Blogs

Capitol Hill Report: Ways and Means Approves Sweeping Tax Reform Proposals

By Jessica Jeane, J.D.
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September 17, 2021 Jessica L. Jeane, J.D. Managing Director, Public Policy The House Ways and Means Committee has advanced by a largely party-line 24-to-19 vote a sweeping tax reform proposal of $2.2 trillion in tax increases along with approximately $1.3 trillion in tax breaks. The congressional tax-writing committee spent four days marking up the tax reform package, which Democrats hailed as their “historic” achievement when it cleared the committee this week. Generally, the tax provisions include some of the following proposals: return to a corporate income tax rate structure with a top rate of 26.5 percent; restore the 39.6 percent top marginal individual ...
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NSA Writes Congress Expressing Concerns with IRS Employee Retention Credit Guidance Notice 2021-49

By Jessica Jeane, J.D.
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Last week, NSA sent a letter to bipartisan leadership of Congress's tax writing committees expressing its concerns with recent IRS guidance issued in  Notice 2021-49  on the Employee Retention Credit (ERC) under section 3134 of the Internal Revenue Code, as added by section 9651 of the American Rescue Plan Act (ARPA), (P.L. 117-2). "NSA urges Congress to act quickly to clarify and resolve the conflicting guidance issued and take the necessary actions needed for the IRS to apply the intent of the original legislation that does not exclude small family owned businesses from taking the credit. Time is of the essence to allow all stakeholders (taxpayers, practitioners, ...
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IRS Employee Retention Credit (ERC) Guidance Notice 2021-49 Garners Congressional Criticism

By Jessica Jeane, J.D.
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Congressman Jack Bergman, R-MI, in an August 9 letter to IRS Commissioner Chuck Rettig, expressed concerns with recent IRS guidance on the Employee Retention Credit under Section 3134 of the Internal Revenue Code, as added by section 9651 of the American Rescue Plan Act (ARP), ( P.L. 117-2 ). Specifically, Bergman objected to language in IRS Notice 2021-49 that prevents wages paid to a majority owner of a corporation from qualifying under the ERC solely if the owner has a direct family member. ERC Guidance The IRS on August 4 released Notice 2021-49 , which provides guidance on the ERC applicable to qualified wages paid after June 30, 2021, and before ...
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Other Income: Taxable or Not?

By Erica Ryder
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Other Income: Taxable or Not? August 10, 2021 2:00 - 3:00 P.M. ET Last year, NSA's seminar, “Other Income: Taxable or Not” was the single most highly attended out of 30 seminars at the 2020 IRS Nationwide Tax Forum. According to information provided to NSA by the IRS, a total of 7,838 attendees participated in the NSA seminar. Presented again by NSA Past President, Christine Freeland, “Other Income: Taxable or Not?” will use real life examples, scenarios, and resources to examine: when a refund, credit, or offset of income taxes received may have to be reported as additional income, and the tax treatment of alimony received. ...
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NSA Supports Bipartisan Bill to Simplify Estimated Tax Payment Deadlines

By Erica Ryder
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Alexandria, VA, July 1, 2021 — NSA expresses support for the proposed legislation, Tax Deadline Simplification Act , introduced by U.S. Congresswoman Debbie Lesko (R-AZ) and Representative Bradley S. Schneider (D-IL). The bipartisan legislation will streamline the quarterly installments for estimated income tax payments for individuals and small businesses, setting the deadlines to 15 days after the end of a quarter. This legislation would move the deadlines to January 15 th , April 15 th , July 15 th , and October 15 th . Current law sets estimated tax payment deadlines at uneven intervals that do not align with calendar year quarters. This causes unnecessary ...
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National Taxpayer Advocate assesses tax filing season and identifies areas for IRS improvement in mid-year report to Congress

By Erica Ryder
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Today, National Taxpayer Advocate Erin M. Collins released her mid-year report to Congress . The report presents an evaluation of the 2021 filing season, identifies key objectives the Taxpayer Advocate Service will pursue during the upcoming fiscal year, and contains the IRS’s responses to the 73 administrative recommendations the Advocate made in her 2020 Annual Report to Congress. The statutorily mandated report highlights the following significant challenges the IRS faced entering the 2021 filing season. Agency operations remained at a reduced capacity due to social distancing measures taken to protect the health and safety of both taxpayers, employees, ...
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Registration is Open for NSA's July CPE Blitz

