AICPA Tax Insider (March 25, 2021): Helping clients emerge from the pandemic; IRS postpones April 15 deadline; Erosion of nexus protection and the burden on small businesses; and More!

  Revocable trusts and the grantor’s death: Planning and pitfalls
By Charles A. Barragato, Ph.D., CPA
As grantor trusts become more popular for nontax reasons, practitioners should know the opportunities and risks when a grantor dies, including making a special election that provides many benefits.   
IRS postpones April 15 deadline
The IRS announced that it is postponing the April 15 deadline for individual tax returns and payments. The postponement applies only to individual taxpayers.  
 Helping clients emerge from the pandemic
By Tracy Stewart, CPA/PFS/CFF
As vaccination levels and other benchmarks pick up, practitioners can help the many clients who were adversely affected by the pandemic by having conversations with them about reassessing savings, refinancing mortgages, reevaluating investments, and more.  
 Erosion of nexus protection and the burden on small businesses
By Catherine Stanton, CPA
As small sellers of tangible property from outside a state find any protection from income taxation in question, it is time for them to reevaluate their in-state activities. Find out what’s at stake for the continued existence of many small businesses.  
 President of not-for-profit organization denied passthrough losses
By Charles J. Reichert, CPA
In a case of first impression involving a beneficial ownership interest in a nonstock, not-for-profit corporation, the Tax Court held that the taxpayer did not have an ownership interest in the organization and therefore could not deduct any passthrough losses.  
 Federal aid could hobble new state tax cuts and credits
The American Rescue Plan Act’s $350 billion in “fiscal recovery” aid to states comes with a big string attached — the states may not use the money to offset new tax credits or other revenue reductions.

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