AICPA Tax Insider (April 22, 2021): IRS extends penalty relief for pandemic payroll credits; COD income and cross-border considerations; and More!

IRS extends penalty relief for pandemic payroll credits
The IRS provided for penalty relief under Sec. 6656 for an employer’s failure to timely deposit certain employment taxes with the IRS to allow employers to immediately take advantage of various credits enacted in response to the COVID-19 pandemic.   

IRS extends e-signature authorization for 6 months
The IRS is extending the authorization to electronically sign a large number of IRS forms until Dec. 31, 2021, and adding a number of new forms.   

Managing state taxes in an uncertain world
By Mark R. Siegel, CPA, and Anna Cronic, CPA
Maximizing cash flow, getting a clear picture of outstanding state tax issues, and being aware of the impact of remote workers are best practices that can reduce the risks for companies.   

COD income and cross-border considerations
By Adam Chesman, J.D., LL.M., and Ramon Camacho, J.D.
During this time of economic uncertainty, many businesses find they have to restructure their debt. All businesses must be concerned that these modifications not give rise to taxable cancellation-of-debt (COD) income that can compound their economic pain. Here are some suggestions to avoid COD income.      

Current developments in partners and partnerships
By Hughlene A. Burton, CPA, Ph.D.
This review of partnership tax developments covers rulings and decisions on the taxation of partners and partnerships, including debt and income allocations, distributions, and basis adjustments.   

IRS explains new treatment of excess premium tax credits
The IRS said it would not require taxpayers who received excess advance premium tax credits for 2020 to file Form 8962, Premium Tax Credit, after the American Rescue Plan Act retroactively exempted those amounts from being added to tax liability.

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