December 22, 2021
Tracy Tasch- Author's Bio
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Guidance on Applying Per Diem Rules to Fully Deductible Restaurant Meals
Guidance on Applying Per Diem Rules to Fully Deductible Restaurant Meals The IRS issued guidance related to the application of the per diem rules under Rev. Proc. 2019-48 to the temporary 100-percent deduction for business meals provided by a restaurant. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 ( P.L. 116-260) temporarily increased the deduction from […]
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- December 22, 2021
- Lee Forman
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Guidance Released for Tax Treatment and Reporting Requirements for HAF Payments
Guidance Released for Tax Treatment and Reporting Requirements for HAF Payments The IRS has released guidance which addresses the federal income tax treatment and information reporting requirements for payments made to or on behalf of financially distressed individual homeowners by a state with funds allocated from the Homeowner Assistance Fund (HAF). The fund was established […]
Read more- December 22, 2021
- Tracy Tasch
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Simple Steps to Assist Taxpayers Make 2022 Tax Filing Easier
Simple Steps to Assist Taxpayers Make 2022 Tax Filing Easier The IRS has urged taxpayers, including ones who received stimulus payments or advance Child Tax Credit payments, to follow some easy steps for accurate federal tax returns filing in 2022. Organized tax recordsTaxpayers can easily prepare complete and accurate tax returns with the help of organized […]
Read more- December 22, 2021
- Tracy Tasch
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G20 Endorses Global Corporate Minimum Tax Rate of 15-Percent
G20 Endorses Global Corporate Minimum Tax Rate of 15-Percent All members of the G20 on October 30 endorsed a global corporate minimum tax rate of 15 percent in an effort to eliminate countries slashing corporate tax rates and creating tax shelters to attract large multinational corporations. The agreement comes on the heels of an international […]
Read more- December 22, 2021
- Tracy Tasch
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Jurisdiction Over Petition for Redetermination of Whistleblower’s Award Not Extinguished by Death
Jurisdiction Over Petition for Redetermination of Whistleblower’s Award Not Extinguished by Death In a case of first impression, the Tax Court retained jurisdiction over a petition for redetermination with respect to a whistleblower’s claim for an award after the petitioner’s death. The informant filed a claim for an award with the IRS Whistleblower Office (WBO) […]
Read more- December 22, 2021
- Tracy Tasch
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S Corporation’s Disposition of Major League Baseball Team Was Disguised Sale
S Corporation’s Disposition of Major League Baseball Team Was Disguised Sale An S corporation’s disposition of a major league baseball team was a disguised sale to a newly formed partnership. The taxpayer had formed the partnership, with a renowned family, where the taxpayer contributed the major league baseball team and related assets and the family […]
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November 2021 Newsletter
Brian Whelan discusses, “Temporary, Proposed Regs Authorize Assessment of Erroneous Refund of COVID-19 Employment Tax Credits”. Elias Koumniote examines, “Qualified Sick and Family Leave Wages Reporting Guidance Issued” Thomas Zanata takes a look at, “IRS Reminder for Classification of Workers as Employees or Independent Contractors”.
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- October 22, 2021
- Elias Koumniotes
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Qualified Sick and Family Leave Wages Reporting Guidance Issued
Qualified Sick and Family Leave Wages Reporting Guidance Issued The IRS and the Treasury Department have issued guidance to employers about reporting the amount of qualified sick and family leave wages paid to employees for leave taken in 2021 on Form W-2, Wage and Tax Statement. Further, the notice provides guidance under recent legislation, including: the […]
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- October 22, 2021
- Brian Whelan
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Temporary, Proposed Regs Authorize Assessment of Erroneous Refund of COVID-19 Employment Tax Credits
Temporary, Proposed Regs Authorize Assessment of Erroneous Refund of COVID-19 Employment Tax Credits The IRS has issued temporary and proposed regulations that authorize the assessment of any erroneous refund of the COVID-19 employment tax credits which were added by the American Rescue Plan Act of 2021 ( P.L. 117-2). These credits for certain wages paid by […]
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- October 22, 2021
- Thomas Zanata
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IRS Reminder for Classification of Workers as Employees or Independent Contractors
IRS Reminder for Classification of Workers as Employees or Independent Contractors The IRS has emphasized the importance of correctly determining whether the individuals providing services to businesses were employees or independent contractors. Generally, an employee performs services that businesses control. Independent contractors offer their services to the public. Businesses have a right to control the […]
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