Tax news and information - Journal of Accountancy

TOPICS

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

AICPA advocates for delay in BOI reporting requirements

Too many businesses are unaware of the beneficial ownership information reporting requirements, which will be a burden for small businesses, the AICPA told Congress.

July 26, 2023

Final regs. allow assessment of COVID-19 related tax credit refunds

The IRS issues final regulations that allow for the assessment of erroneous refunds of COVID-19 related paid sick leave, family leave, and employee retention credits.

July 25, 2023

IRS ends most unannounced revenue officer visits

IRS Commissioner Danny Werfel on Monday announced an end to unannounced home visits by IRS revenue officers, except in a few cases. The change is effective immediately.

July 24, 2023

Scams are surging in the summer, the IRS says

The IRS issued a warning for taxpayers to be wary of offers promising tax refunds or to “fix” tax problems, saying these emails or texts are part of a summer surge in tax scams.

July 20, 2023

At the ripe old age of 21, he’s advising the IRS on change

Aidan Hunt was appointed at age 20 to the IRS Advisory Council, a panel that advises the IRS commissioner and recommends administrative and policy changes.

July 18, 2023

IRS provides transition relief for change in beginning date for RMDs

A notice provides transition relief for the change in the required beginning date for required minimum distributions (RMDs) under the SECURE 2.0 Act and guidance related to certain specified RMDs.

July 17, 2023

Commissioner: We are progressing toward a user-friendly IRS

IRS Commissioner Danny Werfel said the Service’s transformation is in full swing, thanks to new infusion of cash that he says needs to keep coming.

July 14, 2023

How the IRS can avoid tax deadline confusion in disaster areas

The national taxpayer advocate recommended changes that range from one simple one the IRS can handle on its own to congressional action.

July 13, 2023

S corps. and Rev. Rul. 2008-18 F reorganizations

Tony Nitti, CPA, reviews and provides applicability examples of Rev. Rul. 2008-18 in this podcast episode with transcript.

July 12, 2023

Prop. regs. clarify tax treatment of certain health insurance payments

New proposed regulations clarify that accident or health insurance payments are not excludable from an employee’s income where the payments are made without regard to amount of medical expenses incurred by the employee under Sec. 213(d) and the premiums or contributions for coverage are paid on a pre-tax basis.

July 5, 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.