By Erica Ryder
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NSA's July CPE Blitz is now open for registration . This month, webinars focus on accounting-related topics. See the lineup below. Financial Statement Preparation July 12, 2021 2:00 - 4:00 P.M. ET 2 CPE Lynn Fountain, CPA, CGMA, CRMA Cash Versus Accrual Accounting July 13, 2021 2:00 - 3:00 P.M. ET 1 CPE Robert K. Minniti DBA, CPA, CFE, Cr.FA, CVA, MAFF, CFF, CGMA, PI President and Owner, Minniti CPA, LLC Accounting for Leases July 14, 2021 2:00 - 4:00 P.M. ET 2 CPE Lynn Fountain, CPA, CGMA, CRMA Revenue Recognition July 16, 2021 2:00 - 3:00 P.M. ET 1 CPE Robert K. Minniti DBA, CPA, CFE, Cr.FA, ...
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NSA’s 75th Annual Convention Keynote Address will be provided by Tony Nitti, CPA, MST

By Erica Ryder
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NSA’s 75th Annual Convention Keynote Address will be provided by Tony Nitti, CPA, MST, partner-in-charge of National Tax at RubinBrown and adjunct professor at the graduate tax programs of the University of Denver (DU) and Golden Gate University. Tony Nitti is a well-known contributor of tax content to   Forbes , as well as a frequent speaker and trainer at seminars and webcasts across the country. Nitti focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring ...
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CPE Blitz: NSA Reviews Biden’s “Made in America Tax Plan”

By Erica Ryder
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Join NSA's director of public policy, Jessica L. Jeane, J.D., as she takes a deep dive into President Biden’s “Made in America Tax Plan,” which proposes several significant tax increases, some of which include raising the corporate income tax rate from 21 to 28 percent and a new 15% minimum tax on large corporations’ book income. These and other proposed tax increases are intended to pay for Biden’s proposed infrastructure overhaul, the “American Jobs Plan.” Join us as we walk through each of the proposal’s tax provisions as well as discuss the congressional support and procedures needed to make it law. This webinar is free for members! Register here. ...
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NSA’s Federal Taxation Committee Provides List of Tax Tips

By Erica Ryder
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NSA’s Federal Taxation Committee, consisting of volunteer members who are tax pros just like yourself, have put together the following tax tips as the May 17 deadline nears closer: It’s been a long haul this tax season! Go easy on yourself as you wind through the last week of the filing season. When in doubt, file an extension. Many tax preparers are exhausted at this time. It is better to let clients know that it might be best to do their return when you are rested. Remind clients that processing and refunds are taking longer this year. Everyone needs to be patient. Secure the correct stimulus payments from clients to avoid processing delays ...
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You Say Yes, I Say No – I Say High, You Say Low : Corporate Tax Reform Debate Continues

By Erica Ryder
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NSA's director of public policy, Jessica L. Jeane, J.D., served as a special guest expert on Western CPE's non-partisan tax news series, All Tax. No Bull . In an article titled, "You Say Yes, I Say No I Say High, You Say Low: Corporate Tax Reform Debate Continues," Jessica explores President Biden's Made in America Tax Plan and why increasing the corporate tax rate may be harmful to corporate investment and America's economic competitiveness.  If this topic interests you, you may also sign up for NSA's CPE Blitz non-partisan webinar, "NSA Reviews Biden’s “Made in America Tax Plan,”  where NSA's director of public policy, Jessica L. Jeane, J.D., ...
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ARPA Tax Credits Available to Small Employers to Provide Paid Leave to Employees Receiving COVID-19 Vaccines; New Fact Sheet Outlines Details

By Erica Ryder
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The IRS and Treasury Department announced additional details of tax credits available under the American Rescue Plan Act of 2021 (ARPA) (P.L. 117-2) to help small businesses. In a fact sheet released today, the IRS outlines basic facts regarding the employers eligible for the tax credits. It also provides information on how these employers may claim credit for leave paid to employees receiving COVID-19 vaccinations. The news release states, "Eligible employers, such as businesses and tax-exempt organizations with fewer than 500 employees and certain governmental employers, can receive a tax credit for providing paid time off for each employee receiving ...
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IRS to recalculate taxes on unemployment benefits

By Erica Ryder
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The IRS has announced that it will automatically refund money to taxpayers who reported unemployment compensation in their tax return before the recent changes made by the American Rescue Plan signed on March 11, 2021.  The American Rescue Plan allows taxpayers earning less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for other taxpayers. The legislation only applies to 2020 unemployment benefits.  The news release clarifies that those who filed before the legislation was signed will have the appropriate changes made to their returns, which may result in a refund. ...
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Biden Signs PPP Extension Act Into Law, Moving Application Deadline to May 31

