Tax news and information - Journal of Accountancy

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January 23, 2015

Charter schools can participate in government retirement plans

The IRS announced that it will develop regulations that would permit a state or local retirement system that qualifies as a governmental plan to cover employees of charter schools.

January 20, 2015

Details of the president’s State of the Union tax proposals

The president aims to increase capital gains taxes for higher-income taxpayers in order to pay for various education, child care, and retirement benefits for middle-income taxpayers.

January 20, 2015

Proposed rules would govern Sec. 41 credit for software

The IRS issued proposed rules to provide guidance on what types of internal-use software qualify for the Sec. 41 research credit, an area of considerable controversy over the years.

January 16, 2015

IRS updates accounting method change procedures

The new rules apply to automatic and nonautomatic accounting method changes and include a list of automatic changes that do not require IRS consent.

January 13, 2015

Budget cuts may force IRS furlough days again

The IRS warned its employees that budget cuts may require it to furlough employees for two days sometime during this fiscal year.

January 12, 2015

AICPA provides feedback on tax reform proposals

The AICPA urged Rep. Paul Ryan, the new chair of the House Ways and Means Committee, to follow the AICPA’s principles of good tax policy to guide tax reform.

January 8, 2015

Government to reach out, provide resources to ease health care tax filing burden

The government announced today that, in the next few weeks, it will introduce “consumer-friendly” resources for taxpayers to use to comply with the new rules.

January 8, 2015

IRS issues procedures for reinstated transit benefits parity

As part of the Tax Increase Prevention Act of 2014, Congress retroactively reinstated the parity between transportation benefits for parking and for transit passes and vanpools to the beginning of 2014.

January 5, 2015

Getting into the swing of tax season

The 2015 tax filing season could be delayed and features several new health carerelated provisions for 2014 returns. Plus: The JofA’s annual Quick Guide, a printable card that contains dollar thresholds, tax tables, standard amounts, credits, and deductions to keep at your fingertips during tax season.

January 5, 2015

IRS: Tax season to start on time

The IRS announced that it will begin accepting e-filed and paper tax returns on time this filing season. The late passage of tax extender legislation had threatened to delay the start of tax season.

January 1, 2015

TIGTA: Process for complaints against preparers is too slow

The Treasury Inspector General for Tax Administration said in Rep’t No. 2014-40-056 that its audit indicated the IRS does not timely process complaints it receives against tax return preparers.

January 1, 2015

AICPA: Repair regulations’ de minimis safe harbor is set too low

The Institute asks the IRS for an increase in the threshold.

January 1, 2015

Streamlined offshore compliance procedures updated

Changes apply to taxpayers whose violations are nonwillful.

January 1, 2015

Notice defines terms for economic substance doctrine

“Similar rule of law” is limited to the same factors and analysis as under the codified economic substance doctrine for an accuracy-related penalty.

January 1, 2015

Canadian retirement plan beneficiaries get relief

Under the U.S.-Canada tax convention, beneficiaries in an arrangement exempt from taxation by Canada and operated exclusively to provide pension or employee benefits may defer U.S. recognition of income accrued in the plan but undistributed. A recently issued revenue procedure (Rev. Proc. 2014-55) provides new procedures for making this election,

January 1, 2015