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Excess ACA Credit Reporting Not Needed For 2020, IRS Says

By Theresa Schliep

People who received excess premium tax credits in the 2020 tax year do not have to file a form to compute the amount of the Affordable Care Act credit to which they were entitled, the Internal Revenue Service said Friday. 

Weekly Internal Revenue Bulletin

By Theresa Schliep

The Internal Revenue Service released its weekly Internal Revenue Bulletin on Friday, highlighting a report on advance pricing agreements, guidance pushing back individual tax deadlines and an announcement allowing deductions for personal protective equipment.

GOP Lawmakers Want Fed. Relief Law's Tax Provision Blocked

By Maria Koklanaris

A provision in the federal pandemic relief law disallowing states from using relief funds to "directly or indirectly" cut taxes or else risk losing money is unconstitutional, 74 Republican members of Congress told a federal court Friday.

Minn. Bills Seek PPP Conformity, Food Sales Tax Breaks

By Daniel Tay

Minnesota would conform to federal tax treatment of Paycheck Protection Program loans and provide sales tax breaks for some food service equipment and certain coronavirus pandemic-related expenses by food and beverage businesses under bills introduced in the state Legislature.

More-Targeted Pandemic Aid Will Boost Economies, G-20 Told

By Joseph Boris

As national governments move to restore economies ravaged by the coronavirus pandemic, they should prioritize relief to vulnerable groups and withdraw aid from where it's no longer needed, experts said in research for the world's leading economic powers.

Grocery Stores Don't Qualify For Temp 100% Biz Meal Deduction

By Joshua Rosenberg

The Internal Revenue Service clarified Thursday that businesses may temporarily deduct 100% of their meal expenses at qualifying restaurants, which the agency defined as places that prepare and sell food and beverage items for immediate consumption. 


Expert Analysis

US Advance Pricing Agreements, Amid COVID And Before

Steptoe & Johnson's Matthew Frank, former director of the U.S. Advance Pricing Agreement Program, shares insights from an Internal Revenue Service report revealing an uptick in APA completions amid the pandemic, discusses trends over the program's 30-year history, and suggests ways taxpayers and the IRS could bolster program participation.

Pa. Tax Talk: Who Can Get A Philadelphia Wage Tax Refund

The specifics of Philadelphia-based employers' remote work policies during the pandemic will have a significant effect on employees' abilities to collect city wage tax refunds and on the future of the wage tax itself, says Jennifer Karpchuk at Chamberlain Hrdlicka.

Applying OECD Guidance On COVID-19 Transfer Pricing

In light of the recently released Organization for Economic Cooperation and Development's guidance on the transfer pricing implications of the pandemic, taxpayers should be prepared to explain and defend their transfer pricing decisions for fiscal year 2020 for contemporaneous documentation and in future tax audits, say Susan Fickling and TJ Michaelson at Duff & Phelps.

MORE COVERAGE

April 8, 2021 03:18 PM

Democrats Hunt For Compromise On Raising Corp. Tax Rate

April 8, 2021 08:07 PM

Pa. Resident Sues Ohio City For Taxing Workers Out Of State

April 8, 2021 07:32 PM

NYC Budget Office Projects $1B Drop In Property Tax Revenue

April 7, 2021 06:34 PM

Ex-Texas Atty Denied COVID-19 Prison Release

April 7, 2021 04:35 PM

SC Extends Nexus Relief For Remote Workers Until September

April 7, 2021 04:26 PM

Pandemic Costs Demand Higher Taxes On Cos., Rich, IMF Says

April 7, 2021 03:58 PM

Ky., Tenn. Sue Treasury Over Virus Law's State Tax Cut Limit

April 6, 2021 12:18 PM

Mass. Provides Unemployment, Fed. Compensation Tax Relief

April 6, 2021 06:41 PM

Coronavirus Regulations: A State-By-State Week In Review

April 6, 2021 11:25 AM

Ariz. Will Extend Income Tax Deadline To Mirror Fed. Action

April 5, 2021 01:22 PM

Ariz. Legislature OKs Bill To Extend Income Tax Deadline

April 5, 2021 07:14 PM

3 Tax Deadlines Practitioners Hope Can Still Be Delayed

April 5, 2021 08:19 PM

Mo. Court Won't Undo St. Louis Teleworker Tax Refund Rules

April 2, 2021 05:44 PM

Corp. Rate Hikes Could Be Used To Fund Payroll Tax Breaks

April 2, 2021 05:20 PM

IRS Provides Additional Employee Retention Credit Guidance

April 2, 2021 02:20 PM

Kan. Senate OKs 2021 Withholding Flexibility For Teleworkers

April 2, 2021 06:45 PM

Mo. AG Asks Court To Block Broad Tax Cut Limits In Virus Law

April 2, 2021 03:34 PM

Colo. Extends Tax Filing Deadline To Mirror Fed Deadline

April 1, 2021 05:04 PM

$703M In Stimulus Sent To Dead People Recovered, GAO Says

April 1, 2021 02:25 PM

Mo. Senate Panel OKs Bill To Bar City Tax On Teleworkers