Gary M. Thomas, CPA

Tax Alerts

April 30, 2021

Tax Briefing(s)

American Rescue Plan Act of 2021 2020 Tax Year-In-Review Consolidated Appropriations Act, 2021 (revised)2020 Post-Election Tax Policy Update

Window Closing on Nonfilers’ 2017 Refunds
The IRS announced that unclaimed income tax refunds worth more than $1.3 billion await an estimated 1.3 million taxpayers who did not file a 2017 Form 1040. Most of these taxpayers must file by May 17...

IRS Announces Issuance of Refunds and Recalculation of Taxes
The IRS has announced steps to automatically refund money this spring and summer to taxpayers who filed their tax returns reporting unemployment compensation before the recent changes made by the Amer...

Child Tax Credit Advance Payments to Begin in July
Speaking before the Senate Finance Committee at an April 13 hearing on the 2021 Filing Season and the 21st Century IRS, IRS Commissioner Charles “Chuck” Rettig said that the IRS fully anticipates ...

Updated Instructions on Reporting Unemployment Exclusion
The IRS has updated its instructions for reporting unemployment exclusions for 2020. If an individual taxpayer’s modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan ...

IRS Answers FAQs on RRCs
The IRS has been mailing letters to some taxpayers who claimed the 2020 recovery rebate credit (RRC) and may be getting a different amount than they expected.The IRS reminders taxpayers that the first...

IRS Issues FAQs on Reporting of COVID-19 Emergency Financial Aid Grants by Students and Higher Education Institutions
The IRS has issued FAQs on how students and higher education institutions should report pandemic-related emergency financial aid grants. Emergency financial aid grants made by a federal agency, stat...

IRS Updates Audit Techniques Guide on Retail Industry Examinations
The IRS has updated an Audit Techniques Guide (ATG) on its website that addresses conducting income tax examinations in the retail industry. An ATG focuses on developing highly trained examiners for p...

LA - Exemption for charitable, educational assistance provided to entrepreneurs discussed
For Louisiana property tax purposes, the Attorney General has opined that the real estate owned by two separate organizations for charitable or educational assistance provided to entrepreneurs may qua...

MS - Legislation to phase out personal income tax passes house
The "Mississippi Tax Freedom Act of 2021," which would phase out the personal income tax while increasing sales and use and tobacco tax rates, has passed the House of Representatives. If enacted, th...

TX - Publication discussing manufacturing exemptions issued
For Texas sales and use tax purposes, the Comptroller of Public Accounts issued a publication discussing manufacturing exemptions. Generally, state sales and use tax exemptions are available to taxpay...