Tax news and information - Journal of Accountancy

TOPICS

August 1, 2016

Final regulations ease allocations of rollover distributions from designated Roth accounts

The separate distribution rule no longer applies.

August 1, 2016

CPAs contend with tax ID theft

A majority of CPAs surveyed say this scourge affects their practices and is often difficult to resolve.

August 1, 2016

2016 tax software survey

Results show 4 companies control more than 90% of CPA tax preparer market. Find out how more than 3,800 CPAs rated the tax preparation software they used in 2016.

August 1, 2016

Innocent spouse relief from penalties and interest granted

Although threshold conditions were not met, the Tax Court noted the taxpayer’s ignorance of his late wife’s failure to mail their completed return.

August 1, 2016

Tax relief for federal student loan forgiveness

The IRS streamlines the process for taxpayers to avoid including discharged student loans in gross income.

August 1, 2016

2016 tax software survey: Individual product survey responses

Online-only: Contact information, basic packages and their features are shown below for selected products receiving more than 1% of total responses in the survey.

August 1, 2016

Form 1098-T is not controlling

The Tax Court bases an American opportunity tax credit on an amount not reported on Form 1098-T.

August 1, 2016

Tax treatment of tenant allowances

Tenants can avoid recognizing income currently by taking advantage of a safe harbor under Sec. 110.

August 1, 2016

IRS clarifies: Partners cannot be employees

Regulations quash taxpayers’ position that partners can be employees of a disregarded entity owned by the partnership.

August 1, 2016

Breaking bad news to victims of identity theft: Lessons from medical doctors

Identity theft victims often suffer emotionally as well as financially. CPAs can help their clients who have been victimized, by using practices adopted from medical professionals and counselors.

July 18, 2016

VATs/GSTs continue to increase worldwide

Overseas nations strapped for cash are turning to indirect taxes.

July 8, 2016

IRS implements new Sec. 501(c)(4) registration requirement

Social welfare benefit organizations are now required to notify the Internal Revenue Service of their formation and intent to operate under Sec. 501(c)(4).

July 1, 2016

Prohibited transaction results in deemed IRA distribution

The Tax Court held that a loan guarantee accompanying an IRA-financed business acquisition was an indirect extension of credit.

July 1, 2016

Schoolteachers’ deduction no longer tardy

The PATH Act of 2015 modifies and makes permanent this aid to elementary and secondary educators.

July 1, 2016

Undue influence over elderly man results in taxable income and penalties for caregiver

The Tax Court holds that payments from the 92-year-old were not a loan or a gift.

July 1, 2016

Infrequent sale of scrap steel is not subject to self-employment tax

The metal was not held for sale in the ordinary course of a trade or business, and income from its sale is not self-employment income.

July 1, 2016

Line items

IRS customer phone service improved in … 2016 Tuition statements still might not report amount paid … New and revised vehicle depreciation limits issued

July 1, 2016

Rules change for ITINs and tax credits

The PATH Act of 2015 established new limitations on filing for certain credits.

June 30, 2016

Final rules govern U.S. country-by-country reporting

The IRS issued final regulations requiring the ultimate parent entity of a multinational enterprise group with revenue of $850 million or more in the preceding accounting period to file Form 8975, Country-by-Country Report.

June 23, 2016

E-file PIN program shut down in response to cyberattacks

The IRS announced that the electronic filing personal identification number (e-file PIN) tool is “no longer available” after it detected additional attacks on the system.