The PTC, Itemized Deductions, Employer Leave-Based Donation Programs, Tracking Refunds, and Bribes
Tax News Briefs

The PTC, Itemized Deductions, Employer Leave-Based Donation Programs, Tracking Refunds, and Bribes

Premium Tax Credit Regulations Amended Wages are deductible by a C corporation in computing taxable income, but dividends are not. In a closely held corporation, the owners might decide to take ... TheTaxBook

Important Compliance Issues
Tax News Briefs

Important Compliance Issues

C Corporation Reasonable Compensation Wages are deductible by a C corporation in computing taxable income, but dividends are not. In a closely held corporation, the owners might decide to take distributions in the form of sal... TheTaxBook

Tax Season News You Can Use
Tax News Briefs

Tax Season News You Can Use

Schedules K-2 and K-3 The Internal Revenue Service (IRS) has posted changes to the 2021 partnership instructions for Schedules K-2 and K-3 (Form 1065) on its website, www.ir... TheTaxBook

Important Things to Know for Tax Year 2021 Returns
Tax News Briefs

Important Things to Know for Tax Year 2021 Returns

Infrastructure Investment and Jobs Act On November 5, 2021, Congress passed the Infrastructure Investment and Jobs Act (H.R. 3684), which President Biden is expected to sign into law. The new law addresses provisions rel... TheTaxBook

2021 Employee Retention Credit Overview
Tax News Briefs

2021 Employee Retention Credit Overview

Employee Retention Credit Guidance for First and Second Quarters of 2021 The Internal Revenue Service (IRS) has now released guidance to address changes made by the Consolidated Appropriations Act, 2021, for... TheTaxBook

Recent Court Cases of Interest
Tax News Briefs

Recent Court Cases of Interest

Gambling Loss Not Deductible as Casualty Loss The Ninth Circuit Court of Appeals has ruled that the taxpayer’s gambling losses did not qualify as deductible casualty losses. The taxpayer gambled occasionally, but only small amounts, and... TheTaxBook

Things You Need to Know for Tax Year 2021
Tax News Briefs

Things You Need to Know for Tax Year 2021

Advanced Payments of Child Tax Credit to Begin July 15 The Internal Revenue Service (IRS) has announced that the first monthly payment of the expanded and newly advanceable child tax credit from the American Rescue Plan will b... TheTaxBook

Avoid Penalties by Doing Your Due Diligence
Tax News Briefs

Avoid Penalties by Doing Your Due Diligence

New Due Diligence Requirements For tax year 2020, the Consolidated Appropriations Act, 2021, allows eligible taxpayers to elect to use their 2019 earned income to figure the 2020 earned income credit (EIC) or additional child tax cred... TheTaxBook

IRS Updates Small Business Accounting Method Regulations
Tax News Briefs

IRS Updates Small Business Accounting Method Regulations

The Internal Revenue Service (IRS) has issued final regulations to implement the changes to the accounting method rules made by the Tax Cuts and Jobs Act (TCJA). Under Internal Revenue Code (IRC) §448(c), a business with gross receipts under $25 m... TheTaxBook