Tax

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‘Postcard’ Form 1040 debuts — with sheaf of schedules ... Disguised-sale temporary regs. withdrawn

D.C. Circuit upholds IRS unenrolled tax preparer program

The Court of Appeals for the D.C. Circuit held that the AICPA had standing to challenge the IRS’s Annual Filing Season Program for unenrolled tax preparers but further held that the program did not violate the Administrative Procedure Act.

IRS issues proposed regs. on 100% bonus depreciation

The IRS issued proposed regulations providing guidance on Sec. 168(k), which was amended by P.L. 115-97, known as the Tax Cuts and Jobs Act, to increase the allowable first-year depreciation deduction for qualified property from 50% to 100%.

SEPs: Simple but not always optimal

Simplified employee pension (SEP) plans can be attractive in the short term but over the long term can be expensive, inefficient, and inflexible.

PEO is statutory employer

The Tax Court allows a refund of overpaid Social Security taxes to professional employer organization Paychex.

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Select Check is now Tax Exempt Organization Search ... New FASB and IFRS standards get method change procedure ... Rev. Proc. 2018-25 updates passenger auto depreciation, lessee income inclusion for TCJA

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