Tax news and information - Journal of Accountancy

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September 28, 2023

FinCEN proposes BOI reports deadline extension for certain companies

Companies registered or created in 2024 would get an extended deadline to file beneficial ownership information reports, while other companies would not, under proposed rules.

September 25, 2023

Special per diem rate for business travel rises

Starting Oct 1, 2023, the special per diem rates taxpayers may use to substantiate ordinary and necessary business expenses for travel away from home will go up, the IRS announced.

September 22, 2023

IRS developing contingency plan as government shutdown looms

Congress plans to return to Washington on Tuesday, giving members five days to reach consensus on a full budget or a continuing resolution.

September 21, 2023

ERC abuse brings renewed push for regulation of paid tax preparers

AICPA and Treasury advocate for congressional action to help thwart the unscrupulous promoters that use the employee retention credit to make money by taking advantage of small businesses.

September 20, 2023

IRS to set up new work unit to focus on complex passthrough entities

IRS Commissioner Danny Werfel says new unit is “another part of [the IRS’s] effort to ensure the IRS holds the nation’s wealthiest filers accountable to pay the full amount of what they owe.”

September 20, 2023

Sidney Kess, a personal remembrance

For accountants, especially those in the tax and personal financial planning worlds, the passing of Sidney Kess at age 97 is “like losing a parent to the profession,” writes Andrea Millar, CPA/PFS, who shares her memories of a legend who educated countless CPAs and helped her grow the AICPA Personal Financial Planning section.

September 19, 2023

FinCEN posts guide to help small businesses with BOI reporting

A new guide posted by the Financial Crimes Enforcement Network describes BOI rules, answers questions, and provides tools to assist with compliance with the BOI reporting rules.

September 19, 2023

‘Tsunami’ of ERC claims required IRS action to halt fraud, experts say

‘Tsunami’ of claims filed for employee retention credit almost 2 years after it ended caught the attention of the IRS. Experts say that required the IRS to take action to halt fraud.

September 15, 2023

ERC suspended: What happens next

The IRS has suspended the processing of new employee retention credit (ERC) claims to focus on about 600,000 pending claims. Listen to this special Tax Section Odyssey podcast for details on how this may affect you and how to best proceed.

September 15, 2023

Moratorium imposed on new ERC claim processing to curb abuse

The IRS issues a moratorium on new ERC claims processing through at least the end of the year and allows taxpayers to withdraw claims that have been filed but not processed.

September 13, 2023

Guidance issued on applicability and calculation of new corporate AMT

In advance of proposed regulations, the IRS provided interim guidance to help corporations determine whether they are subject to the new corporate alternative minimum tax and how to calculate the tax, including how to determine financial statement income and applicable financial statement income.

September 11, 2023

Long-awaited guidance provided for amortization of R&E expenditures

The IRS says taxpayers and tax professionals can rely on interim guidance under Sec. 174 for the amortization of research and experimental expenditures released on Friday in Notice 2023-63 until it issues proposed regulations based on the guidance, effective for tax years beginning in 2022.

September 8, 2023

IRS vows new enforcement efforts aided by AI

Commissioner Danny Werfel describes an IRS that focuses on the wealthy and uses artificial intelligence to find discrepancies in large partnership filings.

September 1, 2023

Most NIL collectives likely ineligible for tax-exempt status, IRS advises

A Chief Counsel legal memo concludes that organizations supporting compensation to college student-athletes for their name, image, and likeness (NIL) generally have a substantial nonexempt purpose.

September 1, 2023

Passive loss limitations on rental real estate

Taxpayers can recognize losses, but only in the circumstances discussed.

September 1, 2023

Line items

Prop. regs. clarify tax treatment of certain health insurance payments … Update on states moving ahead with PTETs … Study: Deterrence a major factor in bringing in more money from IRS audits … Stock repurchase excise tax reporting and payment delayed by IRS … Research finds algorithms, unscrupulous preparers behind audit bias

September 1, 2023

Surplus from home’s tax forfeiture sale must be returned to owner, Supreme Court holds

A Minnesota county’s retention of proceeds above the real property tax debt violated the Fifth Amendment’s Takings Clause.

September 1, 2023

Life After Little Sandy

Lindsey Modlich, J.D., LL.M., Director of Tax Controversy, Source Advisors, discusses the effects of the Little Sandy Coal Company, Inc. v. Commissioner decison in which the court held that the taxpayer failed the “substantially all” and process-of-experimentation tests of Sec. 41, denying them the federal income tax credit for increasing research activities.

September 1, 2023

Petition was 11 seconds too late, Tax Court holds

The statutory period to electronically file a petition may be extended for system outages or general inaccessibility but not for errors or problems unique to the filer, the court explains.

September 1, 2023