Tax news and information - Journal of Accountancy

TOPICS

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

What to do when a client wants to give an LLC or limited partnership unit to charity

Many charitable organizations will not accept a gift of an LLC or limited partnership units because the entity’s business is not part of their charitable mission.

March 3, 2016

Estate basis consistency reporting rules are proposed

The regulations reiterate the delayed reporting deadline of March 31, 2016.

March 1, 2016

Phishing scheme requests Form W-2 and other confidential employee information

The IRS reiterated that everyone has a responsibility to confirm people’s identities before responding to such a request.

March 1, 2016

Social Security changes affect retirement planning

The latest federal budget law restricts the use of the file-and-suspend and lump-sum options.

March 1, 2016

Trusts prevail in transferee liability case

State law theories of liability were not proved, the Tax Court holds.

March 1, 2016

Line items

IRS to contact late payroll tax remitters … PPACA employer issues addressed … Standard mileage rates lower in 2016

March 1, 2016

Form 1023-EZ: First-year results are in

A year after introducing a streamlined application process for tax-exempt organizations, the IRS reports on customer satisfaction and what worked and what didn’t.

March 1, 2016

Form 1099-C and COD income: Key timing issues

Issuance of Form 1099-C does not necessarily require income inclusion in the same year.

March 1, 2016

Basis of stock received in insurance demutualization is zero

The Ninth Circuit reverses a 2013 district court holding in Dorrance, creating a circuit split.

March 1, 2016

Practitioner-client and work product doctrines preclude IRS summons

The Second Circuit overrules a district court’s restrictive interpretations of a “common legal interest” with a third party and documents prepared “in anticipation of litigation.”

March 1, 2016

Family stock transfer 44 years ago was a taxable gift

Sumner Redstone’s 1972 transfer to children’s trusts, unlike his brother’s, was voluntary and nonbusiness-related.

February 29, 2016

Rules determine attorneys’ fees and costs for prevailing parties in IRS proceedings

Final regulations issued by the IRS govern the awarding of costs and attorneys’ fees to taxpayers who meet certain net worth requirements and who prevail in administrative or court proceedings against the IRS.

February 29, 2016

15 things you need to know when clients owe taxes to the IRS

Clients who owe need advice and potentially an alternative to paying the entire balance at once.

February 26, 2016

Still more accounts found hacked in IRS “Get Transcript” breach

A TIGTA investigation into the data breach first discovered last May brings the total number of taxpayers whose tax transcripts were potentially compromised to 724,000.

February 25, 2016

IRS LB&I unveils new audit procedures

The new examination process, which will be effective May 1, 2016, includes new procedures for refund claims while an examination is underway.

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.