Tax news and information - Journal of Accountancy

TOPICS

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.

June 16, 2016

FAQs explain the wrongful incarceration exclusion

A new law allows taxpayers to exclude from income money they receive to compensate them for being wrongfully incarcerated and to claim refunds for earlier tax years if they included such damages in income.

June 8, 2016

IRS did not discover or help all Get Transcript data breach victims

The TIGTA criticized the IRS’s failure to identify and assist all taxpayers whose tax return and other data may have been accessed by cybercriminals in last year’s Get Transcript breach.

June 7, 2016

Taxpayers can get tax return transcripts online once again

Announcing increased security and authentication procedures, the IRS said that it had re-instated its Get Transcript Online service, which had been breached by cybercriminals last year.

June 7, 2016

Tax-free REIT spinoffs are curtailed

The IRS issued regulations restricting the ability of C corporations to use this method.

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.