Tax news and information - Journal of Accountancy

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October 29, 2015

PTIN user fee will be lowered

The IRS issued regulations lowering the fee for PTINs, effective for the coming filing season, from $50 to $33, effective Nov. 1, 2015.

October 22, 2015

Tax regulations to be amended to reflect Obergefell and Windsor decisions

The IRS announced that it will amend the definitions of “spouse,” “husband and wife,” and “marriage” in regulations to reflect the Supreme Court’s holdings in Obergefell and Windsor.

October 22, 2015

IRS issues 2016 pension contribution limits

Because of low inflation this year, many limits remain unchanged, but some are increasing.

October 21, 2015

IRS issues 2016 inflation adjustments and tax tables

The IRS issued the annual inflation adjustments for 2016 for more than 50 tax provisions as well as the 2016 tax rate tables for individuals and estates and trusts.

October 20, 2015

IRS announces progress in collaborative fight against tax return identity theft

Six months after announcing it was partnering with state tax authorities, tax preparation companies, and other interested parties, the IRS said it is making progress in the collaborative effort to fight identity theft.

October 19, 2015

Why new tax return due date changes are important

This article examines why the tax return due date change was needed and what it means for practitioners.

October 15, 2015

2016 Social Security wage base is released

The good news for workers is that there will also be no increase in the amount of wages subject to Social Security taxes (old age, survivor, and disability insurance).

October 7, 2015

IRS gives South Carolina flood victims tax relief

The IRS announced that taxpayers who live or have a business in the South Carolina counties that have been declared disaster areas will have extra time to file their returns and pay any taxes owed.

October 5, 2015

The IRS digital-first future needs to start now

The IRS is struggling with how to become more efficient and serve taxpayers with lower levels of staffing and an outdated, manual service model.

October 1, 2015

Benefits of an employee stock ownership plan in succession planning

Practitioners should be aware of the many advantages of using an ESOP when a business owner is near retirement.

October 1, 2015

GASB requiring new government tax incentive disclosures

The standard aims to provide more information for financial statement users.

October 1, 2015

D.C. Circuit confirms Tax Court’s jurisdiction in son-of-boss case

The court will determine the partners’ accuracy-related penalties in a partnership proceeding.

October 1, 2015

PTO and constructive receipt

Paid-time-off plans can create problems with the timing of, and cross-year accounting for, payroll tax liabilities.

October 1, 2015

Estimated tax issues for divorcing couples

Problems can arise when taxpayers try to properly allocate estimated tax payments.

October 1, 2015

Regs. direct where to file refund claims

The rules apply to claims for credit or refund filed on or after July 24, 2015.

October 1, 2015

Property-related litigation costs held includible in home office deduction

The IRS failed to show that combating ‘running wild’ dogs, mold, and noise was exclusively a personal expense.

October 1, 2015

Crowdfunding and income taxes

See how to address this increasingly common source of income with tax clients.

October 1, 2015

Substance-over-form doctrine used to nix growth within Roth IRAs

Purported DISC commissions paid to Roth IRAs as owners of a holding company are recharacterized as dividends to shareholders and excess contributions.

October 1, 2015

IRS will no longer require additional Sec. 83(b) election statement with return

To facilitate e-filing, the IRS proposed to amend Regs. Sec. 1.83-2(c) to eliminate its requirement that taxpayers making a Sec. 83(b) election file a copy of the election statement with their tax return for the year of the transfer of property for which the election is made.

October 1, 2015

Return due dates changed

Tax provisions in the highway funding act also overturn the Supreme Court’s Home Concrete holding that an overstatement of basis does not cause a substantial omission of gross income triggering the extended six-year statute of limitation for assessment.