Federal Taxation

The newsletter of the ISBA’s Section on Federal Taxation

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2020 Articles

Chair’s Column By Kathy Garlow June 2020 A note from the chair, Kathy Garlow.
Chair’s Column By Kathy Garlow March 2020 A note from the chair, Kathy Garlow.
CPAR Partnerships Reporting Changes to Forms 1065: The Administrative Adjustment Request By Colin Walsh September 2020 A look at the procedures centralized partnership audit regimes must follow to report changes to a previously filed Form 1065 for tax years beginning after Dec. 31, 2017.
FAQs: What Do They Mean? A Look at IRS Sub-Regulatory Guidance and Substantial Authority Through the Lens of Coronavirus Relief By James Creech June 2020 Virtually all of the guidance on the three spending bills recently passed by Congress were in the form of FAQs, leading many to ask whether tax practitioners can use them to take a legal position.
‘Financial Disability’ and the Suspension of the Statute of Limitation on Refund Claims By Nancy Franks-Straus December 2020 Although Congress intended to provide relief to taxpayers suffering from a significant mental or physical disability through the enactment of IRC § 6511(h), the strict interpretation given by the courts as to the authority of someone to act on taxpayer’s behalf has limited the application of the statute and thus limited the relief actually available to disabled taxpayers.
Form 1040’s New Virtual Currency Question: What You Need to Know By James Creech March 2020 A look at the new question on the 2019 Form 1040 Schedule 1 that may take taxpayers and tax return preparers by surprise.
Illinois Attorney General Has Ramped Up Illinois Estate Tax Audits By Ryan A. Walsh September 2020 Summaries of three cases from the last year in which Illinois estate tax returns were audited when no federal audit took place.
1 comment (Most recent September 25, 2020)
IRC Section 139 Disaster Relief Payments: Maybe This Time Really Is Different By James Creech December 2020 As businesses and their advisors have had a chance to work through the Paycheck Protection Program, the Employee Retention Credit, and the family leave credits, section 139 of the Internal Revenue Code has become increasingly relevant for businesses looking for ways to aid employees and shareholders now that other forms of stimulus have dried up.
Paycheck Protection Program: Paycheck Protection Flexibility Act Calculating Loan Forgiveness Application Checklist By Nancy Franks-Straus & Jonathan D. Morton June 2020 A brief summary of the components of the loan forgiveness calculation under the law prior to the Paycheck Protection Program Flexibility Act, as well as modifications made by the Act.
Progressive Illinois Tax and Its Federal Impact By Patrick D. Owens September 2020 On June 5, 2019, Illinois passed Public Act 101-0008, which will implement a progressive income tax effective January 1, 2021.
The SECURE Act – Congress Just Moved the Goalposts By Patrick D. Owens March 2020 An overview of some of the major provisions of the Setting Each Community Up for Retirement Enhancement Act, which passed Congress in December and became effective January 1, 2020.
Staying Active, Healthy, and Productive at Home By Michael B. Hyman, E. Kenneth Wright, Jr., & Erin Clifford June 2020 Suggestions to better manage working from home during COVID-19.
Takeaways From Correcting Amendments to Final Opportunity Zone Regulations By Colin Walsh, J.D. June 2020 A look at the Treasury Department's recently released correcting amendments to the Final Opportunity Zone Regulations.
Whistleblower Reforms Under the Taxpayer First Act By Kristen Henry June 2020 A look at the relevant provisions covering the reporting of tax fraud and protections in cases of possible employer retaliation.