Tax reform: What CPAs need to know about the latest developments
Tax reform expert Tony Nitti discusses the latest developments affecting CPAs.
Individual income taxation
What the House tax bill holds for individuals
From new tax rates to fewer deductions, credits, and exclusions, the tax reform bill released by the House would have wide-ranging effects on the taxation of individuals.
Details of tax reform legislation revealed
The Tax Cuts and Jobs Act released by the House Ways and Means Committee incorporates many of the provisions listed in the Republicans’ September tax reform framework while providing new details.
Trading virtual currencies
Tax preparers must reckon with not only transfers for property but also for other virtual currencies.
IRS will enforce health coverage reporting on 2017 returns
This filing season will be the first time the IRS has enforced this requirement and will not accept tax returns that omit this information.
Republicans unveil tax reform framework
Republican leadership released a tax reform framework that calls for fewer individual tax brackets, a lower corporate tax rate, and elimination of many tax deductions.
IRS updates special per-diem rates for business travel
The IRS issued its annual updates of per-diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1.
How to avoid costly tax traps with inherited IRAs
This article helps CPAs familiarize themselves with the rules surrounding inherited IRAs and the best ways to deal with these accounts.
Employee discount plans
Employers must follow complex rules to exclude employee discounts from taxable income.
Former Marine not entitled to exclude foreign earned income
The Tax Court holds the taxpayer's election was untimely.
Revised Senate health bill would retain taxes on higher-income individuals
The health care bill released by Senate Republicans on Thursday would retain the Affordable Care Act’s 3.8% net investment tax and the 0.9% Medicare surtax.
Canceled debt is partially excludable
A married couple's interest in their retirement plan was not an asset for purposes of the COD insolvency test.
Husband not entitled to married-filing-jointly status
The Tax Court refuses to invalidate a separate return filed by the taxpayer's allegedly mentally ill wife.
Trump’s tax reform priorities unveiled
Key features include a large reduction in the corporate tax rate, fewer and lower tax brackets for individuals, and a repeal of the estate tax and the alternative minimum tax.
More on short-term rentals
See how to report income from Airbnb and similar “sharing economy” activities.
Mistaken IRA rollover creates problems for taxpayer
A taxpayer's IRA distributions result in additional gross income, an early withdrawal penalty, and an accuracy-related penalty.
IRS permits same-sex couples to recalculate marital exclusion amounts
Recalculations of transfers not qualifying solely because of the Defense of Marriage Act are not restricted by the statute of limitation.
IRS takes down student financial aid data retrieval tool
The IRS announced that has taken down its tool for retrieving tax return data used to complete the Free Application for Federal Student Aid.
Proposed PPACA replacement bills contain many tax changes
The draft proposals to repeal the Affordable Care Act released by House Republicans would make many tax changes if enacted. Here’s a look at their impact on the tax code.
Failure to report health coverage will not cause tax return rejection
The IRS announced that it will not reject tax returns just because a taxpayer has not indicated on the return whether the taxpayer had health insurance, was exempt, or made a shared-responsibility payment under Sec. 5000A.
