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Quickfinder Updates

The Updates page provides information supplementing that in the Quickfinder Handbooks. Updates are arranged by publication, or by development type for broader developments that may impact multiple publications (such as tax legislation or late-breaking developments impacting 2020 returns). We invite you to visit this page regularly to view the most recent updates. For continued coverage of tax developments throughout the year, we recommend the Quickfinder Tax Tips Newsletter.

1040 Quickfinder Handbook (2020 Tax Year)

  • [1/26/21] 2021 Form 1040 Quick Tax Method
    • Click here for the 2021 Form 1040 Quick Tax Method. At the time of publication, the IRS had not released the 2021 individual income tax brackets.
  • [1/26/21] 2020 State and Local Sales Tax Deduction (Page 3-16)
    • The IRS has released the state and local sales tax deduction worksheet and the accompanying tables for computing the deduction, which were not available at the time of publication. For the worksheet and tables, click here.
  • [1/25/21] Post-publication Developments — Handbook Supplement
    • Developments that impact material in the 1040 Quickfinder Handbook and the preparation of 2020 individual income tax returns have occurred since the handbook was printed. Therefore, a packet containing “marked-up” redline changes to the affected pages in your handbook is available. Click here for the packet.

      Binder/loose-leaf handbook owners: If you purchased the 3-ring binder/loose-leaf version of the handbook and have access to a duplex (two-sided) printer, click here for the replacement pages for your handbook.

All States Quickfinder Handbook (2020 Tax Year)

  • Updates coming soon…

Depreciation Quickfinder Handbook (2020 Tax Year)

  • [1/27/21] Post-publication Developments — Handbook Supplement
    • Developments that impact material in the Depreciation Quickfinder Handbook and the preparation of 2020 tax returns have occurred since the handbook was printed. Therefore, a packet containing “marked-up” redline changes to the affected pages in your handbook is available. Click here for the packet.

Health Care Reform Quickfinder Handbook (2021 Edition)

  • [1/22/21] Updates for Year-End Developments
    • New tax legislation and IRS guidance were released after the publication of the Handbook. A packet containing redline changes to the affected pages in your handbook has been made available here.

Individuals—Special Tax Situations Quickfinder Handbook (2020 Tax Year)

  • [1/27/21] Post-publication Developments — Handbook Supplement
    • Developments that impact material in the Special Tax Situations Handbook and the preparation of 2020 income tax returns have occurred since the handbook was printed. Therefore, a packet containing “marked-up” redline changes to the affected pages in your handbook is available. Click here for the packet.

Premium Quickfinder Handbook (2020 Tax Year)

  • [2/19/21] Principal Business Activity Codes — Forms 1065, 1120, and 1120-S (Page 15-1)
    • For the Form 1065 codes, click here.

      For the Form 1120 codes, click here.

      For the Form 1120-S codes, click here.
  • [1/29/21] Post-publication Developments — Handbook Supplement
    • Developments that impact material in the Premium Quickfinder Handbook and the preparation of 2020 tax returns have occurred since the handbook was printed. Therefore, a packet containing “marked-up” redline changes to the affected pages in your handbook is available. Click here for the packet.

      Binder/loose-leaf handbook owners: If you purchased the 3-ring binder/loose-leaf version of the handbook and have access to a duplex (two-sided) printer, click here for the replacement pages for your handbook.
  • [1/26/21] Where to File: Business Returns Filing Addresses — 2020 Returns (Page 15-1)
    • For the Quickfinder table showing filing addresses for 2020 business tax returns, click here.
  • [1/26/21] 2021 Form 1040 Quick Tax Method
    • Click here for the 2021 Form 1040 Quick Tax Method. At the time of publication, the IRS had not released the 2021 individual income tax brackets.
  • [1/26/21] 2020 State and Local Sales Tax Deduction (Page 3-16)
    • The IRS has released the state and local sales tax deduction worksheet and the accompanying tables for computing the deduction, which were not available at the time of publication. For the worksheet and tables, click here.

