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Transcript Delivery System down for some Form 941 transcripts

The IRS reports that its Transcript Delivery System is down for business taxpayers who reported information related to COVID-19 employment tax relief on Form 941, Employer’s Quarterly Federal Tax Return.

Ways and Means releases list of tax provisions for budget bill

The proposal would raise tax rates for corporations and individuals and make many other changes to the Internal Revenue Code.

Guidance issued on 2021 qualified sick and family leave wage reporting

Information reporting on Form W-2 or a separate statement allows self-employed taxpayers to claim qualified sick leave and qualified family leave equivalent credits.

IRS updates business travel per-diem rates

The allowances for determining deductions for lodging, meals, and incidental costs are slightly higher than before.

AICPA recommends QBI improvements

The AICPA recommended in a letter to Senate tax-writing leaders eight ways to improve the deduction for qualified business income under Sec. 199A.

Interruption of LIFO inventories due to COVID-19 and Sec. 473 relief

Global supply chain problems caused by the COVID-19 pandemic have made it difficult for US companies to replace inventories, potentially subjecting them to additional taxable income. The AICPA has requested relief under Sec. 473.

Automatic accounting method change procedures updated

The IRS updated the list of accounting method changes to which automatic change procedures apply.

Certification deadline extended for work opportunity tax credit

Certain employers have until Nov. 8 to submit a required worker certification request to a designated local agency for purposes of the work opportunity credit.

New safe harbor for ERC gross receipts calculation

Under the safe harbor, an employer can exclude certain amounts received from other coronavirus economic relief programs in determining whether it qualifies for the employee retention credit based on a decline in gross receipts.

Infrastructure bill would end ERC, increase cryptoasset reporting

The Infrastructure Investment and Jobs Act, passed by the Senate on Tuesday, contains a few tax provisions, most notably it would end the employee retention credit on Sept. 30. It would also require information reporting about cryptoasset transfers.

IRS updates car and truck depreciation limits

The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles (including passenger vans and trucks) placed in service in 2021.

Guidance on claiming the ERC for third and fourth quarters of 2021

New guidance clarifies the application of the credit to “recovery startup businesses” and the treatment of wages paid to majority owners and their spouses.

COBRA premium assistance credit clarified further

The IRS has supplemented its guidance on COBRA premium payment assistance and the corresponding business tax credit under the American Rescue Plan Act.

IRS launches 'Tax Pro Account' feature

A new online portal automates the submission of powers of attorney and tax information authorizations, and there are plans to expand its functionality over time.

Last of the 'Dirty Dozen': Schemes peddled by tax promoters

The IRS warns taxpayers of unscrupulous tax promoters in the fourth installment of its annual list of common tax scams.