Tax news and information - Journal of Accountancy

TOPICS

October 1, 2016

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

Form 8976 notifying of intent to operate must be filed within 60 days of an organization’s formation.

October 1, 2016

CPAs lukewarm to IRS hotline

Despite shorter average wait times this year, using the Practitioner Priority Service can still be an ordeal, surveys suggest.

October 1, 2016

Bookkeeper/office manager’s innocent spouse claim is denied

The taxpayer’s involvement in her husband’s company gave her knowledge or reason to know of tax underpayments, the Tax Court holds.

October 1, 2016

Line items

Sec. 83(b) election statement is no longer required with return … IRS acquiesces to full mortgage interest deduction per individual co-owner

October 1, 2016

Tax issues for professional gamblers

Professional status allows deduction of ordinary and necessary business expenses.

September 28, 2016

Guidance allows QTIP election where executor elects portability

The IRS removed a prohibition on making a qualified terminable interest property (QTIP) election when the election would have been null and void because the estate had a zero estate tax liability.

September 27, 2016

IRS issues 2016–2017 special per-diem rates for travel

The IRS issued its annual updates of per-diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home on or after Oct. 1.

September 26, 2016

Private collection agencies to start collecting tax debts in the spring

Under legislation enacted last year, the IRS is required to use private debt collection agencies to collect outstanding inactive tax liabilities.

September 23, 2016

New IRS e-Services authentication process requires re-registration

The IRS announced that beginning in late October all e-services users will be subject to a strengthened identity protection process, which, for existing users, requires re-registering.

September 22, 2016

Tax scammers send fake CP2000s, IRS warns

The IRS issued an alert to taxpayers not to respond to the latest tax fraud scheme, an emailed CP2000 notice claiming to be related to an Affordable Care Act tax underpayment.

September 15, 2016

IRS restricts foreign tax credit splitter arrangements

The IRS issued guidance prohibiting corporations from taking foreign tax credits for taxes without repatriating the earnings to the United States.

September 9, 2016

Defined benefit plan participants can receive lump sum and annuity under new rules

The IRS issued new rules giving retirement plan participants greater flexibility in choosing how to receive their pension benefits.

September 2, 2016

New cyberattacks threaten tax professionals

A new wave of cyberattacks could allow criminals to take control of tax practitioners’ computers and file fraudulent returns.

September 1, 2016

Final regulations amend definitions of marriage

The IRS finalized proposed rules issued last October amending the definitions of marriage and husband and wife after the Supreme Court’s decision in Obergefell v. Hodges, which legalized same-sex marriages.

September 1, 2016

Anthony Nitti, CPA

Anthony Nitti, CPA, has pursued his passion for writing while serving tax clients as a partner with WithumSmith+Brown in Aspen, Colo.

September 1, 2016

Helping clients with IRS payment agreements

Several tools and options are available to aid in the process of paying back taxes.

September 1, 2016

Home care provider had reasonable basis for independent contractor treatment

A district court allows a taxpayer relief under Section 530 of the Revenue Act of 1978.

September 1, 2016

Post-retirement payments are subject to self-employment tax

The Tax Court’s finding that the pay was nonqualified deferred compensation is upheld on appeal.

September 1, 2016

Special depreciation: 3 choices present new options

Recent changes have given taxpayers three attractive options for taking deductions in the year property is placed in service, rather than having to depreciate the property over many years.

September 1, 2016

In-home caregivers: Answers to tax and nontax questions

As it becomes increasingly common for people to employ caregivers in their homes, it’s important to ensure that all laws are followed, from tax to immigration to labor.

FROM THIS MONTH'S ISSUE

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.