Quickfinder Annual Tax Update (2020 Edition)

  • [2/2/21] Post-publication Developments — Product Supplement
    • Developments that impact material in the Quickfinder Annual Tax Update 2020, including late-December 2020 legislation, have occurred since the product was published. Therefore, a table explaining post-publication developments, organized by key issue in your product, is available. Click here for the table.

Quickfinder Tax Tables for Business Returns (2020 Tax Year)

  • [1/26/21] Post-publication Developments — Product Supplement
    • Developments that impact material in the Quickfinder Tax Tables for Business Returns have occurred since the product was printed. Therefore, a packet containing “marked-up” redline changes to the affected pages in your product is available. Click here for the packet.

Quickfinder Tax Tables for Individual Returns (2020 Tax Year)

  • No updates at this time.

Small Business Quickfinder Handbook (2020 Tax Year)

  • [2/19/21] Principal Business Activity Codes — Forms 1065, 1120, and 1120-S (Page A-1)
    • For the Form 1065 codes, click here.

      For the Form 1120 codes, click here.

      For the Form 1120-S codes, click here.
  • [1/27/21] Post-publication Developments — Handbook Supplement
    • Developments that impact material in the Small Business Quickfinder Handbook and the preparation of 2020 tax returns have occurred since the handbook was printed. Therefore, a packet containing “marked-up” redline changes to the affected pages in your handbook is available. Click here for the packet.

      Binder/loose-leaf handbook owners: If you purchased the 3-ring binder/loose-leaf version of the handbook and have access to a duplex (two-sided) printer, click here for the replacement pages for your handbook.
  • [1/26/21] Where to File: Business Returns Filing Addresses — 2020 Returns (Page A-1)
    • For the Quickfinder table showing filing addresses for 2020 business tax returns, click here.

Tax Legislation

  • [3/23/21] American Rescue Plan Act of 2021
    • The American Rescue Plan Act of 2021 (ARPA) (Public Law 117-2, enacted on March 11, 2021) contains provisions addressing stimulus payments, unemployment benefits, health care, state and local funding, and tax law. Many of the tax law changes are for individual taxpayers, but several business-related changes are also included.

      Staying true to the Quickfinder tradition of providing often-needed reference information in a concise, easy-to-use format, we’ve created a table that summarizes ARPA provisions of interest to tax and financial professionals.

      Click here for the Quickfinder table.
  • [1/25/21] Consolidated Appropriations Act, 2021
    • The Consolidated Appropriations Act, 2021 (CAA, 2021) (Public Law 116-260, enacted on December 27, 2020) includes new relief payments to individuals, another round of Paycheck Protection Program (PPP) funding, changes to the deductibility of expenses for PPP recipients, and numerous tax extender, disaster relief, and other economic relief provisions.

      Staying true to the Quickfinder tradition of providing often-needed reference information in a concise, easy-to-use format, we’ve created tables that summarize provisions of interest to tax and financial professionals in some of the Acts that make up the CAA, 2021.

      Click here for the Quickfinder table summarizing extender provisions of the Taxpayer Certainty and Disaster Tax Relief Act of 2020.

      Click here for the Quickfinder table summarizing disaster relief and other provisions of the Taxpayer Certainty and Disaster Tax Relief Act of 2020.

      Click here for the three-part Quickfinder table providing—
      • Highlights of Continued Assistance for Unemployed Workers Act of 2020;
      • Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act—Highlights of Paycheck Protection Program (PPP) Provisions; and
      • Highlights of COVID-related Tax Relief Act of 2020.

Tax Planning for Individuals Quickfinder Handbook (2020 Edition)

  • [7/13/20] 2020 Vehicle Depreciation Limits and Lease Income Inclusion Table (Pages 1-33, 4-5, 4-6 and 4-7)
    • The IRS has released the Section 280F depreciation deduction limits for passenger autos (including trucks and vans) first placed in service during 2020. For passenger autos acquired after 9/27/17, placed in service during 2020, and subject to bonus depreciation under IRC Sec. 168(k), the depreciation limits are $18,100 for the first year, $16,100 for the second year, $9,700 for the third year, and $5,760 for each succeeding year. For passenger autos placed in service during 2020 that are not subject to Section 168(k) bonus depreciation, the depreciation limits are $10,100 for the first year, $16,100 for the second year, $9,700 for the third year, and $5,760 for each succeeding year. The IRS also has released the lease inclusion amounts for lessees of passenger autos first leased in 2020. Click on the following link for the text of Rev. Proc. 2020-37.

