Tax news and information - Journal of Accountancy

TOPICS

November 1, 2016

U.S. exporters leaving tax dollars on the table

Forming interest charge domestic international sales corporations can save U.S. exporters a great deal of taxes, but many qualifying taxpayers don’t know about them.

November 1, 2016

Tax help for working parents

Federal and state credits and employer-provided care may help reduce the high cost of child care.

November 1, 2016

IRS allows self-certification for late rollovers of retirement plan funds

A new procedure for claiming a waiver of the 60-day deadline enables an account trustee to accept the rollover.

November 1, 2016

New user fees proposed for IRS installment agreements

The fee for an online application with direct debit would be $31; for some application and payment methods, it would increase.

November 1, 2016

Proposed regulations would affect estate valuation discounts

The IRS aims to close a ‘loophole’ of lapsing rights and restrictions in transfers of family-owned businesses.

November 1, 2016

Line items

Lower PTIN fee finalized … Individual health care mandate benchmark set for 2016 … Phishing scheme masquerades as tax software update

November 1, 2016

Marine surveyor may deduct geological and geophysical expenses

The Tax Court is unwilling to restrict the 2-year amortization under Sec. 167(h) to owners of mineral interests.

November 1, 2016

IRS issues guidance on ITIN renewals

Under new PATH Act provisions, the numbers expire after 3 years of nonuse.

October 27, 2016

2017 pension contribution limits announced

While many limits remained the same as 2016, some were raised to reflect cost-of-living increases.

October 25, 2016

IRS issues 2017 inflation adjustments for many tax provisions

The IRS issued its annual revenue procedure containing inflation-adjusted amounts for the 2017 tax year, affecting over 50 Code provisions, as well as the new tax rate tables for individuals and estates and trusts.

October 19, 2016

Social Security Administration announces large increase in 2017 wage base

The SSA announced that the maximum amount of earnings subject to the Social Security tax will increase by more than 7% in 2017, after remaining flat in 2016.

October 14, 2016

Earnings-stripping rules make many changes from proposed regs.

The new rules are part of the Treasury Department’s larger effort to curb corporate inversions.

October 13, 2016

PTIN class action lawsuit affects all tax return preparers

A class action lawsuit currently pending in a federal district court includes in its class of plaintiffs all tax return preparers who obtained or renewed a PTIN after Sept. 30, 2010.

October 10, 2016

Olympic tax break enacted

Legislation excluding prize money earned by Olympians and Paralympians from gross income was signed into law.

October 1, 2016

30 years after the Tax Reform Act: Still aiming for a better tax system

This article takes a look at the Tax Reform Act of 1986, 30 years later, as a jumping off point for tax reform today.

October 1, 2016

Keeping clients’ tax data secure

Here’s how preparers can help thwart identity thieves.

October 1, 2016

No FBARs needed for player’s foreign online poker accounts

The websites had no financial purpose beyond gambling and were not financial agencies within the scope of the reporting requirement, the Ninth Circuit holds.

October 1, 2016

Deduction allowed for unredeemed ‘fuelperks!’

The Third Circuit reverses the Tax Court on accrual-basis retailer’s customer reward program.

October 1, 2016

Damage from collapsed retaining wall is not deductible to co-op stockholder

The collapse was caused by progressive deterioration, not an identifiable event of a sudden, unexpected, or unusual nature, the Tax Court holds.

October 1, 2016

Proposed rules issued on higher education credits and deduction

The regulations conform with recent law changes on qualified tuition and related expenses for schools and taxpayers.

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4 ways solo practitioners can stand out

Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.