Tax news and information - Journal of Accountancy

TOPICS

February 16, 2024

No ‘gotcha’ enforcement of BOI regulations, FinCEN chief vows

Andrea Gacki, director of the Financial Crimes Enforcement Network, reassured a House committee that the agency can act only against willful violations of the new beneficial ownership information reporting rule.

February 16, 2024

On Form 1099-K delays, Werfel says IRS must protect taxpayer rights

IRS Commissioner Danny Werfel also discussed the employee retention credit and IRS funding when he appeared before the House Ways and Means Committee on Thursday.

February 13, 2024

7 warning signs that an ERC claim is questionable, from the IRS

As the March 22 deadline for the ERC voluntary disclosure program approaches, the IRS alerted small businesses to seven red flags that it is focusing on when it reviews claims.

February 9, 2024

EFIN scam targets tax professionals

The IRS warns that the scammers want to gain access to data and identities so they can file fraudulent tax returns.

February 8, 2024

Form 1099-K frequently asked questions revised

Almost 50 new or updated frequently asked questions for the IRS’s Form 1099-K, Payment Card and Third Party Network Transactions, published Tuesday, include guidance on common situations, along with more clarity for the payment card industry about which organizations should send Forms 1099-K.

February 7, 2024

Study: IRS could collect billions more with full funding

A study shows that the Service can collect $561 billion in tax revenue over 10 years if it receives the funding from the Inflation Reduction Act of 2022 as written.

February 7, 2024

Auto depreciation limitations increase

The IRS issued the 2024 depreciation limitations for passenger automobiles, including those for which bonus depreciation is applied.

February 1, 2024

House OKs $78B tax bill with changes to ERC and child tax credits

The bill, which now goes to the Senate, also delays amortization of research or experimental costs and restores tax breaks for companies from 2017’s Tax Cuts and Jobs Act.

February 1, 2024

Line items

AICPA, others call for a one-year extension of BOI report deadline … COVID-19 changes allowing e-signatures made permanent … IRS emphasizes strides as it presses to keep funding … ‘As if they were never filed’: IRS outlines steps to withdraw ERC claims … 13 states will participate in IRS Direct File pilot

February 1, 2024

How tax practice standards affect CPAs

Recently revised AICPA standards and other tax practice rules may apply to CPAs in unexpected circumstances.

February 1, 2024

Interest from past-due child support is includible in income

The Tax Court denied a taxpayer’s contention that the payments were excludable as child support.

February 1, 2024

Taxpayer lacks reasonable cause for CPA’s failure to e-file his returns

The Eleventh Circuit held that Boyle applies to e-filed returns.

February 1, 2024

TIGTA recommends improvements to CAF and Tax Pro Account

The IRS’s Centralized Authorization File continues to contain thousands of deceased individuals and duplications, and Tax Pro Account has been underused, TIGTA found.

January 29, 2024

Don’t wait on action on tax bill to file returns, IRS tells taxpayers

With tax season opened as of Monday, Commissioner Danny Werfel said the IRS will handle any necessary changes if a bill passes after returns are filed.

January 29, 2024

IRS to hold ERC education sessions for tax pros in February

The sessions, which will be hosted by IRS Criminal investigation special agents at locations nationwide, are aimed at tax professionals who claimed ERCs for clients on previous years’ tax returns.

January 26, 2024

Digital asset question added to more forms for 2023 tax returns

IRS adds a question about digital assets to forms covering partnerships, corporations, S corporations, and estates and trusts.

January 25, 2024

ERC, BOI, e-signature relief: 3 focus areas for tax advocacy

An AICPA tax leader discusses advocacy “wins” from 2023, focus areas for 2024, and explains why comment letters sent to legislators are just “the tip of the iceberg”.

January 25, 2024

BOI reporting and unauthorized disclosure penalties increased

The beneficial ownership information rules and the penalties for violating them just went into effect last month. Now the penalties have increased.

January 23, 2024

Simpler IRS notices are coming

The IRS’s new Simple Notice Initiative follows a pilot that demonstrated how redesigned notices can improve taxpayer experience while reducing call volume.

January 17, 2024

Reporting of digital assets as cash delayed until IRS issues regs.

In an announcement posted Tuesday, until regulations are issued, the IRS said businesses do not have to include digital assets in determining whether cash received in a single transaction is over the $10,000 reporting threshold.

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.