Forgiveness amounts are excluded from gross income but included in gross receipts for purposes including determining “small business taxpayer” status under Sec. 448(c).
Tax professionals and taxpayers will have to create an account with a third-party provider ID.me, which requires uploading an image of a government-issued ID and a selfie, in order to access certain IRS online tools and portals.
Commissioner Charles Rettig and other IRS officials tell the AICPA & CIMA National Tax Conference about their administrative challenges and plans.
An IRS notice provides a special rule for the temporary 100% deduction.
The IRS advises on the effects on tax credits and the Free Application for Federal Student Aid and what taxpayers should do.
Annette Nellen examines possible tax policy implications as more people shed tradition work roles and become “digital nomads.”
The IRS issued updated income tax brackets and other inflation-adjusted amounts under 62 Code sections, including a new standard deduction amount.
The IRS updated its FAQs to explain whether and how to report changes to projected 2021 income for taxpayers receiving advance child tax credit payments.
A revenue procedure clarifies Homeowner Assistance Fund payments are excluded from gross income and gives a safe harbor for computing certain itemized deductions.
The infrastructure bill that passed the House on Friday and is headed to President Joe Biden’s desk will terminate the employee retention credit early and require broker reporting of cryptoasset transfers.