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Key Tax Law Changes for Tax Year 2020

(CPA Practice Advisor) - This past year has been a busy one on the tax legislation front with the following tax bills passed by Congress: Coronavirus Aid, Relief and Economic Security (CARES) Act; Families First Coronavirus Response Act; Setting Every Community Up for ...



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Real Estate Owner Can’t Fit Under Tax Threshold 
(Accounting Web) - Clients who rent out property are allowed to claim certain deductions on their taxes, but, as a new Tax Court case shows, the federal government will bite back if they ask for too much. Ken Berry explains the details of the case and what you need to pass on to your clients.


Scamdemic: Preparers Help Clients Dodge COVID Schemes 
(Accounting Today) - The IRS is working with tax professionals to warn the public about coronavirus scams.


Musk Flees California. He Now Faces a Battle to Escape Its Taxes 
(Bloomberg) - The Tesla CEO and other billionaires that are considering moving to lower-tax states such as Texas need to contend with strict residency rules.


Final Rules Govern Disallowed Transportation Fringe benefits 
(JofA) - The IRS finalized proposed rules on the disallowance of deductions for transportation fringe benefits, which was enacted by the law known as the Tax Cuts and Jobs Act.


FDA Advisory Committee Recommends Pfizer/BioNTech Vaccine Authorization 
(Yahoo Tech) - The 17-4 vote, with one abstention, could result in the FDA authorizing the vaccine within a matter of days, which would then trigger the distribution of the vaccine throughout the 64 jurisdictions in the U.S., including 50 states, Tribal Nations and several territories.


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