Rules issued on paid family and medical leave credit
The IRS released guidance on the new Sec. 45S tax credit for employers that provide paid medical and family leave.
Tax
IRS extends deadlines in N.C. counties affected by Hurricane Florence
The IRS announced that it is extending tax deadlines starting Sept. 7, 2018, until Jan. 31, 2019, for eight counties in North Carolina.
IRS issues proposed regs. for GILTI inclusions
The IRS issued proposed regulations implementing Sec. 951A’s global intangible low-taxed income provision, which requires a US shareholder of a controlled foreign corporation to include this income in the shareholder’s gross income.
Tax Court again denies microcaptive insurance arrangement
A second taxpayer's captive fails to qualify as an insurance company.
S corporation shareholder may not revoke tax election
The Tax Court declines to create a precedent and allow an individual S corporation shareholder to unilaterally and retroactively revoke the corporation's election.
Supreme Court overturns Quill’s physical presence requirement
States asserting nexus for sales taxes now have freer rein.
Mitigating risk related to tax reform
While tax planning opportunities associated with the law may be a windfall to a CPA firm’s bottom line, vulnerability to professional liability claims exists.
Trust and estate tax planning article wins JofA Best Article Award
Sonja E. Pippin, associate professor in the Department of Accounting and Information Systems at the University of Nevada, Reno, received the JofA's Lawler Award for the best article of 2017.
Vacation home rentals and the TCJA
Allocation of certain expenses between personal and rental use may need to change under the law known as the Tax Cuts and Jobs Act.
Profit motive key in hobby loss cases
Tax Court cases evaluate the nine-factor test in Regs. Sec. 1.183-2 for determining when losses may be deducted.
Taxpayers denied insolvency exclusion of COD income
Cash held by a couple's son as their nominee tipped their balance sheet to positive, the Tax Court holds.
2018 tax software survey
Our annual survey breaks down how CPA tax preparers rate their tax preparation software’s performance during the challenge of the last tax season. This year, we also look ahead to the sweeping changes in tax law.
How TIGTA stymied an IRS impersonation scam
Learn how authorities tracked down an IRS impersonation scam that allegedly stole “hundreds of millions of dollars” by phone.
Line items
‘Postcard’ Form 1040 debuts — with sheaf of schedules ... Disguised-sale temporary regs. withdrawn
Appellate court vacates summary judgment for unpaid withholding taxes
Sufficient evidence existed to warrant a trial on assessment of the Sec. 6672 penalty.
Deemed personal exemption amount introduced for various tax benefits
The IRS issued guidance on how it intends to interpret the exemption amount in tax years 2018 through 2025 in determining who is a qualifying relative for purposes of the various Code provisions that refer to the definition of a dependent in Sec. 152.
Proposed rules would curb avoidance of SALT deduction limit
Here is what practitioners need to know about the IRS’s proposed rules that would curb the deductibility of charitable contributions that qualify for state and local tax credits.
IRS provides initial guidance on new Sec. 162(m)
The IRS issued guidance regarding amended Sec. 162(m), which limits the allowable deduction for remuneration paid by any publicly held corporation to a covered employee to $1 million.
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.
Qualified business income deduction regs. proposed
The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.
