Tax news and information - Journal of Accountancy

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February 13, 2015

Small businesses won’t have to file Form 3115 to comply with repair regs.

Small business taxpayers will be allowed to make certain accounting method changes under the tangible property (or “repair”) regulations without filing Form 3115, Application for Change in Accounting Method, the IRS announced.

February 13, 2015

FASB, AICPA working to clarify uncertain tax position guidance

The staffs of the Financial Accounting Standards Board and the AICPA will work together to clarify guidance for certain disclosures regarding uncertain tax positions.

February 10, 2015

Most outstanding claims for FICA tax refunds will be denied, IRS announces

The IRS announced that it would disallow all claims for refund that were filed for Federal Insurance Contributions Act taxes withheld on severance payments in light of the Supreme Court’s decision in Quality Stores, Inc., that those payments were subject to tax.

February 9, 2015

Final rules govern foreign tax credit splitter arrangements

The IRS finalized temporary regulations issued in 2012, called anti-splitter rules because they aim to prevent foreign income from being inappropriately split from foreign tax in calculating the foreign tax credit.

February 6, 2015

IRS issues revised 2014 and 2015 passenger automobile depreciation limits

The IRS issued new figures for depreciation deductions allowed for business use of passenger automobiles for 2014 to take into account the 50% additional depreciation that can be taken for vehicles during the 2014 tax year.

February 6, 2015

2015’s dirty dozen tax scams

The IRS released its “dirty dozen” list of top tax scams for 2015, starting with phone scams and ending with frivolous tax arguments.

February 2, 2015

FASB proposes two changes to simplify accounting for income taxes

FASB proposed two standards changes that are designed to reduce complexity in accounting for income taxes.

February 1, 2015

Kiddie tax complexity grows

Complexity begins with the option for parents to “simplify” matters by allowing them to include the child’s income on the parents’ own return instead of filing a separate return for the child.

February 1, 2015

Michael K. Syracuse, CPA

A conversation with Michael K. Syracuse, CPA, CFO, Harlem Globetrotters International.

February 1, 2015

Gross income omissions and the 6-year tax assessment period

How taxpayers can guard against doubling the statute-of-limitation period for the IRS to assess tax.

February 1, 2015

Ebola relief qualifies for leave-based donations

The IRS provided guidance on leave-based donation payments aiding victims of the Ebola outbreak.

February 1, 2015

Merger of family businesses results in gift tax

The Tax Court held that a merger of a family’s two businesses resulted in a $29.6 million transfer from the parents to their three sons and a gift tax deficiency. However, the court denied failure-to-file penalties on the gift due to the taxpayers’ reliance on a “competent professional.”

February 1, 2015