tax Advice Archive
Further guidance issued on tax treatment of PPP loan forgiveness
November 18, 2021
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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
November 18, 2021
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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
November 17, 2021
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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
November 17, 2021
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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
November 16, 2021
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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
Meal portion of per diem allowance can be treated as attributed to a restaurant
November 16, 2021
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News EXPENSES & DEDUCTIONS By Paul Bonner The 100% deduction allowable as a business expense in 2021 and 2022 for food or beverages provided by a restaurant applies to the meal portion of a per diem rate or allowance, the IRS clarified Tuesday in Notice 2021-63. Under Sec. 274(n)(1) and Regs. Sec.
Infrastructure Bill Creates Tolling of Time for Filing a Petition with the Tax Court
November 16, 2021
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We welcome back guest blogger Steve Milgrom. Steve is the litigation coordinator at the low income taxpayer clinic located at the Legal Aid Society of San Diego. Today, he provides an overview of the
New FAQs cover interplay of unemployment income exclusion and credits
November 15, 2021
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TweetShareSharePin0 Shares Taxpayers whose 2020 income tax returns were revised by the IRS to exclude unemployment benefits from gross income may be eligible for the additional child tax credit or earned income tax credit as a result, the IRS advised in two frequently asked questions (FAQs) it added Friday to its 2020 Unemployment Compensation Exclusion
In Person Hearing Inconveniences Appeals Witness
November 15, 2021
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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
November 12, 2021
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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,
