Tax news and information - Journal of Accountancy

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December 1, 2023

End-of-year financial and tax considerations

With 2023 coming to a close, the time is now for clients to take stock of opportunities to reduce their taxable income and plan for their financial future.

December 1, 2023

Line items

ERC abuse brings renewed push for regulation of paid tax preparers … ‘Tsunami’ of ERC claims required IRS action to halt fraud, experts say … IRS to set up new work unit to focus on complex passthrough entities … FinCEN posts guide to help small businesses with BOI reporting

December 1, 2023

The home mortgage interest deduction under the TCJA

How does the Tax Cuts and Jobs Act’s temporarily lower home acquisition indebtedness limit affect homeownership decisions?

December 1, 2023

Digital asset upgrade does not result in income realization

The protocol upgrade was not an accession to wealth, the Office of Chief Counsel advises.

December 1, 2023

IRS and Security Summit urge tax pros to protect clients and themselves

Perennial campaign focuses on security of taxpayer data, including in practitioners’ records and systems.

December 1, 2023

Citing rampant ‘scams,’ IRS imposes ERC moratorium

Earlier guidance clarifies that most supply chain disruptions do not result in eligibility for the employee retention credit.

November 30, 2023

Hear all about it: What’s in the December JofA

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

November 29, 2023

FinCEN extends BOI reports deadline for certain companies

Treasury’s Financial Crimes Enforcement Network extended the deadline to file beneficial ownership information reports from 30 days to 90 days for companies created or registered in 2024.

November 27, 2023

IRS surveys tax professionals to help it improve services

The IRS said the voluntary phone survey will take about 20 minutes and will cover topics including e-filing, due diligence requirements, data security, and electronic document submission.

November 21, 2023

Lower Form 1099-K threshold delayed again

The IRS said Tuesday that it will once again delay of the application of the Form 1099-K $600 reporting threshold. And, for 2024, it is setting the threshold at $5,000.

November 17, 2023

Prop. regs. issued on conservation easement deduction disallowance

The IRS on Friday issued proposed regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.

November 16, 2023

AICPA adopts revised tax standards

AICPA members should be aware that the AICPA has adopted revised Statements on Standards for Tax Services (SSTSs). The new standards are effective Jan. 1, 2024.

November 15, 2023

Proposed crypto regs. define ‘broker’ too broadly, industry says

The proposed regulations on digital asset reporting stretch the meaning of broker ‘beyond the breaking point,’ IRS and Treasury officials are told at public hearing.

November 14, 2023

Werfel: IRS must move quickly to show what a well-funded agency can do

While the Inflation Reduction Act provides a 10-year window for spending billions of dollars, the IRS is under pressure to prove that it can change and improve, commissioner Danny Werfel says at AICPA tax conference.

November 9, 2023

IRS announces annual inflation adjustments for tax year 2024

The adjustments cover over 60 tax provisions and generally apply to tax returns that will be filed in 2025.

November 8, 2023

FinCEN will allow use of identifier in beneficial ownership reporting

Treasury’s Financial Crimes Enforcement Network (FinCEN) made changes to its beneficial ownership information reporting rule in response to comments to a proposed rule.

November 2, 2023

Inflation adjustments to retirement account limits issued for 2024

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

November 1, 2023

Line items

Moratorium imposed on new ERC claim processing to curb abuse … Guidance issued on applicability and calculation of new corporate AMT … Long-awaited guidance provided for amortization of R&E expenditures … IRS vows new enforcement efforts aided by AI … Businesses must e-file Form 8300 for $10,000+ cash payments in 2024

November 1, 2023

US Supreme Court will hear repatriation tax challenge

Taxpayers are appealing a Ninth Circuit holding that the tax does not violate the US Constitution’s Apportionment Clause or the Fifth Amendment’s Due Process Clause.

November 1, 2023