Tax news and information - Journal of Accountancy

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August 30, 2024

Fact sheet addresses taxability of crowdfunding distributions

The IRS said that crowdfunding distributions may be included in the gross income of the person receiving them, depending on the facts and circumstances of the distributions.

August 22, 2024

Potential effects of Loper Bright and Corner Post on tax practitioners

An AICPA tax leader explains the potential ramifications of two recent Supreme Court decisions on tax regulation. Listen to the podcast episode or read the Q&A.

August 20, 2024

Employers now have interim guidance on student loans and retirement plans

The IRS provided guidance for sponsors of 401(k) and similar retirement plans that provide matching contributions based on eligible student loan payments made by participating employees.

August 19, 2024

AICPA joins coalition to fight intensifying tax scams, schemes

The Coalition Against Scam and Scheme Threats (CASST), convened at the request of IRS Commissioner Danny Werfel, will work toward having new protections in place by the 2025 filing season.

August 15, 2024

Businesses with dubious ERC claims have another chance with the IRS

The IRS said Thursday it will reopen its voluntary disclosure program to allow businesses to correct questionable claims for the pandemic-era employee retention credit.

August 13, 2024

IRS releases updated draft of Form 1099-DA for digital assets

The most recent draft of the form for reporting digital asset transactions reflects the final regulations for custodial broker reporting that the IRS released in June.

August 12, 2024

FinCEN uses TV ad to tell businesses about BOI

The PSA uses a chat between friends in a coffee shop to educate small businesses about beneficial ownership information reporting, which 32.6 million businesses must file.

August 8, 2024

ERC disallowance letters go to 28K businesses, moratorium adjusted

The IRS moved the moratorium date forward into early 2024. Also, it announced sending disallowance letters to some businesses with invalid claims and plans for payments to others.

August 6, 2024

BOI requirements roll along despite concerns about too little outreach

FinCEN, which oversees beneficial ownership information reports, has received just 2.7 million of the 32.6 million reports that it expects. Through June, FinCEN said, it has reached more than 90,000 stakeholders.

August 5, 2024

Tax practitioner complaint leads to review of advocate phone service

A tax practitioner complained about a six-week wait for a response to help a client with a financial hardship who was owed a refund, leading to the unflattering review by the Treasury Inspector General for Tax Administration.

August 1, 2024

Melancon: Supreme Court decisions are ‘big deal’ for tax pros

Barry Melancon, CPA, CGMA, AICPA & CIMA’s CEO, said the decisions will create uncertainty for a profession that craves certainty.

August 1, 2024

Third Circuit rules taxpayer’s claim is not moot

The IRS’s setoffs of tax prepayments were invalid, the appellate court holds, remanding the case to the Tax Court.

August 1, 2024

Line items

HSA inflation-adjusted maximum contribution amounts for 2025 announced … Foreign trust transactions and large gifts addressed in proposed regs. … Final regs. issued for new, previously owned clean vehicle credits … Practitioner service improvements part of IRS strategic operating plan … Automatic accounting method changes list updated by IRS

August 1, 2024

D.C. Circuit reverses Tax Court on assessment of foreign entity ownership reporting penalties

The penalties under Sec. 6038(b) are administratively assessable by the IRS despite not being so designated, the appellate court holds.

August 1, 2024

What not-for-profits need to know about UBIT

CPAs can help not-for-profits understand what revenue is subject to the unrelated business income tax (UBIT) and navigate the rules surrounding the tax.

August 1, 2024

IRS funding and a potential rise in malpractice claims

The Service’s beefed-up audit capabilities provided under the Inflation Reduction Act focus on large entities and high-income taxpayers, but others may also face more audit risk, also exposing CPA tax preparers to malpractice claims.

July 29, 2024

5 new warning signs of a bad claim for pandemic-era ERC

The IRS said the five signs are the result of what IRS compliance teams found while analyzing and processing claims for the employee retention credit (ERC). The Service plans to briefly reopen its voluntary disclosure program.

July 25, 2024

Funding spurs IRS improvements, but challenges remain, commissioner says

IRS provides fifth quarterly update on transformation efforts, with Commissioner Danny Werfel saying the agency is making “substantial progress.”

July 22, 2024

FinCEN estimates millions of hours will be spent seeking BOI access

Almost 16,000 entities will spend over 8.7 million hours seeking access to beneficial ownership information in the first year, FinCEN estimated in a new notice.

July 18, 2024

Final and proposed regs. issued on retirement plan RMDs

The final regulations reflect changes to the required minimum distribution rules made by the SECURE Act and SECURE 2.0 and generally follow proposed regulations issued in 2022.

FROM THIS MONTH'S ISSUE

Flip out with the latest Tech Q&A

The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.