Tax news and information - Journal of Accountancy

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December 22, 2015

Proposed regulations outline country-by-country reporting requirements

The much-anticipated rules, under which the US would adopt the Organisation for Economic Co-operation and Development’s country-by-country reporting regime, would require reporting by multinational enterprise groups with revenue of $850 million or more in the prior annual accounting period.

December 18, 2015

Congress passes extender and other tax legislation

The omnibus spending bill passed by Congress on Friday, which extends a long list of expired tax provisions, also contains a large number of other tax items.

December 17, 2015

Standard mileage rates will go down in 2016

The IRS issued the standard mileage rates for business use of an automobile and for driving for medical or moving purposes for 2016.

December 16, 2015

Tax extender legislation introduced in Congress

The Consolidated Appropriations Act introduced in Congress on Wednesday would extend a large number of expired tax provisions.

December 14, 2015

Tell your client to hang up on the ‘IRS’

But when the “IRS” calls your client, it probably isn’t really the IRS.

December 7, 2015

Criminal tax prosecutions run the gamut

In its annual business report for 2015, the IRS’s Criminal Investigation division discussed notable criminal tax prosecutions.

December 4, 2015

Bill with passport and third-party tax collection provisions passes Congress

The highway funding bill passed by Congress includes provisions that will allow the government to revoke the passports of seriously delinquent tax debtors and will require the IRS to use third-party debt collectors.

December 1, 2015

Gain recognized from repossession of principal residence

The repossession of a taxpayer’s former principal residence more than one year after its sale triggered the recognition of previously excluded gain.

December 1, 2015

New tax on expatriates’ gifts and bequests gets prop. regs.

The highest gift or estate tax rate applies after the gift tax annual exclusion amount; the marital deduction and QTIPs are among the possible exclusions.

December 1, 2015

Business tax quick guide—tax year 2015

Download and print this quick guide PDF for use during tax season and look for our quick guide for individual taxpayers in the January 2016 issue.

December 1, 2015

IRS to implement donee reporting for charities

The Service issues prop. regs. and will develop a new information return.

December 1, 2015

Line items

Per-diem rates issued for 2015–2016 travel The IRS issued its annual update (Notice 2015-63) of per-diem rates for substantiating certain business expenses taxpayers incur when traveling away from home on or after Oct. 1, 2015. The per-diem rate for the incidental-expenses-only deduction remains unchanged at $5 per day for any

December 1, 2015

Businesses and tax ID theft

Businesses may need CPAs’ help in protecting against and remedying tax-related identity theft.

December 1, 2015

Employer health care information-reporting requirements start soon

Large employers face a strict reporting regime under health care reform.

December 1, 2015

Tax Court determines value of remainder interest of a NIMCRUT

The remainder interest must be calculated assuming annual distribution amounts equal to the greater of 5% or the fixed percentage stated in the trust instrument.

November 24, 2015

Safe harbor for purchases of de minimis tangible property will be raised

The IRS announced that is raising the current de minimis limit for deducting expenses for purchases of items of tangible property from $500 to $2,500 for taxpayers without applicable financial statements.

November 24, 2015

IRS warns practitioners of an e-Services phishing scam

The IRS issued a QuickAlert to tax practitioners, warning of a phishing scam that is attempting to capture practitioners’ e-Services usernames and passwords.

November 20, 2015

New corporate anti-inversion rules issued

the IRS announced additional rules designed to curtail the ability of an inverted company to access foreign subsidiaries’ earnings without paying U.S. tax.

November 19, 2015

Proposed regulations provide more detailed rules governing innocent spouse relief

Among the changes are expanded rules on when the requesting spouse can be relieved of liability for penalties and interest.

November 13, 2015

Tax ID theft victims may obtain copies of fraudulent returns

In a change of policy, the IRS announced procedures for victims of tax ID theft or their authorized representative to request copies of bogus returns filed by identity thieves.

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.