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IRS explains new treatment of excess premium tax credits

  • April 13, 2021

The IRS announced taxpayers who may have had excess Sec. 36B premium tax credits to report for the 2020 tax year are not required to file Form 8962, Premium Tax Credit, or report an excess advance premium tax credit (APTC) repayment on their 2020 Form 1040 or Form 1040-SR. Continue Reading

Tax Podcast: Overpaying on May Extensions

  • April 12, 2021

This week's topics: IRS gives guidance on ARPA and the advance premium tax credit for 2020; CCA issued to give details on apply tax provisions to hard forks of virtual currency; IRS disagrees with court decision on treatment of defined benefit pension benefit for insolvency; a restaurant is defined for 100% deduction; the saga of 2020 Form 1040 overpayments, extensions and first quarter estimates. 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