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Metro Bank PLC reported Wednesday a significantly widened pretax loss for 2020 and said it expects to book a significant credit loss linked to the coronavirus pandemic. The U.K. retail bank posted a pretax loss of 311.4 million pounds ($439.5 million), compared with a loss of GBP130.8 million for the year-earlier period.
In 2017, court decisions gave penalty relief to certain taxpayers. Since then, the courts have clarified the scope of these decisions. Second Circuit Sets the Standard Under Code Sec. 6751(b) , certain penalties require that the immediate supervisor of the individual making the determination, or designated higher level official, personally approve “the initial determination of such assessment.” The approval must be in writing. However, Congress did not define what constitutes “the initial determination […]
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U.S. Congress acts to help businesses and individuals As the spread of the Coronavirus COVID-19 starts to have a greater impact on the economy, U.S. Congress is taking some initial action to help businesses and individuals. The U.S. House of Representatives has passed bi-partisan legislation to address paid sick and family leave, including tax credits […]
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UBIA is the basis in a partnership’s property, and it can work to limit a partner’s section 199A deduction. If a partner recently bought their partnership interest, the partner may find their section 199A deduction limited by a percentage of both: UBIA, and wages. This limitation will be relevant to taxpayers or partners who own […]
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The Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed in December 2019. Many of its changes are already affecting employers and plan sponsors. Some of these changes are discussed here. Small Business Tax Credits for Retirement Plans Increased The SECURE Act increases credits for small businesses with retirement plans. A small business […]
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Annual collection of resources aid the preparer and taxpayer alike The annual 2020 Whole Ball of Tax (WBOT) from Wolters Kluwer Tax & Accounting is now available to help journalists, reporters, and media in general better understand the nuances of the 2020 tax filing season. Filled with valuable information, WBOT is a comprehensive collection of […]
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The IRS has some new resources for taxpayers navigating the gig economy. These include: a recent Gig Economy webinar, and a new Gig Economy Tax Center page on the IRS website. IRS Gig Economy Webinar The IRS presented a webinar on the gig economy on February 20. The session was aimed at gig workers, businesses, […]
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The SECURE Act ended the prohibition against IRA contributions after age 70½. It also preserved the ability to make qualified charitable distributions (QCDs) at age 70½ even though the required minimum distribution age was bumped to 72. Should post-70½-somethings start making IRA contributions? Should those age 70½ and 71 stop making QCDs? Retiree Earners IRA […]
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The IRS has provided guidance on the election to calculate the kiddie tax for 2018 and 2019 using the child’s allocable parental tax instead of the tax rates for trusts and estates. The election is generally made on the taxpayer’s return or by attaching a statement to the return. A taxpayer can choose whichever method […]
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The 2020 tax season expands electronic filing requirements for exempt organizations. The Taxpayer First Act requires tax exempt organizations to electronically file information returns and related forms. The new law affects tax exempt organizations in tax years beginning after July 1, 2019. Taxpayers may receive transitional relief for certain forms as discussed below in form-by-form […]
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Taxpayers must report their investments in Qualified Opportunity Funds (QOF) on new IRS Form 8997, Initial and Annual Statement of Qualified Opportunity Fund (QOF) Investments. Individuals who dispose of any QOF investments during the year must also report the gain or loss on Form 8949, Sales and Other Dispositions of Capital Assets; and on Schedule […]
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