Tax news and information - Journal of Accountancy

TOPICS

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

FROM THIS MONTH'S ISSUE

Making the right choice when no one is watching

The true test of one’s character is the decision made when no one is looking over your shoulder. Learn how CPAs can uphold ethical standards and take actions that help limit liability risk.