Tax news and information - Journal of Accountancy

TOPICS

October 3, 2024

IRS provides Helene relief; AICPA seeks BOI, FBAR filing extensions

The IRS said it was providing disaster relief for individuals and businesses in all or part of seven states. Also, the AICPA sent a letter to FinCEN seeking extensions for BOI and FBAR reports that match the relief that the IRS provides for other filings, both in terms of the extended due dates and geographic scope.

October 1, 2024

Tax planning for the SALT cap

Taxpayers can employ several strategies in the face of limited deductibility of state and local taxes through 2025 and perhaps beyond.

October 1, 2024

Line items

Supreme Court overrules 40-year-old Chevron doctrine … IRS collects $1 billion from high-income people who owed back taxes … Proposed regs. address interest recapture on excess COVID-19 credits … Tax pros: IRS improving, but getting the right answer takes too long … Final regs. issued for 1% excise tax on corporate stock repurchases … IRS issues final regs. on reporting requirements for digital assets

October 1, 2024

Partnership made a valid election into the BBA procedures

The IRS could not require that the taxpayer prove, as opposed to represent, that it had enough assets to pay any imputed underpayment, based on the regulation’s plain text.

October 1, 2024

Lack of facts precludes equitable tolling of 30-day filing deadline

The Tax Court dismissed a taxpayer’s petition due to a missed filing deadline and lack of any facts that would entitle him to equitable tolling of the deadline.

September 26, 2024

ERC supplemental claim process opened for third-party payroll companies

The IRS announced that it will open a supplemental claim process to help third-party payers and their clients resolve incorrect claims for the employee retention credit. The deadline is Nov. 22.

September 23, 2024

IRS increases special per diem rate for business travel

The special per diem rates that a taxpayer uses in travel and business expenses will be higher starting Oct. 1, as provided by the IRS.

September 19, 2024

JofA highlights: Tackling accounting’s talent shortage, ChatGPT tips

The JofA’s editor-in-chief highlights the news, features, and advice that CPAs will find useful in recently published and upcoming issues of the magazine. Listen to the podcast episode or read the transcript.

September 16, 2024

Final regs. issued on consistent-basis and basis-reporting rules

The IRS issued guidance for recipients of property from decedents on the basis-consistency requirement and for executors and others on basis-reporting requirements.

September 13, 2024

Proposed regs. would exclude tribal general welfare benefits from income

The first proposed regulations under Sec. 139E set out the requirements for excluding Indian tribal general welfare benefits from income.

September 12, 2024

Corporate AMT proposed regulations issued; some penalties waived

The IRS issued proposed regulations providing guidance on the corporate alternative minimum tax (AMT) and a notice that waives the penalty for failure to pay estimated tax with respect to the corporate AMT for 2024.

September 6, 2024

IRS seeks comments on SECURE 2.0 saver’s match contributions

Treasury and the IRS issued a notice on saver’s match contributions to be paid by Treasury under provisions of SECURE 2.0.

September 1, 2024

Cryptoasset ‘staking’ challenge dismissed as moot after government’s concession

Sixth Circuit affirms district court’s holding that the taxpayer’s refusal to cash a refund check did not keep the controversy alive in his case.

September 1, 2024

Line items

Supreme Court: Insurance proceeds increase corporation’s estate tax value … 9 months into ERC claim processing moratorium, still a waiting game … National taxpayer advocate: TikTok a difficult adversary for IRS … Expert warns: IRS has what it needs to pursue more audits … Bias possible in IRS program for auditing refundable credit returns … AICPA makes recommendations to IRS on next Priority Guidance Plan

September 1, 2024