Tax

AICPA: 2019 Form W-4 needs to be simplified

The AICPA’s Tax Executive Committee sent a letter to the IRS, urging the Service to simplify the proposed draft 2019 Form W-4, Employee’s Withholding Allowance Certificate.

First Circuit allows DISC dividends paid to Roth IRAs

The IRS suffers its second defeat when the First Circuit, agreeing with the Sixth Circuit, denies application of the substance-over-form doctrine to recharacterize DISC commissions and dividends as excess Roth contributions.

Line items

HSA family coverage limit restored ... Life settlement reporting delayed ... Payroll tax credit for small business research activities clarified

Form 1040 to be shorter but with more schedules

The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines.

A new playing field for business

The Supreme Court’s decision on sales tax collection could give smaller companies that rely on in-store sales a better chance to compete with virtual retailers.

Disguised-sale partnership regs. withdrawn

The IRS announced that it was withdrawing temporary regulations on the treatment of partnership liabilities for disguised-sale purposes and proposing to reinstate the old rules.

How tax reform is impacting tax practitioners

Tax practitioners usually get to enjoy some down time during the summer. But this year summer may be a little more hectic than usual thanks to the changes brought about by tax reform.

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How KPMG is innovating the audit

KPMG's global audit team is using cognitive technology and alliances with tech and university partners to drive audit innovation. See how.

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States look to unclaimed property for revenue

This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.