Tax news and information - Journal of Accountancy

TOPICS

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.

November 3, 2015

Demanding tax season likely ahead, IRS commissioner tells AICPA

IRS Commissioner John Koskinen told the AICPA that continuing cuts to the agency’s budget mean less enforcement revenue and continued challenges in properly serving taxpayers’ and practitioners’ needs during the crush of tax season.

November 2, 2015

Lower tax rates, territorial regime are still priorities, former Ways & Means chair tells AICPA

Former Rep. Dave Camp highlighted for the AICPA the key issues that should remain a major focus of broader tax reform efforts.

November 2, 2015

Here’s how to fix problems caused by late and amended Forms 1099

Brokerage firms’ practice of issuing late and amended Forms 1099 is causing many taxpayers provide data to preparers later than in prior years to avoid having to file amended returns

November 1, 2015

IRS proposes rule updates and clarifications to penalty for nondisclosure of reportable transactions

Changes conform with amendments to Sec. 6707A made by the Small Business Jobs Act.

November 1, 2015

Institute names new director of taxation

Cari Weston, CPA, CGMA, former AICPA senior technical manager of taxation, was promoted to director of taxation for the Institute.

November 1, 2015

Mortgage debt limit applied per taxpayer

The debt limitation for the home mortgage interest deduction should be calculated on a per-taxpayer basis rather than a per-residence basis, the Ninth Circuit holds.

November 1, 2015

Court affirms FBAR penalties while faulting IRS’s conduct in assessing them

The IRS’s administration of FBAR penalties for nonwillful failure to file was arbitrary and capricious under the APA.

November 1, 2015

Startup costs: Book vs. tax treatment

CPAs should understand how to handle startup and organization costs and, especially, how they are treated differently for book and tax purposes.

November 1, 2015

ABLE: A tax planning tool for people with disabilities

The new accounts offer valuable tax planning opportunities.

November 1, 2015

Converting from C to S corp. may be costlier than you think

Gift or estate valuation of interests may be significantly higher, incurring more tax.

November 1, 2015

IRS ends automatic extensions for Forms W-2

Allowing only nonautomatic extensions is intended to help deter fraudulent returns using stolen taxpayer identities.

November 1, 2015

Final regulations prevent manipulation of trust uniform basis rules to avoid gain

Basis in a sold or disposed CRT term interest is based on an allocation of the trust’s adjusted uniform basis.

November 1, 2015

Line items

New estate basis reporting postponed … ID protection services nontaxable Tuition … statement TIN penalties waived

November 1, 2015

Advantages of the Up-C partnership structure

This tax planning tool can significantly increase the ultimate proceeds realized by the legacy partners upon exiting their investment in an operating partnership.

October 30, 2015

Congress makes changes to partnership audit and adjustment rules

The new rules would apply to partnership returns filed for tax years beginning after Dec. 31, 2017.

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.