Tax news and information - Journal of Accountancy

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February 23, 2016

Colorado’s use tax notice and reporting law is constitutional, Tenth Circuit holds

The court held that the law does not discriminate against out-of-state retailers.

February 17, 2016

2016’s dirty dozen tax scams

The IRS released its annual list of the “dirty dozen” worst tax scams, starting with identity theft and winding up with frivolous tax arguments.

February 11, 2016

Due date for estate basis reporting postponed once again

The IRS further postponed the due date for the new reporting requirement, under which estates must report the value of estate assets to the IRS and to beneficiaries.

February 11, 2016

Congress enacts permanent ban on state and local internet taxes

Thursday, the Senate approved a bill making the Internet Tax Freedom Act’s ban on state and local taxes on internet access permanent.

February 10, 2016

AICPA “fly-in” to D.C. seeks path toward a 21st century IRS

The “fly-in” was intended to highlight dissatisfaction by practitioners and taxpayers with the IRS’s admittedly unacceptable levels of service and CPAs’ potential role in improving the IRS in that and other ways.

February 10, 2016

IRS suffers another data breach

The IRS revealed that it discovered and stopped an automated cyberattack on its e-filing personal identification number (PIN) system last month.

February 9, 2016

President’s budget proposes many tax changes

In addition to a proposed spending blueprint for the government, President Barack Obama’s proposed FY 2017 federal budget contains a wide variety of tax law changes that would affect individuals and businesses.

February 8, 2016

Additional 2016 inflation adjustments released

The IRS issued inflation adjustments for the Sec. 179 expensing limits, the above-the-line deduction for eligible expenses of educators, and the deductible amount for van pool and transit expenses.

February 8, 2016

Tried-and-true ways to reduce the stress of busy season

Bosses can do many things to reduce pressure on valued staff members.

February 5, 2016

Maximum vehicle values for personal-use vehicles are issued

The IRS issued the 2016 inflation-adjusted amounts for the maximum vehicle values for purposes of determining the amount that is included in employees’ income for personal use of an employer-provided vehicle.

February 4, 2016

IRS restores e-filing services

The IRS’s tax return e-filing system was back in operation Thursday afternoon, a day after a computer hardware failure knocked out it and other IRS system services.

February 1, 2016

How to report clients’ fantasy football winnings

There is little if any authority for the proper reporting on tax returns.

February 1, 2016

Let it snow (but to be sure, use an IRS-approved PDS)

The Tax Court sides with a taxpayer in holding that a snow day extended the time to file a petition.

February 1, 2016

No carryforward of disallowed IRA deduction

Deposits were not ‘excess contributions’ within the meaning of Sec. 219(g), and shifting them to a subsequent year was not otherwise allowable, the Tax Court holds.

February 1, 2016

Committee member awarded for contribution to the Tax Division

Jonathan Horn, CPA, CGMA, who recently became a lead technical manager for the AICPA’s tax staff, received the Tax Division Distinguished Service Award for his extraordinary contributions as a volunteer to the division.

February 1, 2016

Tax ID theft victims may obtain copies of fraudulent returns

In a policy reversal, the IRS will provide redacted copies of returns filed by identity thieves.

February 1, 2016

Line items

TIGTA: Business ID theft needs more attention … FUTA higher in Calif., Conn., Ohio, and Virgin Islands … Mortgage assistance safe harbors are extended

February 1, 2016

Profit shifting: Effectively connected income and financial statement risks

Multinational corporations may face high levels of tax on effectively connected income.

February 1, 2016

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.)

February 1, 2016

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.

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.