AICPA Tax Advisor (April 8, 2021): Automatic refunds on tax-free unemployment benefits; Like-kind exchanges of real property; and More!

Sec. 1446(f) regulations: The rules and unanswered questions
By Shan He, CPA, J.D., LL.M.; and Ben Vesely J.D., LL.M.
The requirement to withhold on dispositions of interests in partnerships by foreign partners can be burdensome. Find out ways to minimize or avoid having to withhold.  

IRS to automatically issue refunds on tax-free unemployment benefits
By Sally P. Schreiber, J.D.
To help taxpayers who might otherwise have been required to file amended income tax returns, the IRS announced that, beginning in May and continuing into the summer, it will automatically issue to eligible taxpayers refunds of income tax paid on 2020 unemployment benefits.

Members of Congress request estimated tax deadline postponement
By Alistair M. Nevius, J.D.
A bipartisan group of 60 members of Congress wrote the IRS, urging that the deadline for first quarter 2021 federal estimated tax payments be postponed until May 17.

GAO evaluates IRS reorganization plan
By David Taylor, CPA
Although the IRS has made significant headway in implementing the Taxpayer First Act, it must develop goals, actions, and performance measures to successfully carry out its reorganization plans, the GAO found.

Like-kind exchanges of real property: New final regs.
By John Charin, J.D.
This article examines how recent final regulations define real property for purposes of like-kind exchanges.

Supervisory approval not needed for Sec. 72(t) additional tax
By James A. Beavers, CPA, CGMA, J.D., LL.M.
Written supervisory approval is not required for the initial assessment of the 10% additional tax on early distributions from qualified retirement plans, the Tax Court holds.

Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.

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