Infographic: Mapping a path forward after Wayfair
CPAs should educate themselves and their clients on the current nexus standard for sales taxes.
Tax
Defining a trade or business for purposes of Sec. 199A
A taxpayer’s separate trades or businesses must be determined before calculating the qualified business income deduction.
Broadened definition of Sec. 152 dependents
The Tax Cuts and Jobs Act of 2017 greatly increased the availability of the child tax credit. Find out the definition of dependent for those purposes and for taking advantage of “surviving spouse” status.
Financial disability provision does not suspend statute of limitation on taxpayers’ refund claims
A district court rules it lacks subject-matter jurisdiction over taxpayers' untimely refund claims.
Second Circuit expands Tax Court’s jurisdiction for hearing refund claims
In reversing the Tax Court, an appeals court fixes a 'black hole' for timely filing.
Tax Court denies microcaptive insurance arrangement
Entities were not insurance companies and did not provide insurance in the commonly accepted sense, the court holds.
Line items
EIN applicants now limited to holders of SSNs and ITINs ... Pro sports trades get safe harbor ... More prop. regs. issued on opportunity zone funds
CPAs discuss hot topics in financial planning, tax, and technology
Five CPA financial planners discuss hot topics in personal financial planning, tax, and firm practice management.
Supreme Court holds North Carolina cannot tax trust
The U.S. Supreme Court issued a unanimous decision holding that North Carolina’s attempt to tax a trust based solely on the residence of a beneficiary violates the Due Process Clause of the 14th Amendment.
Virtual currency not FBAR reportable (at least for now)
The AICPA Virtual Currency Task Force reached out to Treasury’s Financial Crimes Enforcement Network (FinCEN) to help practitioners answer the question of whether virtual currency (or cryptocurrency) must be reported on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
W-2 methods proposed for Sec. 199A(g) deduction by agricultural co-ops
The IRS issued methods for calculating W-2 wages for the Sec. 199A(g) deduction for agricultural and horticultural cooperatives, similar to the former Sec. 199 domestic production activities deduction.
Final HRA rules permit integration with individual health insurance
The IRS issued final regulations on health reimbursement arrangements, which may be offered to individuals as individual coverage HRAs and integrated into health insurance plans.
Final rules govern GILTI, Subpart F income, and foreign tax credits
The IRS issued final regulations on the Sec. 951A global low-taxed income inclusion and foreign tax credits, finalizing proposed rules issued in October and December 2018.
What tax firms need to know now about technology
Artificial intelligence and robots get a lot of attention, but automation and cloud computing-enabled outsourcing are the technology-related terms that should be top of mind for tax practices, according to a session at AICPA ENGAGE 2019 in Las Vegas.
SALT deduction cap rules finalized, safe harbor proposed
Here are details on the new rules that deny a federal tax deduction to taxpayers who donate to a state charitable fund and receive a state or local tax credit in return.
Ninth Circuit upholds IRS cost-sharing regulation
The Ninth Circuit Court of Appeals reversed a Tax Court decision that had held that a cost-sharing regulation that required allocation of stock-based compensation was invalid.
Changes coming to tax transcript availability
To fight identity theft, starting June 28 the IRS will no longer fax transcripts to taxpayers, tax professionals, and other third parties. And in July it will stop providing an option for mailing transcripts to third parties.
The at-risk rules for partnerships
Know how this loss limitation differs from partners’ tax basis, and some industry-specific criteria.
Income recognition changes for accrual-method taxpayers
The Tax Cuts and Jobs Act made some widely applicable but, perhaps, lesser-known changes to accrual accounting rules.
Casualty loss deduction from drug-induced gambling is disallowed
The Tax Court declines to expand 'other casualty' beyond one sustained with respect to tangible property.
