Current Federal Tax Developments

Ways and Means completes mark-up of tax bill, taxpayer finds entire amount of legal settlement taxable and taxpayer has reasonable basis to avoid penalties

Looking at if an amended return is required, IRS updates special per diem rates and gives information on W-2 COVID leave information to be reported for 2021.

The IRS makes previously temporary e-Signature options permanent and we discuss the role of "unambiguous" text in interpreting the IRC in view of SCOTUS directive in Connecticut National Bank on interpreting law.

A taxpayer spending money to look for a trade or business is not in a trade or business and the IRS issues a PMTA that finds the law requires a hefty penalty for employers that don't timely pay deferred employer FICA taxes under the CARES Act.

A taxpayer failed to show loss resulted from 1244 stock and a look at the state passthrough entity taxes

IRS gives additional guidance on ERC gross receipts test, depreciation limits announced and yet again we have a case involving timely filing decided in the courts.

IRS releases more guidance on ERC, including key problem with claiming the credit on wages of majority owner and spouse and more.

SBA makes modifications to PPP loan forgiveness process, IRS expands employer paid leave credit to cover more vaccination related leave and more.

IRS asks for comments on proposed basis reporting form to be filed with Form 1040 for S corporation shareholders, a taxpayer is unsuccessful in asserting the Cohan doctrine, and more.

Digitally signed return found not to be properly submitted, AICPA confirms PPP pre-forgiveness necessity inquiries by SBA to end and more.