More proposed regs. on qualified opportunity funds issued
The regulations define the term “substantially all,” the definition of which was reserved in the earlier proposed regulations issued in October 2018.
Tax
Can a state tax a trust based on the beneficiary’s residency?
The U.S. Supreme Court heard oral arguments in a case that will decide whether states can tax trusts based solely on the fact that a trust beneficiary lives in the state.
Safe harbor issued for valuing pro sports trades
The IRS will permit professional sports teams that trade player contracts to recognize zero gain if both parties to the exchange adopt the safe harbor and do not exchange cash.
AICPA asks government to issue more QBI deduction guidance
The AICPA asked Treasury and the IRS to issue additional guidance on Sec. 199A beyond the recently finalized regulations and a proposed revenue procedure in the form of a notice on a safe harbor for rental real estate.
Tax treatment of state and local tax refunds clarified
The IRS issued guidance on the tax treatment of state and local refunds now that taxpayers are limited to a $10,000 deduction on their individual tax returns.
Procedure for obtaining EINs to change May 13
Beginning May 13, the IRS will accept employer identification number (EIN) applications only from individual taxpayers who have either a Social Security number or an individual taxpayer identification number as the responsible party on the EIN application.
Final rules issued on penalty for nondisclosure of reportable transactions
The IRS issued final regulations under Sec. 6707A, which imposes a penalty on taxpayers who fail to disclose a reportable transaction on their tax returns.
Tips to ease the stress of Form 990 preparation
IRS Form 990 is a complex, comprehensive form that can be a big challenge for a not-for-profit organization to prepare. Brian Yacker, CPA, J.D., managing partner of YH Advisors, describes best practices for a stress-free and compliant preparation of Form 990.
IRS expands relief from underpayment penalty
The IRS announced that it is lowering from 85% to 80% the amount taxpayers are required to have paid in order to escape an underpayment of estimated income tax penalty for 2018.
Proposed rules issued for information reporting for life insurance contract transactions
The IRS proposed regulations under Sec. 6050Y, which governs reporting obligations for reportable policy sales of life insurance contracts and payments of reportable death benefits.
New developments in UBIT for not-for-profits
Dave Moja, CPA, a tax partner at CapinCrouse LLP, discusses some of the activities not-for-profits should be aware of that produce unrelated business income.
IRS’s Dirty Dozen scams — 2019 edition
The IRS highlighted the 12 abusive tax schemes it wants taxpayers and tax practitioners to be on the alert for this year. Phishing and scam phone calls were the biggest repeat offenders.
First-year challenges of TCJA implementation require broader penalty relief
Despite generally lower tax bills, many taxpayers are seeing smaller-than-expected refunds — or no refunds at all. And some taxpayers are now subject to underwithholding penalties, despite limited relief from the IRS.
4 key tax reform provisions for not-for-profits
With tax season underway for calendar-year taxpayers, Betsy Krisher, CPA, explains four key provisions in the new tax law that have a significant effect on not-for-profits.
Guidance proposed on FDII and GILTI deductions
The IRS issued guidance on determining the amount of the deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI) under Sec. 250.
Court upholds IRS PTIN fees
The IRS has authority to charge a user fee for preparer tax identification numbers (PTINs) a federal appeals court held on, paving the way for the agency to reinstate the charges for obtaining and renewing a PTIN.
Salesman’s termination payment held not for goodwill
The Tax Court also denies capital gain treatment but allows business deductions for a taxpayer's subsequent shooting activity.
New tax transcript practice
IRS changes are intended to better protect taxpayer data.
Mentoring tax staff
A well-designed, well-executed, and well-managed mentoring program can be an advantageous investment for a tax firm.
Estate and gift exclusion clawback addressed in proposed regs.
A special rule allows the TCJA's higher exclusion amount to continue to apply in some instances after the provision's scheduled sunset.
