The Consolidated Appropriations Act 2021 (CAA 2021), which was passed on December 27, 2020, provides many of the answers the country was waiting for regarding the Paycheck Protection Program (PPP) in particular. In recent days myriad articles have been written and webinars hosted detailing the key features of CAA 2021 and
The Internal Revenue Service has clarified that dependent care benefits that are attributable to carryovers or have an extended period for incurring claims generally are not taxable for this year and next. Notice 2021-26 says that if these dependent care benefits would have been excluded from income if used during
In a new private ruling (PLR 202114001, 1/12/21) the IRS substantially limited write-offs for IVF costs claimed by a same-sex couple that used an unrelated surrogate. Under the new Consolidated Appropriations Act (CAA), a taxpayer can deduct qualified medical expenses in excess of 7.5 percent of adjusted gross income (AGI). This threshold
Financial executives are eyeing tax changes expected in the Biden administration, demands for more environmental, social and governance reporting, and diversity efforts. A new survey from OneStream Software and Hanover Research, released Tuesday, polled CFOs and other finance leaders about their plans for 2021 and found that 86% of the
When I say the words “unreasonable and demanding,” chances are, a client – either past or present – just sprang to mind. After all, everyone has had a client they’ve considered just throwing up their hands and disengaging with: The client who emails, then calls to make sure you got
The American Institute of CPAs wants the Internal Revenue Service and the Treasury Department to help businesses facing foreign trade obstacles to maintaining inventory during the pandemic. The AICPA requested relief under Section 473 of the Tax Code, which allows qualified taxpayers to mitigate any substantial, unexpected increases to taxable
Our topic is exclusion from taxable income for employer payments that would otherwise be included in the W-2 (Section 129). The savings can be in income tax as well as FICA. The American Rescue Plan was signed into law on March 11. The credit, the direct reduction in tax liability,
The Internal Revenue Service is having a hard time hiring enough staff to help it get through this year’s extended tax season and overcome its backlog of unprocessed tax returns. A new report from the Treasury Inspector General for Tax Administration, released Friday, provided interim results on the 2021 tax-filing
Brian Kolfage, whose work with Stephen Bannon to raise money for a U.S.-Mexico border wall resulted in a federal fraud indictment last year, faces new tax fraud charges. Kolfage, a disabled Air Force veteran, was indicted in Pensacola, Florida, this week for filing a false tax return and fraud. Federal
RSM US, a Top 10 Firm based in Chicago, is buying Rego Consulting’s ServiceNow workflow automation practice and plans to combine it with RSM’s own. The firms have signed an agreement for RSM to acquire the ServiceNow practice from Salt Lake City-based Rego Consulting, with the transaction expected to close
