Tax news and information - Journal of Accountancy

TOPICS

February 1, 2016

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.

February 1, 2016

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.

January 20, 2016

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.

January 19, 2016

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.

January 12, 2016

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.

January 7, 2016

Controversial charitable donation rules withdrawn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.

January 6, 2016

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.

January 4, 2016

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.

January 1, 2016

No FICA refund after employer’s bankruptcy

Determining the present value of nonqualified deferred compensation need not consider the employer’s financial condition.

January 1, 2016

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.

January 1, 2016

Line items

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

January 1, 2016

Missing signature means return is invalid

A joint federal income tax return unsigned by one spouse was not a valid tax return.

January 1, 2016

A day late, a dollar short

An otherwise “innocent spouse” could still be liable for penalties and interest.

January 1, 2016

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.

January 1, 2016

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.

January 1, 2016

How to avoid the 10% additional tax on early retirement distributions

Exceptions to the 10% tax for early withdrawals from retirement plans help clients save more for retirement while giving them access to much-needed cash for expenses such as home purchases, medical bills, college tuition, and others.

January 1, 2016

Resolving IRS disputes through audit reconsideration

Taxpayers may be able to apply for a “rework” of a previous audit.

January 1, 2016

Congress changes partnership audit and adjustment rules

TEFRA and electing large partnership rules are repealed.

January 1, 2016

Tax Court allows discount for assumption of estate taxes

A net gift calculation is accepted under the willing buyer/seller test.

January 1, 2016

Tax return preparation: Outsource your grunt work

Check out GruntWorx’s Organize and Populate products, which organize your client’s tax documents and enter the data into your tax preparation software automatically.

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.