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2021 Luxury Auto Depreciation Caps and Lease Inclusion Amounts Issued
The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2021 and the lease inclusion amounts for business vehicles first leased in 2021....

Guidance for Claiming Employee Retention Credit in Third and Fourth Quarters of 2021
The IRS has issued guidance for employers claiming the employee retention credit under Code Sec. 3134, enacted by section 9651 of the American Rescue Plan Act of 2021 (ARP), P.L. 117-2, which provid...

Gross Receipts Safe Harbor for Employers Claiming Employee Retention Credit
The Treasury and IRS have provided an optional safe harbor allowing employers to exclude the following amounts from their gross receipts solely for determining eligibility for the employee retention c...

Transition Relief Guidance for Employers Claiming the WOTC
The IRS issued transition relief for certain employers claiming the Work Opportunity Tax Credit (WOTC) under Code Sec. 51. This would apply for certain employees beginning work after December 31, 202...

PPP Direct Forgiveness Portal Created, Loan Questionnaire Discontinuance Explained
The U.S. Small Business Administration ( SBA) is launching a streamlined application portal to allow certain borrowers to apply for Paycheck Protection Program (PPP) Loan forgiveness directly throu...

IRS Releases Information on CTC; Update Portal for Payments
The IRS stated that families should use the Child Tax Credit (CTC) Update Portal to confirm their eligibility for the payments. If eligible, the tool also indicates whether taxpayers are enrolled to...

Guidance Provided on Premium Assistance for COBRA Continuation Coverage
The IRS provided additional guidance on the application of the American Rescue Plan Act of 2021 (ARP) ( P.L. 117-2) relating to temporary premium assistance for Consolidated Omnibus Budget Reconcilia...

Foreign Tax Credit Did Not Apply Against Net Investment Income Tax
The foreign tax credit did not apply against the net investment income tax (NIIT). The structure of the Internal Revenue Code made the credit inapplicable to the NIIT, and tax treaties did not overrid...

Unknown Gift Tax Return Could Be Reasonable Cause for Late Filing
A missing or unknown federal gift tax return could constitute reasonable cause for the late filing of an estate tax return....

How Do I? Get back start-up expenses in starting a business as quickly as possible
The American Jobs Creation Act of 2004 (2004 Jobs Act) changed the rules for start-up expenses in both favorable and unfavorable ways. Start-up expenditures are amounts that would have been deductible...

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