In a policy reversal, the IRS will provide redacted copies of returns filed by identity thieves.
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TIGTA: Business ID theft needs more attention … FUTA higher in Calif., Conn., Ohio, and Virgin Islands … Mortgage assistance safe harbors are extended
Profit shifting: Effectively connected income and financial statement risks
Multinational corporations may face high levels of tax on effectively connected income.
Congress extends expired tax provisions and makes some permanent
Some tax breaks are extended for two years, some for five, and a few are made permanent in Congress’s annual year-end extenders legislation. (Plus: An updated version of the JofA’s annual quick guide
PDF that includes changes related to the legislation.)
Overview of the ECI rules
This sidebar provides a brief explanation of the Internal Revenue Code’s effectively connected income (ECI) rules that may impose direct U.S. tax on certain income earned by any foreign corporation.
Redstone family stock transfer was not a taxable gift
The 1972 transfer was in the ordinary course of business and for full and adequate consideration, the Tax Court holds.
Tax implications of the new revenue recognition standard
Despite a delay in required implementation of the new standard, organizations need to get to work now analyzing its effects and evaluating tax methods.
Notice postpones Sec. 501(c)(4) social welfare organization requirements
A new notice requirement recently enacted by Congress in the wake of the scandal regarding the IRS’s handling of Sec. 501(c)(4) applications will not be implemented immediately, the IRS announced.
What CPAs need to know about new PPACA forms
This filing season, certain employers, as well as providers of minimum essential coverage, will have to meet significant information-reporting requirements.
How employers should handle retroactive reinstatement of transit benefits parity
The IRS issued procedures for employers to use to handle the retroactive application of the increased amount of the 2015 income exclusion for monthly transit benefits.
Controversial charitable donation rules withdrawn
The IRS announced that it is withdrawing proposed regulations released last September that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations.
IRS IP PIN notice contains wrong tax year for filing
The IRS warned that identity protection personal identification number (IP PIN) notices it has recently sent to victims of identity theft refer to the wrong tax year.
IRS extends health care information return due dates
In response to concerns by employers and insurers about meeting the current due dates for information returns required under the health care law, the IRS delayed the due dates for these returns for the upcoming filing season.
No FICA refund after employer’s bankruptcy
Determining the present value of nonqualified deferred compensation need not consider the employer’s financial condition.
Filing season quick guide—tax year 2015
Download our annual quick guide, a PDF that contains dollar thresholds, tax tables, standard amounts, credits, and deductions to keep at your fingertips during tax season.
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Cost of internet domain names used in business must be capitalized In Chief Counsel Advice (CCA) 201543014, the Office of Chief Counsel concluded that an internet domain name in the secondary market acquired for use in a taxpayer’s trade or business is an intangible asset that must be capitalized under
Missing signature means return is invalid
A joint federal income tax return unsigned by one spouse was not a valid tax return.
A day late, a dollar short
An otherwise “innocent spouse” could still be liable for penalties and interest.
Tax season launches
Despite another year of uncertainty about congressional passage of retroactive “extender” provisions, CPAs’ tax season can benefit from these tips and resources.
Germano receives profession’s highest honor in taxation
Lisa C. Germano, CPA, CGMA, the co-founder, president, and general counsel of Actuarial Benefits & Design Co. based in Midlothian, Va., received the 2015 Arthur J. Dixon Memorial Award, the highest honor bestowed by the accounting profession in the area of taxation.
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How to protect nonprofits from hidden fraud risks
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