AICPA Tax Insider (April 15, 2021): Guide to expensing HVAC costs; AICPA recommendations on Q1 estimates and 2020 Form 709 extensions; and More!

 Guide to expensing HVAC costs
By Eddie Price and Malik Javed
Heating, ventilation, and air conditioning (HVAC) replacement costs can be significant expenses for businesses that own or lease real estate. Find out about how to distinguish between deductible repairs and more extensive work that must be capitalized.  

IRS explains which meals qualify for temporary 100% expense deduction
The IRS issued guidance on the temporary rule that allows a 100% deduction for eligible restaurant meals in 2021 and 2022, explaining when it applies and the 50% deduction continues to apply.   

AICPA recommendations on Q1 estimates and 2020 Form 709 extensions
The AICPA has released some recommendations for practitioners on various issues that have arisen due to the postponement of the April 15 tax deadline for individuals, without the corresponding estimated tax payment deadline being extended, as well as other issues arising as a result of the bifurcated due dates.   

How to claim the employee retention credit for the first half of 2021
The IRS issued guidance on how to claim the employee retention credit for the first and second quarters of 2021. It will issue guidance on the employee retention credit from July 1 to Dec. 31, 2021, provided in new Sec. 3134, at a later date.   

How are states dealing with the unemployment benefit exclusion?
By Irina Petrashkevich, CPA
While the federal exclusion helps a lot of people, it creates significant compliance burdens for tax practitioners, state tax legislators, and software companies, as well as confusion about how states are treating these benefits.  

Inoculate yourself against stress during busy season
By George Spencer
CPAs can learn to see how they might be getting caught up in someone else’s stress and then immunize themselves through simple grounding practices.

Posted by Elise Kim, Managing Associate Editor, Wealth Strategies Journal.

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