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2021 Post-Filing Season Update American Rescue Plan Act of 2021 2020 Tax Year-In-Review

Unemployment Compensation Refunds Continue
The IRS announced that another 1.5 million taxpayers would receive refunds averaging more than $1,600 as it continues to adjust unemployment compensation from previously filed income tax returns. The ...

IRS Updates Accounting Methods for Credit Card Fees
The IRS updated Rev. Proc. 2013-26, 2013-22 I.R.B. 1160, to reflect amendments to Code Sec. 451(b) made by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) and related Reg. §§1.451-3 and 1.127...

Security Summit Highlights Identity Theft Risk Related to Unemployment
The IRS Security Summit partners outlined how tax professionals can assist clients who were victims of unemployment compensation fraud schemes that targeted state workforce agencies in 2020 and 2021. ...

Entities Must Update EIN Information Within 60 Days of Change
The IRS urged entities with Employer Identification Numbers (EINs) to update their applications if there has been a change in the responsible party or contact information. The Service called this a ke...

Accounting Method Change Consent Procedures for Code Sec. 451 Amendments
The IRS updated automatic consent procedures for taxpayers to change their method of accounting to comply with final regulations under Reg. §§1.451-3, 1.451-8, and 1.1275-2(l); and for certain in...

Individual Entitled to Exclude Wages as Foreign Earned Income; Additions to Tax Not Imposed
An individual, who was employed as a contractor on a US military base in Afghanistan, was entitled to exclude wages from gross income which she earned as "foreign earned income" under Code Sec. 911...

NJ - Economic recovery act and certain other economic development programs revised
Enacted New Jersey legislation revises various corporation business tax credits and incentives that were previously enacted as part of the (Act). The legislation also revises certain other economic de...

NY - Taxpayer's driver license suspended as preparer penalties
A taxpayer was properly subject to suspension of driver’s license as preparer penalties because the taxpayer failed to prove that the assessed tax preparer penalties do not fall within the definitio...

PA - Guidance regarding roll-your-own clubs issued
The Pennsylvania Department of Revenue has issued guidance to businesses that provide customers access to tobacco, cigarette tubes and cigarette rolling machines for the manufacture of finished cigare...

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