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AICPA Requests Guidance On How To Handle Prepayment Of Events Canceled By COVID

The American Institute of CPAs has asked the Internal Revenue Service to issue updated guidance on how to account, from a tax perspective, prepayments received for live events that were canceled or deferred due to the COVID-19 pandemic.

“During the pandemic, taxpayers offering live events or live productions to customers were often significantly affected by government actions and restrictions implemented originally during 2020 and continuing into 2021 and 2022,” AICPA said in a February 7 letter to the IRS. “For affected taxpayers, there is currently a lack of clarity regarding when to recognize gross income from advance payments attributable to events that were canceled or significantly deferred due to COVID-19, how to account for refunds offered to customers during the pandemic, and how to account for the issuance of a credit to the customer in situations where the customer declines to receive a cash refund and instead requests applying the credit as a prepayment for different event or production to take place at a later date.”

AICPA is requesting the IRS issue new guidance to clarify what the federal income tax treatment of these payments is and made the following recommendations:

FL - Taxpayer properly applied cost-of-performance rule to its income producing activities

An out of state subsidiary (taxpayer) of a nationwide online and brick-and-mortar retailer (retailer) properly sourced its service revenue under […]

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FL - Taxpayer properly applied cost-of-performance rule to its income producing activities

FL - Guidance provided on tax relief for properties made uninhabitable by Hurricanes Ian or Nicole

Florida provides guidance regarding property tax relief for residential properties rendered uninhabitable for 30 days or more due to Hurricanes […]

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FL - Guidance provided on tax relief for properties made uninhabitable by Hurricanes Ian or Nicole

FL - Relief for corporate income taxpayers impacted by Hurricane Nicole discussed

Florida will follow the corporate income tax relief granted by the Internal Revenue Service (IRS) for Hurricane Nicole affected taxpayers […]

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FL - Relief for corporate income taxpayers impacted by Hurricane Nicole discussed

Elizabeth Askey Appointed As New Deputy Chief Of IRS Appeals, IR-2022-219

The IRS Independent Office of Appeals has announced the appointment of Ms. Elizabeth Askey, an alumnus of Harvard Law School, […]

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Elizabeth Askey Appointed As New Deputy Chief Of IRS Appeals, IR-2022-219

IRS Issues Guidance on Form W-4 Substitute Submissions, Additional Guidance for Substitute Submissions of Form W-4

The IRS stated that, for 2022, general guidelines for electronic substitutes to paper Forms W-4 can be found in the […]

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IRS Issues Guidance on Form W-4 Substitute Submissions, Additional Guidance for Substitute Submissions of Form W-4

TIGTA Launches New Website

The Treasury Inspector General for Tax Administration (TIGTA), J. Russell George, announced a redesign of the agency’s website, to better serve […]

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TIGTA Launches New Website

FBAR Filing Deadline Extended for Individuals with Signature Authority but No Financial Interest in Certain Accounts, FinCEN Notice 2022-1

The Financial Crimes Enforcement Network (FinCEN) announced a further extension of time for certain individuals to file a Report of […]

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FBAR Filing Deadline Extended for Individuals with Signature Authority but No Financial Interest in Certain Accounts, FinCEN Notice 2022-1

Courtney Kay-Decker Appointed as New Deputy Chief Taxpayer Experience Officer, IR-2022-222

The IRS has appointed Courtney Kay-Decker as the new Deputy Chief Taxpayer Experience Officer today. Kay-Decker will lead IRS efforts […]

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Courtney Kay-Decker Appointed as New Deputy Chief Taxpayer Experience Officer, IR-2022-222

FL - Alachua County local government infrastructure surtax rate increased

Beginning January 1, 2023, the combined Florida state and local sales and use tax rate for Alachua County is 7.5%. […]

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FL - Alachua County local government infrastructure surtax rate increased

FL - 2023 fuel tax rates announced

The 2023 Florida motor fuel, diesel fuel, and aviation fuel tax rates are announced. Annual adjustments to the state fuel […]

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FL - 2023 fuel tax rates announced