Tax news and information - Journal of Accountancy

TOPICS

September 15, 2015

AICPA expresses concerns about tax return preparer legislation

The proposed grant of authority to the IRS to regulate all aspects of tax practice is overly broad, the AICPA said in a letter to the Senate Finance Committee.

September 9, 2015

Proposed rules govern taxation of gifts and bequests from covered expatriates

Proposed regulations under Sec. 2801 would impose a transfer tax on gifts or bequests from covered expatriates made on or after June 17, 2008.

September 1, 2015

Employer health plans must cover inpatient hospital and physician services

The IRS added a requirement that employer-sponsored health plan benefits must include substantial coverage of inpatient hospital and physician services for the plan to count as providing minimum value.

September 1, 2015

Head-of-household return may be amended to married filing jointly after a petition to Tax Court

An appellate decision overturns the Tax Court on meaning of ‘separate return.’

September 1, 2015

Health reform prohibits most reimbursement plans

Transition relief continues through 2015 for S corporation 2% shareholder-employees, but stand-alone health reimbursement arrangements and employer payment plans can be subject to penalties.

September 1, 2015

ABLE accounts get prop. regs.

The IRS issued proposed regulations providing guidance on Sec. 529A ABLE (Achieving a Better Life Experience) tax-advantaged savings accounts benefiting young blind or disabled individuals.

September 1, 2015

2015 tax software survey

Thousands of CPAs assess the features and performance of their income tax preparation software as well as, for the first time, their software for estate and gift taxes.

September 1, 2015

Tax Court to reconsider its previous denial of stockholders’ transferee liability

Ninth Circuit remands a case for analysis of a stock sale’s economic substance.

September 1, 2015

Auto dealer stumbles on LIFO termination reversal

An initial change in inventory method is allowed despite a failed automatic consent attempt, but a change back to the original method is disallowed.

September 1, 2015

IRS issues final portability rules for estate tax exemptions

No short-form option is provided; regulatory time extension is allowed only for estates valued below the filing threshold.

September 1, 2015

Deducting tickets to sporting events

For an employer to claim a deduction, an employee must engage in a bona fide business transaction during the event on behalf of the employer and meet several other requirements.

September 1, 2015

Whistleblowers’ claims not untimely, Tax Court holds

The IRS Whistleblower Office does not have exclusive authority to investigate, the court says.

September 1, 2015

Trade act includes tax provisions

The Sec. 35 health coverage tax credit is extended and modified, and the Sec. 24 child tax credit is disallowed for taxpayers excluding foreign earned income.

September 1, 2015

Employment tax returns lag in e-filing

A low e-filing rate for employment tax returns in the Form 94x series is the biggest obstacle to achieving the goal of 80% electronic filing of all major types of tax returns.

September 1, 2015

Resolving the theft of tax clients’ identity

CPAs in tax practice have seen an increase in identity theft. Here are some tips for dealing
with this vexing problem.

August 31, 2015

How to help clients pick the best entity for their business

Clients may not know how a structuring their company can affect them down the road.

August 21, 2015

IRS announces delayed due date for new estate basis reporting rules

The IRS issued guidance delaying the due date for compliance with the recently enacted rules that require consistent basis reporting between an estate and anyone acquiring property from the estate.

August 17, 2015

Get Transcript data breach more than three times as big, IRS announces

The IRS alerted the public that an additional 220,000 taxpayers had their tax return information compromised in the Get Transcript database breach it announced in May.

August 14, 2015

New law imposes immediate estate basis and reporting requirements

The highway funding bill made changes to the Internal Revenue Code that affect estates and beneficiaries, including new reporting rules.

August 13, 2015

Identity theft protection services provided after a data breach are not taxable

The announcement applies to anyone whose personal information may have been compromised in a data breach, including customers, employees, and others.

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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.