Tax news and information - Journal of Accountancy

TOPICS

April 1, 2016

$50,000 in tax debt can ground travelers

New law denies or revokes passports for “seriously delinquent” accounts over $50,000.

April 1, 2016

The importance of appraisals when gifting art

Charitable deductions stand a much better chance of being upheld when taxpayers closely follow the qualified appraiser rules.

April 1, 2016

Tax debts from late-filed returns held dischargeable in bankruptcy

Ninth Circuit BAP rejects a literal application of a Bankruptcy Code provision, splitting from 3 other circuits.

April 1, 2016

Line items

Tangible property de minimis safe-harbor amount is higher … Tax Court proposes petition e-filing … One-fourth of advance premium tax credits paid went unreported on returns

March 28, 2016

A closer look at sales and use taxation of the cloud

The growth of cloud technology means that what used to be clearly the sale of tangible personal property is now digital and challenging to classify for sales and use tax purposes.

March 24, 2016

New Form 3115 is required, IRS announces

The IRS alerted the public that a new Form 3115, Application for Change in Accounting Method, has been issued with a revision date of December 2015, the first revision since 2009.

March 24, 2016

Estates have until June 30 to file estate basis form

The IRS announced one last postponement in the due date for filing under rules requiring reporting of the value of an estate’s assets to the IRS and beneficiaries.

March 23, 2016

Exempt organizations’ applications do not contain protected return information

A federal appeals court ordered the IRS to comply with a lower court’s order that it hand over the names of organizations that had been on its “Be on the lookout” list when it was mishandling applications for tax-exempt status.

March 22, 2016

IRS launching competition to redesign taxpayer experience

Aimed at “reimagining the taxpayer experience of the future,” the IRS asked for participants to design a new way of presenting information to taxpayers that is understandable and useful to them.

March 8, 2016

Guidance extends certification deadlines for reinstated work opportunity tax credit

Because of the recent retroactive reinstatement of the work opportunity tax credit to the beginning of 2015 and the addition of the long-term unemployed to the list of qualified employees beginning Jan. 1, 2016, the IRS has extended the due date for required certifications.

March 7, 2016