Great time for a GRAT
Grantor retained annuity trusts may be an optimal wealth-transfer vehicle for many.
Tax
Taxpayer’s IRA rollover was timely
A rollover that took more than 60 days to complete due to a bookkeeping error was considered timely.
Purported family loans were not bona fide, Tax Court holds
The bank deposit method supports an IRS underpayment assessment.
Improving IRS practitioner services
The Taxpayer First Act embodies several principles for improved IRS customer service that have been central to AICPA advocacy efforts in recent years.
Final rules permit truncated TINs on W-2s
If an employer elects, forms issued to employees starting in 2021 will show only the final four numerals of their SSN.
Line items
IRS writes taxpayers with virtual currency transactions ... Nonemployee compensation gets its own Form 1099 ... Olson offers winding ‘Taxpayer Roadmap’
AICPA seeks guidance on adjustments for conversions from S corp. to C corp.
In comments submitted to the IRS, the AICPA requested expeditious guidance concerning adjustments attributable to conversions from an S corporation to a C corporation.
IRS issues 2019 to 2020 per-diem rates for traveling away from home
The IRS issued its annual notice specifying the special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.
Safe harbor allows QBI deduction for rental real estate businesses
The IRS issued a revenue procedure describing the requirements taxpayers have to meet to be a rental real estate business that qualifies for the safe harbor to be treated as a trade or business in order to qualify for the Sec. 199A qualified business income deduction.
Final regs. loosen 401(k) hardship distribution requirements
The IRS issued final regulations governing hardship distributions from Sec. 401(k) plans, eliminating the requirements that participants obtain a loan from the plan if available and that suspend participants’ ability to make contributions to the plans for six months after taking a hardship distribution.
Regulations clarify bonus depreciation treatment
The IRS issued final regulations and new proposed regulations on the 100% bonus depreciation deduction that was amended by the law known as the Tax Cuts and Jobs Act.
Proposed regs. clarify reporting requirements for tax-exempt organizations
The rulemaking mainly consolidates existing guidance in one location, but it also responds to a recent court decision that held invalid certain changes to donor-reporting requirements.
IRS offers expatriate tax relief
The IRS announced procedures to allow certain individuals who have renounced their U.S. citizenship to get into compliance with their US tax obligations and obtain relief for back taxes.
Tax accounting rules issued for advance payments
Taxpayers that use the accrual method and receive advance payments for good or services were given new rules by the IRS on when to include the advance payments in income.
2019 tax software survey: Shares of respondents and product and company information
Bonus: The percentages for all 13 products, including a breakdown of their usage among firms ranked by ranges of numbers of preparers, in the 2019 tax software survey.
Supreme Court holds North Carolina cannot tax trust lacking minimum contact
The tax violated due process where the only connection to the state was beneficiaries' residence there, the Court states.
Ninth Circuit overturns Tax Court’s invalidation of transfer-pricing regs.
Stock-based compensation is held includible in a cost-sharing agreement.
2019 tax software survey
Learn how the industry-leading products stacked up in CPAs’ estimation through a tax season with many far-reaching law changes.
Automation and digital workflow in a tax practice
When choosing and implementing new technologies, a firm must involve team members at all levels in the process and provide essential training.
Taxpayer allowed a deduction under claim of right
A divorced spouse could deduct her indirect repayment of an amount previously included in her and her former husband's jointly reported income.
