This is the one-stop shop for all the updates you need to know for this year’s tax filing season. Find resources from the Journal of Accountancy, plus tax return checklists and tax savings tips from the AICPA, categorized by tax topic.
INDIVIDUAL TAX
Taxpayers can claim
charitable contributions for typhoon relief on 2013 returns
April 4, 2014
Contributions must be made to qualified
charities by April 14 and can be deducted on a 2013 or 2014 tax
return, but not both.
Individual
Taxation: Digest of Recent Developments
March 2014
This article is Part I of a two-part article
covering recent developments affecting taxation of individuals,
including regulations, cases, and IRS guidance.
IRS issues final
instructions for net investment income tax form
Feb. 27, 2014
The IRS finally released its eagerly awaited
final instructions for Form 8960, Net Investment Income
Tax—Individuals, Estates, and Trusts. Many tax preparation
companies have held returns with this form until the final
instructions were released, and this means these returns can now be filed.
Final version of net
investment income tax form released
Jan. 27, 2014
The IRS has released the final version of
Form 8960, Net Investment Income Tax—Individuals, Estates, and
Trusts, which will be used by individuals and trusts and estates
to compute the new 3.8% tax and then to report the tax on Forms 1040,
U.S. Individual Income Tax Return, and 1041, U.S.
Income Tax Return for Estates and Trusts.
Buckle up
for tax season
January 2014
Take stock of tax year 2013’s new and changed
provisions, including several for higher-income taxpayers.
Engagement
letters for the individual tax practitioner
January 2014
Follow best practices in this crucial document
for any tax engagement.
IRS reveals start
date for 2014 tax filing season
Dec. 18, 2013
The IRS has finally announced an official
start date for the 2014 filing season: It will start accepting returns
on Jan. 31.
BUSINESS TAX
New procedure
permits automatic recognition of consolidated return filing status
March 10, 2014
Affiliated groups that fail to file a
required Form 1122, by which a subsidiary consents to be included in a
consolidated return, will get a break from the Internal Revenue Service.
Current
Developments in Partners and Partnerships
February 2014
This article reviews and analyzes recent
rulings and decisions involving partnerships. The discussion covers
developments in partnership formation, income allocations, and basis adjustments.
Current
Developments in Employee Benefits and Compensation
December 2013
An in-depth look at regulations and guidance released.
Current
Developments in S Corporations
October
2013
A look at major changes affecting S corporations that took
place in the last year and some tax planning ideas for S corporations
and their shareholders.
PRACTICE, PROCEDURES, AND COMPLIANCE
IRS clarifies:
Electronic signatures permitted for Form 8879
March 21, 2014
Following the announcement by the IRS that
it would allow taxpayers to electronically sign Form 8878 in certain
circumstances, the AICPA raised the issue with them that Form 8879,
the e-file signature authorization form, should also be included in
the expanded electronic signature guidance.
IRS expands use of
electronic signatures
March 13, 2014
The
IRS has updated its Handbook for Authorized IRS e-File Providers
of Individual Income Tax Returns to allow taxpayers to
electronically sign Form 8878, IRS e-file Signature Authorization
for Form 4868 and Form 2350, in certain circumstances.
IRS announces
automation of taxpayer resources, start of business filing
season
Dec. 23, 2013
The Internal Revenue
Service will stop providing several taxpayer services in person or on
the phone and move them to online only, starting in January.
ADDITIONAL RESOURCES
2013
Tax Practice Guides and Checklists
This tool
combines the trusted content of the AICPA’s Tax Checklists with a
digital environment to promote efficiency and firm collaboration.
