Tax news and information - Journal of Accountancy

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April 13, 2015

Identifying full-time employees who change jobs within an employer group

The IRS issued guidance under the Patient Protection and Affordable Care Act on how to measure the lookback period for an employee under the lookback measurement method when the measurement period applicable to the employee changes.

April 13, 2015

IRS disagrees with Tax Court on partners’ COD exclusion

The IRS will not acquiesce to Tax Court decisions allowing general partners who guaranteed the debt of their partnership and were not in bankruptcy in their individual capacity to exclude from gross income cancellation-of-debt (COD) income arising from a Title 11 bankruptcy proceeding of the partnership.

April 10, 2015

Wife of anti-tax author sentenced to prison

Doreen Hendrickson, wife of tax protester author Peter Hendrickson, who wrote the antitax book Cracking the Code, has been sentenced to 18 months in prison for criminal contempt after failing to file amended tax returns as ordered by a court and for filing a false return.

March 31, 2015

Qualified performance-based compensation rules are finalized

The Internal Revenue Code provides an exception for certain performance-based compensation from the $1 million deduction limitation for compensation paid to covered employees by publicly held corporations.

March 30, 2015

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

Generally, the IRS has three years from the later of the date the return was filed or the original due date of the return to assess tax.

March 27, 2015

Former partner liable for trust fund penalty

A taxpayer couldn’t prove his CPA had responded to an IRS letter assessing the 100% penalty for failure to pay payroll tax.

March 20, 2015

AICPA asks IRS for portability relief for surviving spouses

The AICPA sent a letter to the IRS on recommending ways to make it easier for surviving spouses to elect portability of the deceased spouse’s unused estate tax exemption.

March 17, 2015

Wraparound coverage must meet five requirements to qualify as an excepted benefit

The government issued final rules explaining the requirements that must be met before so-called wraparound health care benefits are permitted under the health care law.

March 16, 2015

Treasury will not have to tell PTIN holders that they are under investigation

The new rules aim to prevent PTIN holders who are under investigation from learning that they have been identified as suspects or are the subject of an investigation.

March 12, 2015

Final regulations amend broker basis reporting requirements

The IRS issued final and temporary regulations that clarify and simplify rules regarding broker basis reporting issued in 2013.

March 10, 2015

Sec. 529A ABLE accounts may be set up before the IRS issues guidance

The IRS announced that state ABLE programs that are established before the Service issues guidance under Sec. 529A will be deemed to comply with the rules when they are issued.

March 10, 2015

Long-haul truck driver has no tax home

A long-haul truck driver who spent 358 days on the road during 2009 did not have a tax home that would permit him to deduct his travel expenses as unreimbursed business expenses.

March 4, 2015

IRS considering free e-filing for employment tax returns

The IRS asked for comments on a proposal to establish a free e-filing program for employment tax returns in an attempt to increase electronic filing of these returns by businesses.

March 3, 2015

IRS proposes new slot machine tax rules

Under the safe harbor, gamblers complying with the rules would be permitted to net gains and losses from all slot machine play on the same calendar day at one gambling establishment.

March 3, 2015

Supreme Court holds trade association can challenge Colorado’s Amazon law

The U.S. Supreme Court held that federal law does not prevent a trade association from suing Colorado to prevent enforcement of a law that requires out-of-state retailers to report sales to Colorado purchasers.

March 1, 2015

AICPA’s revised confidentiality rule and Sec. 7216

The recently revised AICPA Code of Professional Conduct includes a new Confidential Client Information Rule under Section 1.700.001, which expands the guidance on maintaining the confidentiality of client information.

March 1, 2015

Dependency rules can trip up taxpayers

A recent Tax Court case illustrates the problems taxpayers can face if they do not strictly adhere to the rules regarding dependents.

March 1, 2015

OIC and trust fund recovery mediation now available nationwide

Rev. Proc. 2014-63, issued in December, provides rules for a nationwide implementation of post-Appeals mediation for offer-in-compromise (OIC) and trust fund recovery penalty cases.

March 1, 2015

Minimum essential coverage, other health care reform guidance issued

The IRS lists “individual mandate” exemptions not requiring a certificate from a health insurance exchange.

March 1, 2015

Standard mileage rates for 2015

The IRS gave 2015 standard mileage rates for calculating the deductible costs of operating a vehicle.

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.