Insurance Company Seeks Rescission of Malpractice Policies and 6 more topics! Nichols’ Tax Update, Issue 21-51

By |2022-01-18T09:10:42-05:00January 18th, 2022|Educate, Featured, Regulatory, Tax|

Nichols' Tax Update, Issue 21-51 IRS Announces Standard Mileage Rates for 2022 The IRS has announced   the optional standard mileage rates used in computing the deductible costs paid or [...]

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Evolving Remote Workforce Brings Uncertainty, Practitioners Say and 9 more topics! Nichols’ Tax Update, Issue 21-50

By |2022-01-18T09:15:18-05:00January 10th, 2022|Educate, Regulatory, Tax|

Nichols' Tax Update, Issue 21-50 Fact Sheet Updates FAQs on Recovery Rebate Credit The IRS has issued a fact sheet (FS-2021-17) updating its list of frequently asked questions on [...]

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Guidance Implements Termination of Employee Retention Credit and 4 more topics! Nichols’ Tax Update, Issue 21-49

By |2022-01-10T09:43:56-05:00January 3rd, 2022|Educate, Regulatory, Tax|

Nichols' Tax Update, Issue 21-49 IRS Advises on Calculating Imputed Underpayments of Partnerships In emailed advice, the IRS advised on whether adjustments to partnership-related items are included in the [...]

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IRS Clarifies Accounting and Reporting of Forgiven PPP Loans and 7 more topics! Nichols’ Tax Update, Issue 21-47

By |2021-12-20T10:46:16-05:00December 10th, 2021|Educate, Regulatory, Tax|

Updates Near for Fixing Obsolete Professional Conduct Rules Treasury is reviewing draft revisions to Circular 230 that are said to provide changes for unenforceable provisions and clarify sections that [...]

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IRS Announces Pension Plan Limits for 2022 and 4 more topics! Nichols’ Tax Update, Issue 21-45

By |2021-11-22T11:01:47-05:00November 15th, 2021|Educate, Featured, Regulatory, Tax|

Practitioners See Need for Guidance on Controlled Group Rules Provisions of the controlled group rules have been working their way beyond qualified plans, making the code section ripe for [...]

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IRS Cracking Down on Crypto Noncompliance and 6 more topics! Nichols’ Tax Update, Issue 21-44

By |2021-11-15T15:57:41-05:00November 9th, 2021|Educate, Regulatory, Tax|

Nichol's Tax Update, Issue 21-44 IRS Cracking Down on Crypto Noncompliance The IRS is going full steam ahead on addressing noncompliance related to cryptocurrency, and tax professionals may need [...]

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IRS Announces New FAQ Process With Penalty Protection and 5 more topics! Nichols’ Tax Update, Issue 21-43

By |2021-11-09T11:04:24-05:00November 2nd, 2021|Regulatory, Tax|

Nichols’ Tax Update, Issue 21-43 IRS Announces New FAQ Process With Penalty Protection The IRS plans on releasing significant FAQs on new tax statutes in fact sheets and promises [...]

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Extension Granted to File Election After Ownership Change and 2 more topics! Nichols’ Tax Update Issue 21-42

By |2021-11-02T09:36:31-04:00October 26th, 2021|Regulatory, Tax|

Nichols' Tax Update, Issue 21-42 Extension Granted to File Election After Ownership Change The IRS granted a taxpayer an extension to file a closing-of-the-books election after an ownership change.  [...]

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Temporary Regs Implement IDR Requirements in Surprise Billing Law and 3 more topics! Nichols Tax Update 21-40

By |2021-10-19T15:51:17-04:00October 12th, 2021|Educate, Regulatory, Tax|

Nichols Tax Update 21-40 IRS Announces Extension of Replacement Period for Sold Livestock The IRS has announced (IR-2021-193) that farmers and ranchers who previously were forced to sell livestock [...]

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Life Insurance Proceeds Included in Company’s Estate Tax Valuation and 6 more topics! Nichols Tax Update Issue 21-39

By |2021-10-19T15:52:01-04:00October 5th, 2021|Educate, Regulatory, Tax|

Divorce-Related Property Transfers Are Tax Free The IRS ruled that an annuity payment arrangement includes nontaxable transfers between former spouses that are incident to divorce under section 1041 and [...]

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IRS Revises Audit Technique Guide on Not-for-Profit Activities and 6 more topics! Nichols Tax Update Issue 21-38

By |2021-10-05T15:06:34-04:00September 28th, 2021|Regulatory, Tax|

Amount Paid for Psychotherapy Excludable From Settlement Income The Tax Court, in a summary opinion, held that an individual could not exclude from income half of the $55,000 in [...]

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Memo Provides Guidance on Partnership Election Revocation Requests and 5 more topics! Nichols Tax Update Issue 21-36

By |2021-10-05T15:08:10-04:00September 14th, 2021|Regulatory, Tax|

Nichols Tax Update Issue 21-36 Memo Provides Guidance on Partnership Election Revocation Requests The IRS Large Business and International Division and the IRS Small Business/Self-Employed Division have issued a [...]

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AICPA Seeks Quick Relief on Interruption of LIFO Inventories and 3 more topics! Nichols Tax Update Issue 21-34

By |2021-10-05T15:11:37-04:00August 31st, 2021|Regulatory, Tax|

Nichols’ Tax Update Podcast: Issue 21-34  Aunt Entitled to Child Tax Credits, Dependency Deductions The Tax Court, in a summary opinion, held that an individual is entitled to dependency [...]

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IRS Offers Safe Harbor for Employers Using Retention Credit and 5 more topics! Nichols Tax Update Issue 21-33

By |2021-10-05T15:12:27-04:00August 25th, 2021|Regulatory, Tax|

Nichols’ Tax Update Podcast: Issue 21-33  IRS Offers Safe Harbor for Employers Using Retention Credit New IRS guidance will allow employers to exclude some items from their gross receipts to [...]

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