Child tax credit now higher, more widely available
Middle-income taxpayers are more likely to have a greater benefit than before.
Tax
Short sale is considered one transaction
The Tax Court denies the taxpayers' claimed loss on the sale of their former home followed by an exclusion of cancellation-of-debt income.
Captive insurance: Avoiding the risks
Survive IRS scrutiny of this potentially valuable arrangement.
Line items
IRS to shut down OVDP ... Longer carried interest holding period includes S corporations ... Coinbase notifies customers of IRS summons compliance
Due diligence in a sharing economy (Airbnb and Uber)
Annette Nellen, CPA, CGMA, Esq., chair of the AICPA Tax Executive Committee, outlines federal, state, and local tax obligations for clients involved in sharing economy activities.
AICPA recommends IRS FAQs on virtual currency taxation
The comments were prompted by new questions that have emerged about how the tax rules apply to virtual currency transactions since the AICPA first submitted comments.
Standard mileage rates, depreciation amounts updated
The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
IRS warns tax practitioners of new phishing scam
The IRS alerted tax practitioners to beware of a phishing scheme in which cybercriminals send out emails posing as state accounting and professional associations.
IRS to clarify rules on payments in lieu of state and local taxes
The IRS announced that it intends to issue regulations explaining that legislation attempting to recharacterize state and local taxes as charitable contributions will be subject to interpretation under federal tax law.
Charitable contribution procedures updated
The IRS issued new procedures for contributions to charitable organizations, including rules for when donors can rely on the information about an organization’s tax-exempt status on the IRS database Tax Exempt Organization Search.
AICPA recommends flexibility in partnership audits
The IRS should provide a simplified adjustment procedure for partnership audits, the AICPA recommended in a letter to the IRS Chief Counsel’s Office.
IRS issues HSA contribution limits for 2019
The IRS issued the inflation-adjusted contribution limits for 2019 for health savings accounts.
IRS updates automatic accounting method change procedures
The IRS issued updated procedures for automatic accounting method changes. The new rules generally apply to changes on or after May 9, 2018.
Future-proof your tax practice by adding planning services
Consumers are seeking a primary point of contact to address the full scope of their financial needs.
Small businesses should guard against tax-return identity theft
The IRS urged small businesses to be wary of a growing amount of identity theft attempts aimed at employers and small businesses in general, and partnerships and trusts and estates.
How to treat virtual currency
Due diligence begins with one question you should be asking every client, according to Annette Nellen, CPA, CGMA, Esq.
Carry your losses (further) forward
New rules limit utilization of net operating losses.
Mechanics of the new Sec. 199A deduction for qualified business income
This article reviews several scenarios in which certain individuals could take advantage of a new Internal Revenue Code provision to significantly lower their taxes.
IRS pursuing self-employment taxes from LLC members
IRS court victories asserting that LLC members should pay self-employment taxes on distributive shares of LLC income should give practitioners pause before claiming this income is exempt from those taxes.
Corporation’s self-leasing rental expense deduction denied
The Tax Court holds that the payments were not for rent.
