRS forms and instructions

January 12, 2021

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.

  • federal tax

Surgent's Getting Ready for Busy Season: Review Individual Tax Form Changes

Feb 18th 10:00am - 12:00pm

Online

2.00 Credits

Major 2019 tax form changes as they relate to individual taxpayers Key new tax developments as they relate to 2019 and how they impact the 2019 tax forms  Discussion Leader(s) Mike Tucker, Ph.D., LL.M., J.D., CPA

State Tax Committee Meeting: Meet New DRS Commissioner Mark Boughton

Feb 19th 9:00am - 10:30am

Online

0.00 Credits

Don't miss the opportunity to join new DRS Commissioner Mark Boughton for a virtual meet-and-greet.

The Best Federal Tax Update Course by Surgent

Feb 19th 9:00am - 5:00pm

Online

8.00 Credits

• The SECURE Act, including RMD changes, the elimination of the stretch IRA, modification of the kiddie tax rules, and expansion of §529 plans and 401(k) retirement plans for part-time workers • The CARES Act and FFCRA, including employer tax credits, SBA loans, and EFMLEA and EPSLA expanded leave programs • The CARES Act changes to §163(j), §461(I), and NOL rules • Bonus depreciation rules and expansion of §179 • Expansion of number of taxpayers able to use the cash method of accounting • Is the "Employee vs Independent Contractor" conundrum about to explode? • Comprehensive coverage of §199A and its alteration of pass-through taxation and planning • Crypto currency • Practice aids, including all the numbers applicable for the current year -- inflation-adjusted amounts, mileage rates, retirement contributions, and more • Advanced practice, reporting, and other issues intertwined with advanced planning and discussion ideas • The latest issues related to any other late-breaking tax law changes Discussion Leader(s) Bob Lickwar, CPA

NEW 2020 Stimulus Bill: Tax Provisions You Need to Know NOW

Feb 23rd 10:00am - 12:00pm

Online

2.00 Credits

• PPP2 - The next round of the Paycheck Protection Program and how it integrates with PPP1 • PPP1 and PPP2 related deductions • Stimulus payments for individuals, including dependents • Expanded and refundable child care credit • Credits for child care providers • Employer credit for child care payments • Employee retention credit for domestic workers • Child and family care for essential workers • Extended unemployment period and additional payment • Extensions of prior legislation: mortgage loan forgiveness, interest deduction, energy provisions, depreciation of special assets • And much more!

Annual Tax Update: Individuals and Sole Proprietors

Feb 24th 9:00am - 5:00pm

Online

8.00 Credits

Latest tax legislation, court rulings and IRS pronouncements related to individuals and sole proprietors - Practical return preparation tips -Latest developments for pass-through entities that affect Schedule C and Schedule E, including Qualified Business Income -Tax-saving ideas -Unique insights into new planning strategies -Latest IRS rulings impacting individuals -Latest developments on estates, gifts and trusts -Depreciation and amortizationDiscussion Leader(s) William Harden

Individual Tax Update 2020

Feb 24th 1:30pm - 3:30pm

Online

2.00 Credits

The major topics that will be covered in this course include:2020-21 tax legislation and developments related to individual taxpayers2020 tax rates and inflation-adjusted figuresReview and update of Section 199A deductionChanges in Form 1040 and its related forms and schedulesRental real estate and other passive activities lossesCapital gains and lossesKey rulings, regulations and cases affecting individual taxpayersDiscussion Leader(s) Steven C. Dilley, CPA, JD, PhD

NEW 2020 Stimulus Bill: Tax Provisions You Need to Know NOW

Mar 8th 12:30pm - 2:30pm

Online

2.00 Credits

• PPP2 - The next round of the Paycheck Protection Program and how it integrates with PPP1 • PPP1 and PPP2 related deductions • Stimulus payments for individuals, including dependents • Expanded and refundable child care credit • Credits for child care providers • Employer credit for child care payments • Employee retention credit for domestic workers • Child and family care for essential workers • Extended unemployment period and additional payment • Extensions of prior legislation: mortgage loan forgiveness, interest deduction, energy provisions, depreciation of special assets • And much more!

Tax Season Update with Steve Dilley

Mar 18th 9:00am - 1:00pm

Online

4.00 Credits

The major topics that will be covered in this course include:2020-21 legislative, judicial and IRS developments impacting practitioners during the upcoming filing season2020 tax rates and inflation-adjusted figuresReview and update of the Section 199A deductionDepreciation and capitalization regulationsReview of any significant changes in tax formsAnalyze significant regulations, IRS rulings, and court cases affecting individuals, corporations, S corporations and partnershipsDiscussion Leader(s) Steven C. Dilley, CPA, JD, PhD

NEW 2020 Stimulus Bill: Tax Provisions You Need to Know NOW

Mar 23rd 1:00pm - 3:00pm

Online

2.00 Credits

• PPP2 - The next round of the Paycheck Protection Program and how it integrates with PPP1 • PPP1 and PPP2 related deductions • Stimulus payments for individuals, including dependents • Expanded and refundable child care credit • Credits for child care providers • Employer credit for child care payments • Employee retention credit for domestic workers • Child and family care for essential workers • Extended unemployment period and additional payment • Extensions of prior legislation: mortgage loan forgiveness, interest deduction, energy provisions, depreciation of special assets • And much more!

Individual Tax Update 2020

Mar 24th 9:30am - 11:30am

Online

2.00 Credits

The major topics that will be covered in this course include:2020-21 tax legislation and developments related to individual taxpayers2020 tax rates and inflation-adjusted figuresReview and update of Section 199A deductionChanges in Form 1040 and its related forms and schedulesRental real estate and other passive activities lossesCapital gains and lossesKey rulings, regulations and cases affecting individual taxpayersDiscussion Leader(s) Steven C. Dilley, CPA, JD, PhD