Internal IRS Guidance Explains How to Audit Partner Liquidating Distributions
IRS Large Business & International (LB&I) has released an updated Practice Unit on issues related to liquidating distributions of a …
COVID-19 Related Aid Not Included in Income; Expense Deduction Still Allowed
In response to the COVID-19 crisis, Congress has passed numerous programs aimed at helping small and medium-sized businesses survive the …
IRS Commissioner Testimony Includes Information on Tax Gap and Monthly Child Tax Credits
In April 13 testimony to the Senate Finance Committee, IRS Commissioner Charles Rettig testified that he believes that the annual …
IRS Nonacquiesces to Holding that Pension Interest isn’t Part of Insolvency Calculation
In an Action on Decision, IRS has announced that it will not acquiesce to the Tax Court’s holding in Schieber, TC …
House Republicans Ask FinCEN to Protect Sensitive Data Amid Beneficial Ownership Reforms
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) is preparing to implement a series of reforms to beneficial ownership reporting …
Treasury Department reports on President Biden’s “Made in America Tax Plan”
The Treasury Department has issued The Made in America Tax Plan Report (the Report) which describes President Biden’s Made in …
How to Report ARPA Unemployment Benefit Exclusion when Computing 2020 Modified AGIs
The American Rescue Plan Act of 2021 (ARPA) provision that contains an exclusion for up to $10,200 of 2020 unemployment …
IRS Again Updates 2020 Form 3468, Investment Credit
The IRS has again updated the 2020 Form 3468, Investment Credit. The new updates reflect the changes made to the …
Unemployment Benefit Recipients: Don’t File Amended 2020 Return Yet.
In a posting to its website, IRS asked individuals who received unemployment benefits in 2020 and have already filed their …
House Passes ARPA COVID-19 Relief Bill
The House on Wednesday passed the $1.9 trillion American Rescue Plan Act of 2021 (ARPA, HR 1319). The Senate passed …