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Archive for September 14th, 2021

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afarrell

Guidance Provided on Premium Assistance for COBRA Continuation Coverage

Guidance Provided on Premium Assistance for COBRA Continuation Coverage The IRS provided additional guidance on the application of the American Rescue Plan Act of 2021 (ARP) (P.L. 117-2) relating to temporary premium assistance for Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) continuation coverage. This notice supplements Notice 2021-31, I.R.B. 2021-23, and addresses additional issues. EligibilityThe […]

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afarrell

Foreign Tax Credit Did Not Apply Against Net Investment Income Tax

Foreign Tax Credit Did Not Apply Against Net Investment Income Tax The foreign tax credit did not apply against the net investment income tax (NIIT). The structure of the Internal Revenue Code made the credit inapplicable to the NIIT, and tax treaties did not override that fact. Under Code, Foreign Tax Credit Did Not Apply […]

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afarrell

Unknown Gift Tax Return Could Be Reasonable Cause for Late Filing

Unknown Gift Tax Return Could Be Reasonable Cause for Late Filing A missing or unknown federal gift tax return could constitute reasonable cause for the late filing of an estate tax return. To understand the appropriate steps to take after the decedent’s death, the executor was in contact with the decedent’s tax preparer, a family […]

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apresti

Economic Injury Disaster Loan (EIDL) Program Updates

September 10, 2021 Dear Clients, Colleagues and Friends, On September 8, 2021, the U.S. Small Business Administration announced that it is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting on October 8, 2021, for loans greater than $500,000, the SBA is increasing […]

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apresti

IRS Announces New Online Tools to Help Taxpayers Manage Child Tax Credit Payments

IRS Announces New Online Tools to Help Taxpayers Manage Child Tax Credit Payments The IRS has announced the launch of two new online tools to help families verify, manage and monitor monthly payments of child tax credits under the American Rescue Plan Act (ARP) (P.L. 117-2). These are in addition to the Non-filer Sign-up tool […]

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srusso

Penalty Relief for Certain Pass-through Forms

Penalty Relief for Certain Pass-through Forms Partnerships, S corporations, and U.S. persons with interests in foreign partnerships may rely on transition relief from penalties for tax years beginning in 2021 with respect to new Schedules K-2 and K-3. These schedules may be required for: Form 1065, U.S. Return of Partnership Income, Form 1120-S, U.S. Income […]

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apresti

No Surprise Billing Act Interim and Proposed Regulations

No Surprise Billing Act Interim and Proposed Regulations The Departments of the Treasury, Labor, and Health and Human Services (the Departments), have issued interim final rules and identical proposed regulations to implement provisions of the No Surprises Act. On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA), which included the No Surprises Act, was […]

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apresti

IRS Issues Proposed Electronic Filing Requirements for Specified Returns and Other Documents

IRS Issues Proposed Electronic Filing Requirements for Specified Returns and Other Documents The IRS has proposed regulations that would amend the rules for filing electronically and affects persons required to file partnership returns, corporate income tax returns, unrelated business income tax returns, withholding tax returns, certain information returns, registration statements, disclosure statements, notifications, actuarial reports, […]

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apresti

Treasury Secretary Yellen Addresses Support for Corporate Global Minimum Tax

Treasury Secretary Yellen Addresses Support for Corporate Global Minimum Tax Secretary of the Treasury Janet L.Yellen addressed the support for a global minimum tax for corporations at a press conference at the close of the G20 Finance Ministers and Central Bank Governors Meetings, on July 11, 2021, see https://home.treasury.gov/news/press-releases/jy0270. Secretary Yellen stated that now 132 countries, […]

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