January 8, 2021
Congress Approves $15 Billion In Grants To Shuttered Live Venues: A Closer Look – Tony Nitti, Forbes. “People. Need. Fun.”
“In order to receive a grant, a business must be in a certain line of work. These businesses can be a for-profit organization, a nonprofit organization, or government-owned. They can be a corporation, a limited liability company, a partnership, or operated as a sole proprietorship.
The new law breaks qualifying recipients into four categories, with the first category containing subcategories.”
Category 1: Live venue operators or promoters, theatrical producers, or live performing arts organization operators (collectively, “live venue operators”)
Category 2: Relevant Museum
Category 3: Motion Picture Theater Operator
Category 4: Talent Representative
In case you were wondering, strip clubs do not qualify.
TurboTax says it expects stimulus payments to be deposited in correct bank accounts after 'IRS error' – Naomi Jagoda, The Hill. “Tax-prep software giant TurboTax is telling customers that some people may not have received their stimulus payment because of an "IRS error" but that they expect the issue to be corrected "within days."
"The IRS recently began issuing a second round of stimulus payments to those eligible. Unfortunately, because of an IRS error, millions of payments were sent to the wrong accounts and some may not have received their stimulus payment," TurboTax said in a blog post on its website Wednesday and in an email to customers.”
Biden Tax-Increase Agenda Revived as Democrats Win Senate – Richard Rubin, WSJ($). “Until this week’s Georgia runoff elections, Mr. Biden’s plans for tax increases were running into solid opposition from the Republican-controlled Senate. But now, Democrats will hold the White House, Senate and House simultaneously for the first time in more than a decade, and they are poised to use that power.”
What Will A Narrow Democratic Congress Mean For Joe Biden’s Tax Agenda? – Howard Gleckman, “With improbable Democratic wins in both Georgia Senate runoff elections, President-elect Joe Biden has an opportunity to govern with a congressional majority—though one that will be excruciatingly narrow. The party’s ability to eke out 51 Senate votes, thanks to tiebreaking vote of Vice-president Kamala Harris, gives Biden the opportunity to pass some of his domestic policy ideas, including some tax initiatives. But don’t expect anything like the ambitious agenda he laid out in his campaign.”
Guidance permits change in vehicle use valuation during pandemic – Sally P. Schreiber, J.D, Journal of Accountancy. “In response to the COVID-19 pandemic, the IRS is allowing employers to switch from the vehicle lease valuation method to the cents-per-mile method (57.5 cents for 2020, 56 cents for 2021) for determining the value of an employee’s personal use of a vehicle during the pandemic (Notice 2021-7).”
Undeliverable COVID-19 payments offer another scam route – Kay Bell, Don’t Mess with Taxes. “If you're among those anxiously awaiting your second COVID-19 economic relief payment (EIP), you have one more thing to worry about.”
How The Low-Income Housing Tax Credit Regs Could Be More Flexible – Marie Sapirie, Forbes. “President-elect Joe Biden has unprecedented plans for the housing industry. His proposal for $640 billion over 10 years includes three tax incentives — a new renter’s tax credit, a refundable first-time homebuyer’s credit, and an expansion of the low-income housing tax credit (LIHTC).”
This is a roundup of tax news and opinion. Any opinions expressed or implied are those of the author and not necessarily those of Eide Bailly. Opinions found in linked items are those of the authors of the linked item, not of your bloggers or of Eide Bailly. “$” means link may be behind a paywall. Items here do not constitute tax advice.