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IRS Updates

December 2021 Tax Updates

Tax Professionals & Data Safeguards. It is part of Circular 230 and in a Tax Tip, the IRS restates that data security measures should be reviewed before year end and provides a data security check list with basic steps they to be taken for their and their client’s...

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October IRS Updates

Historic Gross Receipts Permitted. IRC 165, PLR 202140002:  IRS allows for the inclusion/consideration of historic gross receipts of stated foreign sub into account for purposes of computing Code Sec. 165(g)(3)(B)'s “more than 90% gross receipts test” by holding co....

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In Home COVID Testing, PPE

The cost of home testing for COVID-19 and personal protective equipment considered medical expenses within meaning of Code Sec. 213(d) are eligible to be paid or reimbursed under various FSAs, HRAs, and HSAs. This means these costs can be paid or reimbursed by the...

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April IRS Updates

IRS Defines Restaurant to Qualify for 2021-2011 100% Food & Beverage Deduction: See, Notice 2021-25, 2021-17 IRB; IR 2021-79, 4/8/2021 IRS Updates FAQ on Second Economic Impact Payments for example if it was lost, stolen, or you didn't receive...

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Latest updates from the IRS

Employers to Defer WH Tax DEPOSITS(Notice 2020-65, 2020-38 IRB 1). Employees who earned less than $4,000 in wages every two weeks between 9/1/20 and 12/31/20 are able to use this deferral. With this deferral, the employer is required to pay all applicable taxes...

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