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Latest Tax Alerts

Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More

Supreme Court Rejects Affordable Care Act Challenge

The Supreme Court has reversed and remanded California ... Read More

Final Disaster Deadline Postponement Regulations

The IRS has finalized regulations relating to the mandatory ... Read More

Residential Rental Property Depreciation Procedures

The IRS has released a revenue procedure explaining how a taxpayer ... Read More

Eligible Partnerships May File Amended Returns

An eligible partnership may file amended partnership returns for ... Read More

Marriage Was Valid for Estate Tax Purposes

An estate was allowed a marital deduction because ... Read More

BEAT QDP Reporting Requirement Deferred

The Treasury Department and the IRS have announced ... Read More

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Experts: IRS Guidance Needed on American Rescue Plan

By: Annemarie Aguanno, CPA, Senior Audit/Tax Manager


Annemarie Aguanno, CPA, Senior Audit/Tax ManagerThe IRS needs to issue new rules and guidance to implement the American Rescue Plan, experts said on March 11 as President Joe Biden signed his COVID-19 relief measure.

"I hope Treasury will say something very soon: FAQs, press release, something. IRS undoubtedly will have to write new regs," commented Urban-Brookings Tax Policy Center Senior Fellow Howard Gleckman. He stressed IRS certainly will have to figure out how to make the retroactive tax exemption for some 2020 unemployment benefits work. Gleckman also said he suspects the Child Tax Credit will require new guidance.

Gleckman claimed a new form this late in the tax season is unlikely. ... Read More

American Rescue Plan Tax Credit FAQs

By: Donald Sager, CPA, Partner


Donald Sager, CPA, PartnerThe IRS issued two new, separate sets of frequently-asked-questions (FAQs) to assist families and small and mid-sized employers) in claiming credits under the American Rescue Plan (ARP). These FAQs provide information on eligibility, computing the credit amounts and how to claim these important tax benefits. Enacted in March to assist families and small businesses with the fallout of the COVID-19 pandemic and recovery underway, the ARP enhanced the child and dependent care credit and the paid sick and family leave credit.

Child and Dependent Care Credit For 2021, the ARP increased the maximum amount of work-related expenses for qualifying care that may be taken into account in calculating the credit, increased the maximum percentage of those expenses for ... Read More

Child Tax Credit Letters Being Sent

By: Lisa Varela, Senior Tax Manager


Lisa Varela, Senior Tax ManagerThe IRS has started sending letters to over 36 million families who, based on tax returns filed, may be eligible to receive monthly child tax credit payments starting July. Eligibility of these families are being evaluated based on information provided by taxpayers in their 2019 or 2020 tax returns, or through the Non-Filers tool while registering for an Economic Impact Payment. In addition, taxpayers who are eligible for advance child tax credit payments will receive a second, personalized letter listing an estimate of their monthly payment, starting July 15.

The IRS further announced that eligible families will begin receiving advance payments, either by direct deposit or check. Importantly, this payment will be up to ... Read More


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