Tax news and information - Journal of Accountancy

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August 11, 2023

Location of millions of tax records uncertain, TIGTA says in IRS critique

A potential fraud issue exists because the IRS does not know the location of microfilm cartridges holding millions of business and individual tax records, a new TIGTA report shows.

August 8, 2023

Update on states moving ahead with PTETs

States continue to move ahead with implementing new passthrough entity taxes as a workaround to the $10,000 cap on the federal deduction of state and local taxes.

August 7, 2023

IRS issues guidance on requirements for home energy audits

The IRS provides requirements for home energy audits for taxpayers that want to claim the energy efficient home improvement credit, which taxpayers can rely on until proposed regulations are issued.

August 7, 2023

Proposed regulations update, revise consolidated return regulations

New proposed regulations would update the regulations to reflect 50-plus years of statutory changes, remove regulations and certain transition rules that no longer have practical application, and eliminate obsolete or incorrect terms and cross-references.

August 7, 2023

Prop. regs. identify monetized installment sales as listed transactions

The IRS disagrees with court decisions requiring notice-and-comment rulemaking to identify listed transactions, but said it is identifying monetized installment sales transactions as listed transactions in proposed regulations “to avoid confusion and ensure consistent enforcement of the tax laws throughout the nation to prevent disruption of the IRS’s ongoing efforts to identify and examine abusive tax shelters.”

August 4, 2023

2024 filing season could be paperless, IRS says

Treasury and the IRS announced Wednesday that by filing season 2024, taxpayers will be able to go paperless if they choose to do so. And by filing season 2025, the IRS will digitize all paper-filed returns when they are received.

August 1, 2023

Proof-of-stake validation rewards are income in tax year received

The IRS ruled that cash-method taxpayers who stake cryptocurrency native to a proof-of-stake blockchain and receive cryptocurrency validation rewards must include the fair market value of the rewards in gross income in the year they are received.

August 1, 2023

2023 tax software survey

CPAs assess how their return preparation products performed.

August 1, 2023

Line items

Penalty for underpayment of estimated corporate AMT waived for 2023 … National taxpayer advocate: A paperless IRS is possible … IRS revises actuarial tables to account for most recent mortality data … Update on states moving ahead with PTETs … A pandemic-era tax break that remains rife with abuse — the ERC

August 1, 2023

Drug patent litigation expenditures are held deductible

The origin-of-the-claim test in Gilmore controls, the Court of Federal Claims concludes.

August 1, 2023

Like-kind exchange of agricultural property runs into a problem

Taxpayers were not entitled to defer the gain from a likekind exchange because the property relinquished in the exchange was depreciated Sec. 1245 property.

August 1, 2023

Cybersecurity for tax pros

John Sapp, CPA, Chief Revenue Officer, Drake Software, discusses some ways tax professionals can protect their clients’ data and prepare for the worst.

July 28, 2023

To combat fraud, IRS steps up ERC claim enforcement

Having made significant progress in the ongoing effort against fraudulent employee retention credit claims, IRS Commissioner Danny Werfel said the agency has entered a new phase of increasing scrutiny on dubious submissions while renewing consumer warnings against aggressive marketing.

July 27, 2023