The war on tax ID theft continues: CPAs’ role
The IRS reports progress, but many firms could still improve their practices.
Tax
Monster.com founder’s estate wins dispute over VPFC gain recognition
The contracts' extension was not a sale or exchange, and open-transaction treatment continued, the Tax Court holds.
Use of trust disclaimers in estate planning
A beneficiary’s disclaimer could adjust the results of an existing irrevocable trust.
Internal-use software regs. could be boon for financial services industry
Financial institutions could benefit from new regulations that make it easier for taxpayers to take the research credit for the costs of developing software.
Former Marine not entitled to exclude foreign earned income
The Tax Court holds the taxpayer's election was untimely.
2017 tax software survey
Take a look at how CPA preparers rated their software’s performance and support, their likes and dislikes, and whether they would recommend their product to someone starting a tax practice.
Line items
IRS announces first batch of CPEOs; Letter ruling and closing agreement fees now payable online; Leveraged spinoffs removed from IRS no-ruling list; HSA limits increase slightly
‘Pump and dump’ theft loss allowed despite open arbitration claim
The Federal Circuit holds that abandonment of a claim for reimbursement of a theft loss is not necessary to prove a reasonable certainty that no reimbursement will be received.
2017 tax software survey: Individual product survey responses
Online-only: Contact information, basic packages and their features are shown below for selected products receiving more than one reply in the survey.
IRS moves for stay of PTIN fee injunction
If granted, the stay would allow the IRS to charge the fees while it decides whether to appeal the district court decision that struck down the fees and, if it does appeal, during the appeal itself.
IRS pilots Appeals videoconference service
The IRS Office of Appeals announced that on Aug. 1 it will begin offering taxpayers and their representatives a new web-based virtual conference option for taxpayer conferences.
IRS heats up compliance enforcement on passport holders with tax debt
The passport restriction will affect the expatriate community and foreign travelers who haven’t established an agreement to pay their delinquent tax debt.
Regulations address new statutory due dates for many tax returns
Changes to the due dates and extensions of time to file various tax returns and information returns were implemented in a package of regulations the IRS issued on Wednesday.
Data analytics and A.I. in tax
In this video, Lauren Kovar, CPA/CITP, CGMA, director of Client Advisory & Strategy for Thomson Reuters, discusses a couple of emerging trends in tax technology.
Revised Senate health bill would retain taxes on higher-income individuals
The health care bill released by Senate Republicans on Thursday would retain the Affordable Care Act’s 3.8% net investment tax and the 0.9% Medicare surtax.
What CEOs and CFOs need to ask about tax
Lauren Kovar, CPA/CITP, CGMA, director of Client Advisory & Strategy for Thomson Reuters, says executives have an opportunity to recognize their tax function not as a cost center but as a real driver of economic return and business value.
How CPAs can solve tax operations and technology puzzles
Lauren Kovar, CPA/CITP, CGMA, director of Client Advisory & Strategy for Thomson Reuters, explores the information and technology challenges presented by the various systems that provide data downstream to the tax function.
Treasury identifies 8 regulations as burdensome
After reviewing all 105 Treasury regulations issued in 2016 and early 2017, the Treasury Department has identified eight that cost too much, are too complex or exceed the IRS’s statutory authority.
What the new world of tax looks like
Lauren Kovar, CPA/CITP, CGMA, director of Client Advisory & Strategy for Thomson Reuters, argues that tax preparers, tax auditors, and other CPAs need to see tax and its operations from a new perspective.
Guidance issued on PATH Act depreciation, Sec. 179 changes
The revenue procedure covers amended returns claiming property expensing, qualified real property, and bonus depreciation transition rules.
