Tax news and information - Journal of Accountancy

TOPICS

July 15, 2015

National taxpayer advocate: IRS falling down on the job of helping identity theft victims

Fewer than 10% of callers to the IRS’s phone line for victims of identity theft got through to an IRS assistor during some of the busiest weeks of tax season.

July 13, 2015

Emerging tax issues cause due-diligence problems

Speaking at an IRS Nationwide Forum in Fort Washington, Md., the deputy director of the IRS Office of Professional Responsibility warned practitioners that they should exercise due diligence when advising clients on emerging tax issues.

July 9, 2015

Defined benefit plans to be prohibited from replacing annuities with lump-sum payments

The IRS announced that it would amend its regulations under Sec. 401(a)(9) to provide that qualified defined benefit plans cannot replace any joint and survivor, single life, or other annuity currently being paid, with a lump-sum payment or other accelerated distribution.

July 1, 2015

Documentation is your ally for tax and other services

Practitioners can benefit from documenting their advice in accordance with Circular 230 and the SSTSs.

July 1, 2015

Managing IRS authorizations

These tools are essential to interact with the IRS on clients’ behalf.

July 1, 2015

Treatment of CHIP buy-in programs clarified

Taxpayers will be ineligible for premium assistance credits only for periods they are enrolled in a CHIP buy-in program that has been designated as minimum essential coverage.

July 1, 2015

IRS to limit refunds and credits of foreign withholding payments

Refunds of tax withheld under chapters 3 and 4 will be limited to the amounts actually deposited.

July 1, 2015

Criminal investigations down in staffing and investigations

The number of new IRS criminal investigations fell markedly in fiscal 2014 from the year before, the Service’s Criminal Investigation Division reported.

July 1, 2015

Final regs. provide rules for assessment limitation period for undisclosed listed transactions

Coordination with the general limitation period for assessment and the effect of information furnished by a material adviser are among the points addressed.

July 1, 2015

Tax treatment of employer-provided meals and lodging

The line between exempt fringe benefit and taxable compensation features some surprising twists in this enduring source of tax controversy.

July 1, 2015

Qualified performance-based compensation rules are finalized

Regs. clarify the per-employee limitation and transition rule for compensation paid before a corporation becomes publicly held.

July 1, 2015

Financing for college with the Uniform Transfers to Minors Act

Build a fund for higher education with this often overlooked resource.

July 1, 2015

Filing within 60 days before the assessment period ends

A special rule gives the IRS an extra 60 days to assess tax.

July 1, 2015

Hold that line

The number of taxpayer phone calls answered by the IRS dropped significantly during the 2015 tax season from the previous year, and call wait times were up, according to an interim report by the Treasury Inspector General for Tax Administration.

July 1, 2015

Transfer taxes: 5 questions to ask clients with international ties

Planning to lessen estate, gift, and generation-skipping transfer taxes increasingly requires considering clients’ foreign connections.

July 1, 2015

Court rejects ‘in-substance’ small-partnership argument

A partnership with a passthrough partner owning a 0.02% partnership interest is ineligible for the small partnership exception under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA).

June 29, 2015

Notice clarifies provider list rules for charitable hospital financial assistance policies

The IRS issued a notice that clarifies how a charitable hospital organization may comply with the requirement to include a provider list in its financial assistance policy.

June 25, 2015

Congress makes changes to tax code in trade preferences act

The bill modifies the Sec. 35 health coverage tax credit and the Sec. 24 child tax credit, requires payee statements for the education credits, changes the time for payment of certain corporate estimated taxes, and increases information return and payee statement penalties.

June 25, 2015

Supreme Court upholds health insurance subsidies in federal exchanges

In a 6–3 decision, the U.S. Supreme Court held that Sec. 36B premium tax credits are available to taxpayers who purchase health insurance on exchanges run by the federal government under the Patient Protection and Affordable Care Act.

June 19, 2015

Proposed rules for ABLE accounts for the disabled are issued

Proposed regulations under Sec. 529A were issued providing guidance on ABLE accounts, special tax-favored accounts designed to help disabled individuals and their families save for and pay disability related expenses.

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.