Menu

tax Advice Archive

Further guidance issued on tax treatment of PPP loan forgiveness

TweetShareSharePin0 Shares In three revenue procedures (Rev. Procs. 2021-48, 2021-49, and 2021-50) the IRS provided guidance Thursday on the treatment of amounts excluded from taxpayers’ gross income in connection with forgiveness of Paycheck Protection Program (PPP) loans. The AICPA had requested guidance in a March 15, 2021, letter to the IRS. While it is excluded

Returning to In Person Tax Court Proceedings

TweetShareSharePin0 Shares 0 Flares Filament.io Made with Flare More Info“> 0 Flares × We reported earlier that the Tax Court in August issued a press release saying it intended to return to in person proceedings, at least for some of the trials, in January, 2022.  That announcement

New user verification for IRS online accounts to be required by mid-2022

TweetShareSharePin0 Shares News PROCEDURE & ADMINISTRATION By Paul Bonner Taxpayers and tax professionals with accounts for certain IRS online tools and portals will need to reverify their identity in a new account creation and sign-in process the IRS announced Wednesday (News Release IR-2021-228). The process, using a third-party technology provider, ID.me, is available for

Major Change to Offer in Compromise Policy

TweetShareSharePin0 Shares The only bad thing about the change in IRS policy in Offers in Compromise (OIC) is that it comes too late for me to change a forthcoming law review article on offset.  The inability to update the article which is headed to press matters little.  The new policy regarding offset in OICs represents

IRS commissioner: We’re hiring

TweetShareSharePin0 Shares Projected to lose 52,000 employees in the next six years, the IRS is seeking new personnel, Commissioner Charles Rettig told CPAs Tuesday. Rettig’s keynote address to the AICPA & CIMA National Tax Conference in Washington, D.C., touched on challenges the Service still faces in basic operations after he temporarily closed down most in-person

In Person Hearing Inconveniences Appeals Witness

TweetShareSharePin0 Shares As is often the case, commenter in chief, Bob Kamman, brought to my attention an order that prior to DAWSON would probably have received the designated order label.  DAWSON did away with designated orders, as we have discussed before, but did not stop the Tax Court from issuing important and interesting orders.  The

Changing ways of working call for changing employment and tax policy

TweetShareSharePin0 Shares The way individuals work for pay has transformed radically in recent years, but employment practices and tax treatment remain largely frozen in outmoded assumptions and models. Annette Nellen, Esq., CPA, CGMA, will examine changing work models and proposals for change in “Should Everyone Be an Employee? Policy for the Modern Workforce,” on Tuesday,
You cannot copy content of this page
Social Media Auto Publish Powered By : XYZScripts.com