Welcome to the Federal Tax Update Podcast, hosted by Lynn Nichols. This is presented as a member benefit by the South Carolina Association of CPAs. It is produced to provide current information about developments in U.S. tax law, such as cases, ruling, IRS pronouncements and expert comments on hot topics.

The commentary is brief, and you should not take a position on the items discussed until you thoroughly examine it with authoritative sources.

Topics in this installment include:

  • Recapture of Erroneous Coronavirus Credit Refunds
  • Economic Development Grants are Taxable
  • Business Interest Expense Deduction (temporary regulations and proposed regulations)
    • Qualified Residential Living Facilities
  • Business Interest – Gross Receipts Test (11 FAQs regarding aggregation rules)
  • Accuracy Related Penalties (a 27-page IRS slideshow exists for staff training purposes)
  • Small Business Accounting Methods (proposed regulation implementing TCJA changes to several Code sections)

A federal tax specialist for 50 years, Lynn Nichols provides tax consulting services to CPA firms on complex federal income tax issues, professional standards in tax practice and effective tax practice management. Check out his Tax Updates video playlist.

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