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Tax Podcast: Entering Tax Section 51- Odd Things Happen Here

  • April 5, 2021

This week's topics: IRS gives details on automatic refunds on unemployment exclusion; formal notice of extension of time to file 2020 Forms 1040 issued; IRS updates ERC guidance for the version for first six months of 2021; a look at the mess that is the issue of whether controlling shareholder wages can qualify for ERC. Continue Reading

Tax Podcast: IRS Quietly Revises Unemployment Worksheet

  • March 29, 2021

This week's topics: IRS makes a major change in computation of excludable ARPA unemployment; PPP loan program applications extended for two months - but funds only likely to last until mid-April without replenishment; PPE is defined by the IRS to represent medical care for purposes of deducting the expenses. Continue Reading

Tax Podcast: Tax Season for 1040s Only Goes On One More Month

  • March 22, 2021

This week's topics: IRS releases instructions on reporting ARPA unemployment exclusion; AICPA recommends IRS issue clarification on PPP forgiveness/passthrough issues; IRS pushes back the filing date for Forms 1040 only - everything else still due on April 15, including Q1 2021 estimates. Continue Reading

Tax Podcast: American Rescue Plan Act of 2021

  • March 15, 2021

This week's topics: The American Rescue Plan Act of 2021 - Unemployment exclusion for 2020; Recovery Rebate for 2021; Prepaid Child Tax Credit for 2021; Earned Income Tax Credit Changes; Refundable Dependent Care Assistance; Sick/Family Leave Credits; 2021 Employee Retention Credit; Premium Tax Credit Revisions. Continue Reading

Tax Podcast: Employee Retention Credit and PPP Forgiveness

  • March 8, 2021

This week's topics: SBA gets PPP loan program change guidance published; Senate revises proposed COVID-19 relief bill, adds partial exclusion for unemployment compensation; IRS continues to “clarify” the virtual currency question on Form 1040; guidance issued on interaction of PPP forgiveness and 2020 employee retention credit. Continue Reading

Tax Podcast: Should April 15 be pushed back again?

  • February 22, 2021

A §280E case with potential impact outside of the cannabis industry; legal malpractice settlement could not be treated as excludable physical injury award; IRS admits to an issue with 260,000 notices; calls come to extend the April 15 deadline again this year. Continue Reading

Tax Podcast: Virtual Currency Confusion

  • February 8, 2021

This week's topics: Form 1040 final instructions add to virtual currency confusion; teachers COVID-19 supply safe harbor released; no relief for employee with unused FSA dependent care funds; Form 1099 relief for CARES items not treated as taxable. Continue Reading

Tax Podcast: Upload your POAs

  • February 1, 2021

This week's topics: IRS recommendations to those victimized by unemployment ID theft; revised Form 7200 gives information on advance ERC payment Interim; IRS online system to submit Forms 2848 and 8821; AICPA letter on ERC and PPP forgiveness applications. Continue Reading