The potential for the deductibility of PPP-funded expenses raises some practice questions, and traps for the unwary lurk in…
Simplified accounting rules for small businesses allow annual election
The IRS finalized regulations for simplified accounting rules for small businesses, which are defined as businesses with inflation adjusted…
2021 standard mileage rates decrease
The IRS issued the 2021 standard mileage rates for use in computing the deductible costs of operating an automobile…
Many tax provisions appear in year-end coronavirus relief bill
The year-end coronavirus relief and spending bill passed by Congress includes many tax provisions, including pandemic-related relief, extensions of…
Circular 230 update planned for 2021
Updating the rules governing practice before the IRS is one of the goals of the IRS Office of Professional…
IRS regs. govern misdirected refund claims
The IRS announced procedures for identifying and recovering direct deposit refunds that a taxpayer did not receive in the…
Executive compensation regulations finalized
The IRS issued final rules on the $1 million executive compensation limits enacted by the law known as the…
Temporary e-signature authorization for IRS forms extended
The IRS announced that it was extending taxpayers’ ability to file a number of forms using electronic signatures due…
Final rules govern disallowed transportation fringe benefits
The IRS finalized proposed rules on the disallowance of deductions for transportation fringe benefits, which was enacted by the…
Several tax provisions set to expire at end of 2020
Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified…