Tax news and information - Journal of Accountancy

TOPICS

June 1, 2017

U.S. tax and FASB’s new paradigm for revenue recognition

Companies must prepare for unforeseen implications for tax planning.

May 24, 2017

President’s budget includes tax proposals and regulation of return preparers

President Donald Trump’s proposed FY 2018 budget includes a new proposal to give the IRS authority to regulate paid tax return preparers.

May 4, 2017

2018 health savings account limits increase slightly

The IRS released the 2018 annual inflation-adjusted amounts that apply to health savings accounts.

May 4, 2017

New IRS rules, no increased funding in appropriations bill

The 2017 appropriations bill passed by Congress includes $11.2 billion for IRS operations and enforcement. But it also includes specific directives prohibiting certain IRS conduct.

May 3, 2017

Details of FAFSA data breach revealed in House testimony

The details of a recent data breach affecting 100,000 taxpayers were revealed in testimony before the House of Representatives Oversight and Government Reform Committee in Washington.

May 1, 2017

Reverse like-kind exchanges get Tax Court approval

Ruling rejects the IRS’s requirements for third-party exchange facilitators.

May 1, 2017

Tax principles for the digital age

The AICPA revises its Guiding Principles of Good Tax Policy to respond to challenges in tax reform, economic efficiency, global reach, and securing taxpayers’ information.

May 1, 2017

More R&D tax help

PATH Act enhancements make the credit more attractive to a wider range of taxpayers.

May 1, 2017

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.

May 1, 2017

Tax Court approves surgeon’s reclassification of interest in surgical center as passive

Despite K-1 reporting of income as for services, the taxpayer can net it against investment losses.

May 1, 2017

Line items

IRS confirms instructions’ 6-month extension for C corp. returns…Small employer HRA notice deadline pushed out…IRS does not acquiesce to decision on ranching interest

May 1, 2017

Sixth Circuit upholds DISC dividends paid to Roth IRAs

Form prevails over substance despite dividends’ exceeding contribution limits.

May 1, 2017

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.

April 26, 2017

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.

April 1, 2017

Seventh Circuit holds that taxpayer filed timely Tax Court petition

The IRS stipulates that a lawyer’s print-at-home postal service resulted in timely mailing.

April 1, 2017

How to obtain rescission of a 90-day letter

Procedures provide an alternative to filing a Tax Court petition.

April 1, 2017

Line items

IRS issues new maximum values for employer-provided vehicles…IRS adds former school to student loan discharge exception…Estates may rely on transcript for closing confirmation

April 1, 2017