BLog-News-updates
Accounting News
IRS: we’ve stepped up audits of micro-captive insurance arrangements
In a News Release, IRS has said that it has stepped up its examinations of micro-captive insurance arrangements and has urged participants in abusive micro-captive insurance arrangements to exit those transactions as soon as possible. Background. A micro-captive...
IRS reminds foreign bank and financial account holders the FBAR deadline remains April 15
WASHINGTON — The Internal Revenue Service is reminding U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021. The extension of the federal income...
IRS answers questions about taxation of emergency rental assistance payments
On its website, the IRS has issued a series of FAQs regarding the taxation of emergency rental assistance payments provided under the Consolidated Appropriations Act, 2021. Background. Section 501, Division N, of the Consolidated Appropriations Act, 2021 allows States...
Mandatory Electronic Filing for Exempt Organizations
Richard Scoresby, CPA, is a tax partner specializing in Nonprofit tax planning and preparation. Richard leads our Nonprofit...
Shuttered Venue Operators Grant Program Summary
Kyle Robbins, CPA, audit partner, is the leader of our Nonprofit Practice Group. He is an audit and compliance expert for nonprofits...
Biden outlines corporate tax increases to pay for infrastructure bill
President Biden has released a summary of the American Jobs Plan that focuses on, among other things, infrastructure improvements. He also released a summary of the Made in America Tax Plan (MATP) to help pay for the American Jobs Plan. MATP focuses on fixing "the...
ARPA’s Enhancements to the Premium Tax Credit
The premium tax credit (PTC) is a refundable credit that assists individuals and families in paying for health insurance obtained through a Marketplace established under the Affordable Care Act. Recent COVID relief legislation (the 2021 American Rescue Plan Act, or...
Tax Provisions in the American Rescue Plan Act of 2021
The American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, is the latest major legislation that provides economic relief and stimulus, both tax and non-tax, during the Covid-19 pandemic. Below are brief summaries of the key aspects of...