The Tax Court, in a summary opinion, held that an individual is entitled to dependency exemption deductions, child tax credits, and the earned income credit for her brother’s children, finding that they were qualifying children during the tax year and, particularly, that it was more likely than not that the children resided with her for more than half the year. [Carol Denise Griffin; No. 9875-18S; T.C. Summ. Op. 2021-26, 8/16/2021]
Two of the largest tax professional associations joined two of the largest preparer companies to endorse legislation requiring practitioners to prove their competence to the IRS. [Tax Notes Today; 8/18/2021, article by William Hoffman]
The American Institute of CPAs, noting its prior comments, has recommended a section 473 safe harbor method providing that, if a taxpayer has experienced a qualified liquidation for a liquidation year, the taxpayer would disregard it for the liquidation year and would retain the last-in, first-out layers related to the opening inventory of that year. [Tax Notes Today; 8/18/2021]
A Primer on Establishing a Public Charity
Lynn’s comments on organizing and operating a “501(c)(3) Charitable Entity” See IRC Secs. 501(a), 501(c(3), 501(c(4), and 509
I have relied on Tax Analysts® to provide reliable and timely analysis of Federal tax developments for over 30 years. The “headnotes” you see here are from “Tax Notes Today” In my opinion, the preeminent source of accurate information and thoughtful analysis of important developments and trends in Federal taxation.
(*** identifies item with useful analysis of current issue but not covered in Lynn’s recorded commentary due to complexity and time required for fair comment.)
By Whitney|2021-09-07T13:14:42-04:00August 31st, 2021|Regulatory, Tax|Comments Off on AICPA Seeks Quick Relief on Interruption of LIFO Inventories and 3 more topics! Nichols Tax Update Issue 21-34