Tax news and information - Journal of Accountancy

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January 1, 2024

IRS’s referral to DOJ did not bar collection proceedings

The taxpayers’ pending installment plan proposal did not prevent the referral, the Second Circuit affirms.

January 1, 2024

Tips for a better tax season

Practitioners should address tax provision changes and practice management issues.

January 1, 2024

Tax Court petition held untimely

The taxpayers’ foreign travel did not entitle them to a 150-day extended deadline, the Tax Court held.

January 1, 2024

Filing season quick guide — tax year 2023

Download and print our annual quick guide, a tax season reference, highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.

December 21, 2023

ERC voluntary disclosure program requiring 80% claim payback launched

The IRS announced the launch of a program that will allow businesses to repay money from questionable employee retention credit claims and avoid penalties and interest.

December 21, 2023

Final rule issued on access to beneficial ownership information

The director of the Financial Crimes Enforcement Network said the key changes from the proposed rule involve the scope of financial institution access to beneficial ownership information; limitations on offshore access to BOI; and streamlining procedures for state, local, and tribal law enforcement to gain access to BOI.

December 21, 2023

The AICPA’s tax policy and advocacy work: 2023 highlights

It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.

December 20, 2023

Commercial clean vehicle credit safe harbor announced for 2024

The IRS announced a safe harbor for owners of commercial clean vehicles placed in service in 2024 that will allow them to take the credit without calculating the vehicle’s “incremental cost.”

December 20, 2023

IRS announces penalty relief, resumption of collection notices

The relief will go to about 4.7 million taxpayers — most with income under $100,000 a year — who did not receive automated collection reminder notices during the pandemic.

December 18, 2023

IRS expands access to business tax accounts, adds features

Individual partners of partnerships and individual shareholders of S corporations can now open business tax accounts, which previously were available only to sole proprietors.

December 18, 2023

Information-reporting penalty safe harbor finalized

The IRS issued regulations on Monday providing a de minimis safe harbor from information-reporting penalties, finalizing proposed regulations issued in 2018.

December 15, 2023

Interim guidance provided for the corporate alternative minimum tax

The IRS issued a notice on regarding the application of the corporate alternative minimum tax to shareholders of CFCs and to affiliated groups of corporations filing consolidated returns.

December 14, 2023

Business standard mileage rate increases for 2024

The optional standard mileage rate for business use of a vehicle increased slightly from 2023. The new rate is effective Jan. 1.

December 14, 2023

Podcast part 1: Melancon on news and trends affecting CPAs

The CEO of AICPA & CIMA discusses a potential IRS shutdown, why legislation will have an “extraterritorial effect” on reporting of ESG metrics, and why CPA licensure should be followed closely.

December 14, 2023

IRS reorganizes leadership structure with 1 deputy commissioner

Doug O’Donnell, the current deputy commissioner for services and enforcement and the acting IRS commissioner from November 2022 to March 2023, will fill the position.

December 6, 2023

ERC disallowance letters sent to 20K+ taxpayers

The letters are part of the wide-ranging IRS campaign to curb abuse in the pandemic-era employee retention credit.

December 6, 2023

Supreme Court hears arguments in challenge to Sec. 965 transition tax

At stake is up to $340 billion in tax revenue in case where couple is challenging tax that they say increased their liability by about $15,000 in 2017.

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