Late-breaking Developments Impacting 2020 Returns*
*Developments occurring after publication of handbooks but impacting 2020 returns

  • [4/2/21] 2020 Form 1040 Filing Deadline; PPP Extension Act
    • Additional Guidance on Extended May 17 Tax Deadline for Individuals. With the extension of the filing deadline for Form 1040 returns from 4/15/21 to 5/17/21, the IRS is postponing the time for individuals to make 2020 contributions to their Individual Retirement Arrangements (IRAs and Roth IRAs), Health Savings Accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell Education Savings Accounts (Coverdell ESAs). The time for reporting and payment of the 10% additional tax on amounts includible in gross income from 2020 distributions from retirement plans also is extended. The IRS also has postponed the filing deadline for Form 5498 related to these accounts to 6/30/21. For tax year 2017 individual income tax returns, the normal April 15 deadline to claim a refund has been extended to 5/17/21. The deadline for estimated tax payments has not been extended; these payments are still due on 4/15/21 (News Release IR-2021-67 and Notice 2021-21).
    • PPP Extension Act of 2021. On 3/25/21, the U.S. Senate passed the PPP Extension Act of 2021, which amends the Small Business Act and the CARES Act to extend the covered period for the Paycheck Protection Program (PPP). Before the Act was passed, the PPP application deadline was set to expire on 3/31/21. The legislation extends this deadline to 5/31/21. In addition, the Small Business Administration (SBA) is granted an additional 30 days until 6/30/21 to process loan applications submitted before 6/1/21. President Biden signed the legislation on 3/30/21 (P.L. 117-6).
  • [3/15/21] 2020 Form 1040 Reporting Changes from American Rescue Plan Act of 2021
    • Instructions on Reporting New Unemployment Exclusion. The American Rescue Plan Act of 2021 (ARPA), enacted on 3/11/21, excludes from income up to $10,200 of unemployment compensation paid by states and the federal government [as reported on Form 1099-G (Certain Government Payments)] in 2020 if modified adjusted gross income (MAGI) is less than $150,000. If married, each spouse receiving unemployment compensation may exclude up to $10,200. If MAGI is $150,000 or more, unemployment income cannot be excluded. Instructions for Schedule 1 (Form 1040), line 7 are updated to reflect this exclusion for taxpayers who have not filed their 2020 tax return. The Unemployment Compensation Exclusion Worksheet should be used to figure the exclusion and the amount to enter on Schedule 1, lines 7 and 8. For those who received unemployment benefits in 2020 and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return until additional guidance is issued. See www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemployment-compensation and www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021 for more information.
    • Excess Advance Premium Tax Credits Not Taxable. The premium tax credit (PTC) is a tax credit for eligible individuals who enroll, or whose family member enrolls, in a qualified health plan offered through a Marketplace (or Exchange). The credit provides financial assistance to pay the premiums by reducing the amount of tax owed, providing a refund, or increasing a refund. Form 8962 [Premium Tax Credit (PTC)] is used to compute and take the PTC on a tax return. Individuals can choose to have some or all of the estimated credit paid in advance directly to their insurance company. Advance payments received during the year are subtracted from the amount of the premium tax credit. If the advance payments exceed the credit, the difference (up to certain limits—see Excess Advance Premium Tax Credit Repayment on Page 4-25 of the 1040 Quickfinder Handbook) is an additional amount of tax due, reported on Schedule 2 (Form 1040), line 2. Under ARPA, no additional tax is imposed for tax years beginning in 2020 where the advance credit payments exceed the taxpayer’s PTC [IRC Sec. 36B(f)(2)(B), as amended by ARPA Sec. 9662(a)].