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy March 30, 2021 Pre sident Biden on March 30 signed into the law the bipartisan Paycheck Protection Program (PPP) Extension Act of 2021 ( HR 1799) , which moves the application deadline to May 31, 2021. The PPP application window was originally set to expire the next day on March 31.   The bill was overwhelmingly approved in the House by a 415-to-3 vote; the Senate cleared it 92-to-7. Additionally, the measure provides the U.S. Small Business Administration (SBA) with an extra 30 days to process loans submitted prior to June 1. However, no additional funding was provided for the program, which is expected ...
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IRS extends additional tax deadlines for individuals to May 17

By Erica Ryder
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March 29, 2021 The IRS issued  Notice 2021-21 , stating that individuals now have until May 17, 2021, to meet additional deadlines such as making IRA contributions and filing certain claims for refund. Following previous guidance from the IRS extending the tax filing due date for individuals for the 2020 tax year from April 15, 2021, to May 17, 2021, NSA wrote a letter to the IRS and Treasury recommending that all payments and returns with an April 15, 2021, deadline be postponed.  Additionally, in separate correspondence, NSA expressly asked the IRS for clarification of the postponement of 2020 contribution deadlines for IRAs and HSAs. While Notice ...
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NSA Sends Letter to IRS, Treasury Urging Postponement of April 15, 2021, Tax Returns and Payments Deadline to June 15, 2021

By Erica Ryder
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Alexandria, VA, March 24, 2021 — NSA sent a letter to IRS Commissioner Chuck Rettig and Treasury Acting Assistant Secretary for tax policy Mark Mazur   applauding, in part, the IRS’s recent deadline postponement of individual tax returns and payments ordinarily due April 15 to May 17, 2021. NSA added that this relief, however, falls short of adequately addressing the ongoing complexities of the 2021 tax filing season. For the IRS to successfully serve taxpayers and tax professionals, NSA recommends that all payments and returns with an April 15, 2021, deadline be promptly postponed to June 15, 2021.  Download and read NSA’s letter to the IRS and Treasury ...
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SBA Announces April 8 Opening for Shuttered Venue Operators Grant (SVOG) Program

By Jessica Jeane, J.D.
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March 19, 2021 The U.S. Small Business Administration (SBA) has announced an April 8 opening date for accepting Shuttered Venue Operators Grant (SVOG) applications.  Members can sign up here to be notified once the SVOG program opens. The SBA released SVOG FAQs  on March 12.
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SBA Releases PPP Interim Final Rule Incorporating American Rescue Plan Act's Amendments

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy March 18, 2021 The U.S. Small Business Administration (SBA) has released the following Paycheck Protection Program (PPP) Interim Final Rule (IFR): Business Loan Program Temporary Changes; Paycheck Protection Program as amended by American Rescue Plan Act The IFR incorporates the American Rescue Plan Act's ( P.L. 117-2 ) amendments to the Paycheck Protection Program (PPP). Members will be sent additional information on this IFR separately.  Second Draw PPP Loans Additionally, SBA has released the following updated application for Second Draw PPP Loans: SBA Form 2483-SD #PPP
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Treasury and IRS extend individual filing and payment deadline to May 17

By Erica Ryder
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The Treasury Department and IRS announced that the federal income tax filing due date for individuals for the 2020 tax year will be extended from April 15, 2021, to May 17, 2021. The IRS noted that formal guidance will be provided in the coming days. "This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities," said IRS Commissioner Chuck Rettig. "Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. ...
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Neal, Pascrell Applaud IRS Tax-Filing Extension to May 17

By Erica Ryder
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Today, House Ways and Means Committee Chairman Richard E. Neal (D-MA) and Oversight Subcommittee Chairman Bill Pascrell, Jr. (D-NJ) applauded the decision by the IRS to extend the federal tax-filing deadline from April 15 to May 17, 2021. “This extension is absolutely necessary to give Americans some needed flexibility in a time of unprecedented crisis,” said Chairman Neal and Chairman Pascrell. “Under titanic stress and strain, American taxpayers and tax preparers must have more time to file tax returns. And the IRS itself started the filing season late, continues to be behind schedule, and now must implement changes from the American Rescue Plan. We ...
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