Tax news and information - Journal of Accountancy

TOPICS

June 1, 2016

Line items

Foreign tax credit ban lifted for Cuba … WOTC transition relief expires soon … Estates have until June 30 to file new estate basis form … Charitable donation of coin collection requires appraisal

June 1, 2016

Law firm is held liable for accuracy-related penalties

The independent-investor test is applied to a corporation that mischaracterized dividends as compensation.

June 1, 2016

Drafting real estate leases with taxes in mind

A Tax Court case illustrates the need for tax planning in drafting and negotiating real estate lease agreements.

June 1, 2016

Alleged ROBS-type transaction leaves business funding taxable

An IRA distribution was not a qualified rollover because the funds were not deposited into another IRA, the Tax Court holds.

June 1, 2016

‘Private Roth IRA corporation’ is held abusive

Transfers under a subcontracting agreement to a C corporation held by a taxpayer’s Roth IRA were excess contributions to the IRA.

June 1, 2016

Updating VAT rules to reflect the 21st century economy

Many jurisdictions around the world are amending their rules to keep up with technological advances and the rise of new business models.

June 1, 2016

Estate basis consistency and reporting: What practitioners need to know

The new law imposes a potentially elaborate reporting regime for values of estate property and ominous consequences for failures.

May 31, 2016

What you need to know to help clients with an IRS ETP agreement

Here are 12 things you need to know about extension-to-pay agreements that can help clients who need more time to pay their tax bill.

May 26, 2016

AICPA members weigh in on IRS service levels

Problems included trouble getting through on the phone and trouble reaching IRS representatives who could answer their questions. Written communications with the agency were another source of frustrations.

May 25, 2016

Mary Kay sales consultant’s retirement payments subject to self-employment tax

The Eleventh Circuit Court of Appeals held that payments a retired Mary Kay sales consultant received from the cosmetics company were subject to self-employment taxes because they were payments of deferred compensation.

May 18, 2016

Final regulations change allocation rules for Roth IRA rollovers

The regulations allow taxpayers to allocate pretax amounts to direct rollovers, rather than having to make pro rata allocations.

May 17, 2016

IRS future state is not a one size fits all

Nina Olson, the national taxpayer advocate, heard from tax practitioners and taxpayer groups on how the IRS can modernize its taxpayer services.

May 17, 2016

CPAs helping guide tax administration and affecting tax policy

As it works through a long list of priorities and plans for its “future state,” the IRS should look to CPAs, who based on their experience can provide a unique viewpoint.

May 1, 2016

Bonus depreciation applies to new class of property

December’s appropriations act created a “qualified improvement property” category for bonus depreciation.

May 1, 2016

Judge’s above-the-line employee expense deduction is disallowed

The Tax Court holds that the position is not compensated by fees.

May 1, 2016

Line items

E-file PINs stolen … PTIN protest gets class certification … Trade Act increases minimum failure-to-file penalty

May 1, 2016

Installment sale marked to market before taxpayer’s expatriation

The Tax Court upholds a 2008 law’s retroactive application and denies a treaty exemption.

May 1, 2016

Amended rules govern FIRPTA dispositions

Guidance is issued on PATH Act amendments.

May 1, 2016

IP PINs: Fraud protection places duties on preparers

Identity protection personal identification numbers pose additional filing and recordkeeping considerations.

May 1, 2016

IRS gives more guidance on like-kind aircraft exchanges

A memorandum addresses the “held for” requirement of Sec. 1031 when a relinquished aircraft is used for both business and personal purposes.

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.