Changes in the Employee Retention Tax Credit with New Stimulus Bill

This article was adapted from a Twitter thread that you can read here. The editors of TPN have been scouring the Internet to bring...

Update on 11th Hour Covid Relief Bill: Economic Aid to Hard-Hit Small Businesses, Nonprofits, and...

Update December 27, 2020: Trump has signed this bill into law, you can read more here. Everyone in the tax community is scrambling to find...

IRS Issues Rev Rul: Year of Deductibility for Expenses Paid with PPP Dollars

The IRS issued Revenue Ruling 2020-27 that addresses when a borrower should exclude the expenses used to obtain forgiveness of their payroll protection program...

Achieving a Better Life Experience (ABLE) Accounts Final Regulations Issued

Final regulations for Achieving a Better Life Experience (ABLE) accounts were issued earlier this month. The final regulation can be found at ABLE accounts...

Tax Relief for Ranchers & Farmers

Farmers and ranchers who were forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax...

IRS Selects 10 New Members for Electronic Tax Administration Advisory Committee

The following individuals have been appointed to serve three-year terms on the ETAAC beginning in September 2020: Dmitri Alexeev, Santa Rosa, Calif. – Alexeev is a...

The IRS Released Another IFR on PPP This Week

This IFR has been updated for the laws that congress recently passed. Access it here.

Treasury and IRS Seeking Comments on Proposed Redesigned Partnership Form for Tax Year 2021

The Treasury Department and the IRS are releasing the new draft Schedule K-2 (Form 1065), Partners’ Distributive Share Items - International and Schedule K-3...

IRS provides guidance on recapturing excess employment tax credits

The Internal Revenue Service issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the...

IRS Provides Relief from Physical Requirement for Retirement Plan Participants

Notice 2020-42 provides participants, beneficiaries, and administrators of qualified retirement plans and other tax-favored retirement arrangements with temporary relief from the physical presence requirement for...

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Inauguration, Insurrection at the Capitol and Social Media

Our country collectively exhaled a major sigh of relief when Biden was sworn in yesterday and there were no bombings or other violent acts....

Why Your Cannabis Clients May Need to Pay Multi-state Sales Taxes

Cannabis taxes are a challenge across the industry. Everyone working in cannabis knows that IRC Section 280(e) presents some big challenges for anyone operating...

TaxAct and TaxDome Partner to Help Tax Pros Modernize Their Practices

2020 made one thing extremely clear to tax professionals: the ability to manage their practices online is now an operational and competitive necessity. Thanks...