AICPA Tax Insider (July 22, 2021): What to do for a missed Sec. 83(b) election; ARPA expands tax credits for families; and More!

What to do for a missed Sec. 83(b) election
By T.J. Wilkinson J.D., LL.M.
All is not lost if a taxpayer hasn’t made the Sec. 83(b) election, which often comes up in relation to stock or other equity received as compensation and subject to vesting.

ARPA expands tax credits for families
By Nell Adkins, CPA, Ph.D., and Charlene Henderson, Ph.D.
As advance payments start hitting taxpayers’ bank accounts, here’s a look at the significant changes to the child tax credit and child and dependent care credit for the 2021 tax year, which made the credits larger for most taxpayers and more widely available.

When does it make sense to elect out of the installment method?
By John Werlhof, CPA
Reporting gain in the year of a sale rather than with installments over time may become more attractive as proposals for higher capital gains tax rates gain traction. This article weighs the pros and cons.

Sorting the tax consequences of settlements and judgments
By Lee Gay, CPA
The federal tax implications of a settlement or judgment, which can be significant, often are overlooked.

Partnership continuity in restructuring transactions
By Megan A. Stoner, J.D., LL.M., and Nancy M. Langdon, CPA
The issue of whether a partnership continues or terminates for U.S. federal income tax purposes frequently arises in restructuring transactions.

Accounting method planning to decrease taxable income
By Emily Schenk, CPA
This article provides examples of accounting method changes or elections that may decrease taxable income.

Accounting method planning to increase taxable income
By Jasmine Hernandez, CPA
In certain circumstances, taxpayers may benefit from increasing, rather than decreasing, taxable income. Accounting method planning can help them achieve that objective.

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

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