Tax news and information - Journal of Accountancy

TOPICS

September 1, 2016

Security Summit touts improvements in its first year

Submissions of IRS identity theft affidavits and related correspondence are down by nearly half.

September 1, 2016

Compensation is held reasonable and a management fee deduction allowed

The Tax Court regards the hypothetical-investor test as supporting the taxpayer’s expert.

September 1, 2016

Electing the benefits of partial dispositions

A taxpayer could lose the benefits of a partial-disposition election if it fails to perform the required compliance.

September 1, 2016

Line items

Tax Court allows D.C. snow day extension for petition filing … Wellness rewards and premiums not excludable from employees’ income … IRS notes general principles of crowdfunding income

September 1, 2016

FAQs explain the wrongful incarceration exclusion

A new PATH Act provision excludes certain damages, awards, and restitution from gross income; the normal refund limitation period is waived through Dec. 19.

September 1, 2016

Risk management: Worth its SALT

These tips will help practitioners manage the professional liability risks stemming from state and local tax issues.

August 31, 2016

IRS fails to notify victims and Social Security Administration of identity theft cases

A report from the TIGTA found that the IRS had not notified victims or the Social Security Administration of many cases it detected of employment-related identity theft.

August 26, 2016

New procedures for amending returns to claim PATH Act depreciation changes

To help taxpayers take advantage of retroactive changes enacted late last year affecting Sec. 179 property and bonus depreciation, the IRS issued rules for filing returns to take advantage of these deductions.

August 25, 2016

Due-diligence hazards for tax practitioners: The list keeps growing

From rental property expenses to worker classification to offers in compromise, the list of areas where tax practitioners must exercise due diligence keeps growing.

August 24, 2016

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

The IRS issued a procedure permitting taxpayers, in certain circumstances, to give an IRA trustee or retirement plan administrator a certification statement to treat a rollover as timely even if the taxpayer failed to complete the rollover within 60 days after a distribution.

August 19, 2016

New user fees proposed for IRS installment agreements

The IRS is proposing to charge a variety of fees, based on whether the taxpayer uses the online application process and/or pays by direct debit.

August 4, 2016

IRS issues guidance on PATH Act ITIN renewals

Individuals whose individual taxpayer identification numbers (ITINs) will expire this year under new Code provisions may renew them starting in October.

August 4, 2016

IRS issues temporary regulations on early elections of new partnership audit procedures

The IRS issued rules regarding the time, manner, and form for partnerships to make the election to apply the recently enacted unified partnership audit rules for certain years before Jan. 1, 2018.

August 2, 2016

Second Circuit holds taxpayer not subject to IRS summons

The court held that the taxpayer was protected by the Fifth Amendment privilege against self-incrimination.

August 1, 2016

Proposed regs. govern reporting and claiming qualified tuition and related expenses

The IRS is proposing to amend the rules governing eligibility to claim a deduction or credit for eligible education expenses to conform them to recent legislative changes.

August 1, 2016

Line items

TIGTA: Improper hobby losses often overlooked … Treasury cracks IRS impersonation phone scams … Automatic method changes updated

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.

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.