Tax news and information - Journal of Accountancy

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November 26, 2024

IRS again delays effective date of $600 threshold for Form 1099-K reporting

The delay, the third by the IRS for Form 1099-K reporting for third-party settlement organizations, will treat 2024 and 2025 as transition years.

November 22, 2024

ERC claims withdrawal process extended for third-party payers

The IRS said the new deadline to file under the consolidated employee retention credit claims process is Dec. 31. The previous deadline was Friday.

November 21, 2024

2025 tax preview: Perspective from an AICPA tax policy advocate

An AICPA tax leader explains advocacy efforts related to beneficial ownership information reporting and discusses the potential extension of the Tax Cuts and Jobs Act. Listen to the episode or read the Q&A.

November 21, 2024

IRS will accept duplicate dependent returns submitted with an IP PIN

Beginning with the 2025 filing season, the IRS will accept Forms 1040, 1040-NR and 1040-SS even if a dependent has already been claimed on a previously filed return if the primary taxpayer on the second return includes a valid identity protection personal identification number.

November 13, 2024

AICPA to Congress: Delay needed in BOI reporting deadline

Without a delay, “millions of small business owners become accidentally and unknowingly delinquent in their compliance,” reads the letter, signed by CEO Barry Melancon, CPA, CGMA.

November 12, 2024

Taxpayer advocate: Unprocessed ERC claims could total 1 million at year end

National Taxpayer Advocate Erin Collins told the AICPA & CIMA National Tax Conference that the number of unprocessed employee retention credit claims will grow before the final filing deadline in April.

November 11, 2024

CRFB leader: Tax policy may not be a Trump administration high priority

The head of the nonpartisan Committee for a Responsible Federal Budget told the AICPA & CIMA National Tax Conference that extending the Tax Cuts and Jobs Act would add $5 trillion to the national debt.

November 8, 2024

BOI update: 6.5 million of 32 million reports filed so far

FinCEN official says the reports “track more closely” with businesses created in 2024, which have a tighter deadline to file than businesses created earlier.

November 4, 2024

Final regs. modernize process for sale of taxpayers’ property

The regulations under Sec. 6335, which had not changed substantially since they were first issued in 1954, did not reflect modern electronic methods of submitting bids and accepting payment from bidders.

November 1, 2024

Inflation adjustments to retirement account limits issued for 2025

The IRS announced inflation-adjusted limits on benefits and contributions for various retirement accounts on Friday, including maximum contribution amounts for 401(k) plans and traditional and Roth IRAs.

November 1, 2024

Fraudsters get $47 million from practitioner priority service line scheme

The losses occurred over an eight-month period ending in April, according to a report from the Treasury Inspector General for Tax Administration.

November 1, 2024

GAO recommends improvements to IRS’s private debt collection program

A U.S. Government Accountability Office report highlights a need for enforcement equity assessment and better taxpayer communication.

November 1, 2024

Line items

IRS releases updated draft of Form 1099-DA for digital assets … ERC disallowance letters go to 28K businesses, moratorium adjusted … Tax practitioner complaint leads to review of advocate phone service … Melancon: Supreme Court decisions are ‘big deal’ for tax pros … 5 new warning signs of a bad claim for pandemic-era ERC … 5 new warning signs of a bad claim for pandemic-era ERC … Funding spurs IRS improvements, but challenges remain, commissioner says

November 1, 2024

Missed due dates: Diligence and the lurking danger

The IRS’s increased enforcement efforts come at a time when claims related to late or missed filings are increasing. A docket system can help avoid these errors, but it can’t do it alone. It needs your diligence.

November 1, 2024

NIL organization denied tax-exempt status

Compensating student-athletes for their name, image, and likeness does not serve an exempt purpose, the IRS again rules.

November 1, 2024

New and enhanced energy tax credits for individuals

Help clients save money on green vehicles and home energy upgrades.

November 1, 2024

The IRS did not abuse its discretion in sustaining levy

The taxpayer did not challenge her tax liability in a CDP hearing, the Tax Court holds.

October 30, 2024

BOI reporting deadlines extended for certain victims of 5 hurricanes

The AICPA had requested that the Financial Crimes Enforcement Network extend reporting deadlines for beneficial ownership information for victims of hurricanes Beryl, Debby, Francine, Helene, and Milton.

October 29, 2024

IRS to end automatic penalties for late filing of foreign gift, bequest forms

National Taxpayer Advocate Erin Collins discussed the changes in a recent blog post. The changes have been long advocated by the AICPA.

October 22, 2024

Annual inflation adjustments announced for tax year 2025

The IRS on Tuesday provided its annual inflation adjustments for over 60 tax provisions in tax year 2025, including increases in the standard deduction for married couples and single individuals.

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.