2021 Federal Tax Notes and Musings for Closely Held Business

calendar iconDecember 16, 2021

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Tax Beat hosts, Brooks and Sarah, are joined by their Cherry Bekaert colleagues, Mike Elliot and Barry Weins for a look back at 2021 to discuss a sampling of Federal guidance and court cases that have an impact on closely held businesses and their owners. They talk about final Regulations, Tax Court decisions, Revenue Procedures, IRS Notices, and even changes to 2021 federal tax forms and instructions. There is not enough time to cover all published guidance from the IRS and Treasury this year, but these are items of broad interest and common situations for partnerships, S corporations, and employers.

Chapter Marks:

  • 3:56 – PPP loan forgiveness income and three recent Revenue Procedures
  • 7:26 – Final Regulations for Carried Interests and new tax return reporting requirements
  • 13:23 – Form 7203 and basis reporting for S corporation shareholders
  • 19:44 – Final Regulations for the small business taxpayer exception
  • 23:52 – C corporations and S corporations paying for shareholder services
  • 32:49 – Two Tax Court rulings regarding loans and pass-through entities
  • 39:04 – Relief to employers after Employee Retention Tax Credit was terminated early