Business connecting lease parties not qualified under section 1202
IRS: Website that connects lessors to lessees is a “brokerage service,” shareholder not eligible for section 1202 capital gain exclusion.
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Smile! New IRS identity verification process requires a selfie
The IRS is tackling identity theft by using ID.me verification technology to guard access to online services.
Congress open to considering a pause on automated tax notices
National Taxpayer Advocate, Erin Collins, recommends the IRS pause automated collection notices. Congress may consider the recommendation.
National Taxpayer Advocate provides 2021 annual report to Congress
The Taxpayer Advocate Service highlighted 10 major IRS problems affecting taxpayers and made several recommendations to mitigate the issues.
House passes infrastructure legislation; sends bill to President Biden
Bipartisan infrastructure bill passes House with bipartisan vote. President Biden expected to sign by end of next week.
The IRS hired more than 1,000 new assisters to staff phone lines
The IRS foresees better phone service for taxpayers by hiring more than 1,000 new phone assisters across all call lines.
House Ways and Means releases reconciliation tax payfors
House Ways and Means issues its discussion draft amendment with revenue items to offset $3.5 trillion spending package.
Senator Wyden’s draft proposals target partnership tax rules
Senator Wyden’s recent ‘discussion draft’ legislation, if enacted, would drastically alter many of the tax rules that apply to partnerships.
Security Summit warns of identity theft and unemployment fraud
The Internal Revenue Service Security Summit discusses the common warning signs of identity theft and unemployment benefits theft.
The IRS takes aim at high net worth individuals
A discussion on the IRS concern with non-filers and what can be done to mitigate the risk is provided in this article.
State tax law changes for the second quarter of 2021
A summary of important updates for determining deferred tax provision under ASC 740 for the quarter ending June 30, 2021.
White House releases President’s budget, Treasury Greenbook
Administration issues Presidential priorities and pay-fors. Corporations and wealthy individuals face prospect of increasing tax rates.
As income tax rates increase, beware of certain deferral strategies
Tax-deferral techniques—possibly spurred by a potential increase to capital gains rates—must be scrutinized, as evidenced by this IRS memo
IRS issues PPP expense deduction safe harbor for fiscal year taxpayers
IRS safe harbor for fiscal year taxpayers on accounting period in which to deduct PPP expenses provides choices and certainty.
Will proposed corporate, international tax changes survive Congress?
President Biden’s proposed changes to corporate and international taxes face Congressional obstacles. RSM examines what’s ahead.
Senate passes extension of Paycheck Protection Program to May 31
PPP extension clears Senate. Program to be extended to May 31, with 30 days provided after May 31 for SBA to process pending applications.