Tax news and information - Journal of Accountancy

TOPICS

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

Final regs. prescribe E&P treatment in corporate reorganizations

New rules under Sec. 381 change which corporation succeeds to the tax attributes, including the earnings and profits (E&P), of the transferor or distributor corporation in certain acquisitions.

February 1, 2015

Thompson receives highest AICPA honor in tax

Patricia A. Thompson received the 2014 Arthur J. Dixon Memorial Award, the highest honor bestowed by the accounting profession in the area of taxation.

February 1, 2015

What to do when your client receives a summons

This column addresses summonses when issued in taxpayer examinations and is not designed or intended to be a full articulation of the significant legal implications of a summons or its enforcement.

February 1, 2015

IRS realigns compliance operations

The IRS in November completed reorganization of its compliance operations serving individual and small business taxpayers.

February 1, 2015

Expired tax provisions extended for 2014

Congress acted at the end of its lame-duck session to retroactively extend a host of expired tax provisions affecting the 2015 filing season.

February 1, 2015

IRS fills in details of one-a-year IRA rollover rule

Under transition relief, the Bobrow aggregation rule disregards certain distributions occurring in 2014.

February 1, 2015

Affiliated group with QPSC allowed graduated tax rates

Regulations do not support the IRS’s “two baskets” approach of separating qualified personal service corporation income, the Tax Court holds.

February 1, 2015

FAQs on additional Medicare tax updated

The IRS provided additional guidance on the 0.9% additional Medicare payroll tax by updating two frequently asked questions (FAQs) on its webpage.

February 1, 2015

Seventh Circuit denies plaintiffs’ standing to challenge parsonage allowance

Group’s leaders did not claim the income exemption. Finding the plaintiffs lacked standing, the Seventh Circuit vacated a district court’s holding that the Sec. 107(2) “parsonage” rental allowance income exclusion for ministers violates the Constitution and remanded the case with instructions to dismiss it for lack of jurisdiction. Facts: Freedom

February 1, 2015