Main Street Practitioner Blog

Capitol Hill Report: Ways and Means Approves Sweeping Tax Reform Proposals

September 17, 2021


The House Ways and Means Committee has advanced by a largely party-line 24-to-19 vote a sweeping tax reform proposal of $2.2 trillion in tax increases along with approximately $1.3 trillion in tax breaks. The congressional tax-writing committee spent four days marking up the tax reform package, which Democrats hailed as their “historic” achievement when it cleared the committee this week.

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IRS Employee Retention Credit (ERC) Guidance Notice 2021-49 Garners Congressional Criticism

August 11, 2021


Congressman Jack Bergman, R-MI, in an August 9 letter to IRS Commissioner Chuck Rettig, expressed concerns with recent IRS guidance on the Employee Retention Credit under Section 3134 of the Internal Revenue Code, as added by section 9651 of the American Rescue Plan Act (ARP), (P.L. 117-2). Specifically, Bergman objected to language in IRS Notice 2021-49 that prevents wages paid to a majority owner of a corporation from qualifying under the ERC solely if the owner has a direct family member.

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Other Income: Taxable or Not?

July 22, 2021


Last year, NSA's seminar, “Other Income: Taxable or Not” was the single most highly attended out of 30 seminars at the 2020 IRS Nationwide Tax Forum. According to information provided to NSA by the IRS, a total of 7,838 attendees participated in the NSA seminar.

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NSA Supports Bipartisan Bill to Simplify Estimated Tax Payment Deadlines

July 1, 2021


Alexandria, VA, July 1, 2021 — NSA expresses support for the proposed legislation, Tax Deadline Simplification Act, introduced by U.S. Congresswoman Debbie Lesko (R-AZ) and Representative Bradley S. Schneider (D-IL).

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National Taxpayer Advocate assesses tax filing season and identifies areas for IRS improvement in mid-year report to Congress

June 30, 2021


Today, National Taxpayer Advocate Erin M. Collins released her mid-year report to Congress. The report presents an evaluation of the 2021 filing season, identifies key objectives the Taxpayer Advocate Service will pursue during the upcoming fiscal year, and contains the IRS’s responses to the 73 administrative recommendations the Advocate made in her 2020 Annual Report to Congress.

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Registration is Open for NSA's July CPE Blitz

June 22, 2021


NSA's July CPE Blitz is now open for registration. This month, webinars focus on accounting-related topics. See the lineup below.

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NSA’s 75th Annual Convention Keynote Address will be provided by Tony Nitti, CPA, MST

June 04, 2021


NSA’s 75th Annual Convention Keynote Address will be provided by Tony Nitti, CPA, MST, partner-in-charge of National Tax at RubinBrown and adjunct professor at the graduate tax programs of the University of Denver (DU) and Golden Gate University.

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CPE Blitz: NSA Reviews Biden’s “Made in America Tax Plan”

May 11, 2021


Join NSA's director of public policy, Jessica L. Jeane, J.D., as she takes a deep dive into President Biden’s “Made in America Tax Plan,” which proposes several significant tax increases, some of which include raising the corporate income tax rate from 21 to 28 percent and a new 15% minimum tax on large corporations’ book income.

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NSA’s Federal Taxation Committee Provides List of Tax Tips

May 11, 2021


NSA’s Federal Taxation Committee, consisting of volunteer members who are tax pros just like yourself, have put together the following tax tips as the May 17 deadline nears closer.

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You Say Yes, I Say No – I Say High, You Say Low: Corporate Tax Reform Debate Continues

May 10, 2021


NSA's director of public policy, Jessica L. Jeane, J.D., served as a guest expert on Western CPE's non-partisan tax news series, All Tax. No Bull.

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ARPA Tax Credits Available to Small Employers to Provide Paid Leave to Employees Receiving COVID-19 Vaccines; New Fact Sheet Outlines Details

April 21, 2021


The IRS and Treasury Department announced additional details of tax credits available under the American Rescue Plan Act of 2021 (ARPA) (P.L. 117-2) to help small businesses.

In a fact sheet released today, the IRS outlines basic facts regarding the employers eligible for the tax credits. It also provides information on how these employers may claim credit for leave paid to employees receiving COVID-19 vaccinations.

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IRS to recalculate taxes on unemployment benefits

April 1, 2021


The IRS has announced that it will automatically refund money to taxpayers who reported unemployment compensation in their tax return before the recent changes made by the American Rescue Plan signed on March 11, 2021.

The American Rescue Plan allows taxpayers earning less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for other taxpayers. The legislation only applies to 2020 unemployment benefits.

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Biden Signs PPP Extension Act Into Law, Moving Application Deadline to May 31

March 30, 2021


President Biden on March 30 signed into the law the bipartisan Paycheck Protection Program (PPP) Extension Act of 2021 (HR 1799), which moves the application deadline to May 31, 2021. The PPP application window was originally set to expire the next day on March 31.

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IRS extends additional tax deadlines for individuals to May 17

March 29, 2021


The IRS issued Notice 2021-21, stating that individuals now have until May 17, 2021, to meet additional deadlines such as making IRA contributions and filing certain claims for a refund.

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Emerging Leaders Program

March 23, 2021


The Emerging Leaders Program was created to provide a member service for future leadership within NSA and to develop a strong pipeline of leaders for our great organization. This program has been developed with a look to the future and to help create a smooth transition to a new Board structure but also to ensure a strong board for years to come.

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SBA Announces April 8 Opening for Shuttered Venue Operators Grant (SVOG) Program

March 19, 2021


The U.S. Small Business Administration (SBA) has announced an April 8 opening date for accepting Shuttered Venue Operators Grant (SVOG) applications. 

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