Tax news and information - Journal of Accountancy

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November 1, 2022

Amortizing R&E expenditures under the TCJA

The change this year from immediate expensing under Sec. 174 sends ripples through affected taxpayers’ returns and may affect financial reporting.

November 1, 2022

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A deeper dive into the Inflation Reduction Act’s tax provisions … A closer look at tax items in the Inflation Reduction Act (podcast) … Financial planning impacts of the Inflation Reduction Act … IRS relieves penalties for 2019 and 2020 … AICPA asks IRS to expand penalty relief … AICPA recommends changing cryptoasset question … Proposed revisions to the AICPA tax standards

November 1, 2022

Collection Due Process case favors IRS

The Tax Court upholds the IRS’s denial of a taxpayer’s requests for first-time abatement of penalties, an installment agreement, and withdrawal of NFTL filings.

October 31, 2022

Growing tax gap shows need for better service, compliance, IRS says

The difference between taxes owed and taxes paid was $496 billion annually for tax years 2014 through 2016, and that figure is likely to grow, the IRS said.

October 28, 2022

IRS hires 4,000 customer service reps, plans to hire 1,000 more

The IRS announced that it has hired new customer service representatives, who will be trained to provide help to taxpayers in time for the 2023 tax season.

October 27, 2022

New process provided for anonymous reporting of ERC mills

In a move the AICPA supports, the IRS is providing a new way to make anonymous reports about third-party vendors promoting improper claims for the employee retention credit.

October 25, 2022

IRS initiates pilot program to thwart line-jumping on PPS calls

The IRS has begun a pilot program designed to thwart services that let callers jump ahead in the IRS Practitioner Priority Service phone queue.

October 21, 2022

Retirement account inflation adjustments issued for 2023

The IRS issued the retirement account inflation adjustments for 2023, including the maximum contribution amounts for 401(k) plans and IRAs.

October 20, 2022

Disaster area filing extensions apply to 2019, 2020 penalty relief

The IRS reminds taxpayers who live in certain areas covered by disaster declarations that the extra time they have to file also applies to filing returns to qualify for penalty relief for 2019 and 2020.

October 20, 2022

IRS annual inflation adjustments, negotiating a job offer, and a quiz

This quick-hitting episode covers recent news of interest, including IRS and Social Security Administration annual announcements, why the AICPA is requesting guidance from the IRS and Treasury, and advice for negotiating after you’ve received a job offer.

October 19, 2022

IRS announces annual inflation adjustments for tax year 2023

Changes include increases in the standard deduction for many taxpayers, new tax brackets, and a higher maximum earned income tax credit amount.

October 18, 2022

A closer look at proposed revisions to the AICPA tax standards

Three CPAs discuss the particulars of proposed revisions issued by the AICPA for the Statements on Standards for Tax Services.

October 18, 2022

AICPA seeks guidance on corporate alternative minimum tax

The organization’s letter to the IRS and Treasury makes recommendations in five areas to help companies deal with the new tax.

October 17, 2022

Understand the tax consequences of remote work

CPAs can play crucial roles in helping navigate the evolving landscape as state tax authorities ramp up efforts to source additional revenue from out-of-state workers and the companies they work for.

October 13, 2022

Roth IRAs vs. 529 plans, job candidate questions, and an IRS extension

Learn about Roth IRAs as a potential investment for children, questions to ask and avoid in job interviews, and recent news from the IRS and SEC in this podcast episode with transcript.

October 13, 2022

Social Security wage base, COLA set for 2023

The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2023 and a cost-of-living adjustment (COLA) for Social Security benefits. The COLA is 8.7%.

October 11, 2022

Final regulations adopt ‘family-friendly’ health care affordability test

Previous regulations had based the affordability of employer-offered coverage for family members on the cost of an employee’s self-only coverage.

October 3, 2022

R&D credit claim transition period extended

Taxpayers now have until Jan. 10, 2024, to supply missing information within 45 days of submitting a Sec. 41 research and development credit refund claim under new requirements.

October 1, 2022

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Congress enacts tax and climate bill … Guidance on clean vehicle tax credit … CHIPS and Science Act with semiconductor tax credit passes Congress … Guide released for tax pros’ information security plan … National taxpayer advocate appeals IRS response on scanning tech … Regulations streamline partnership basis elections … Some balance-due notices on joint returns issued in error, IRS says

October 1, 2022

Developments in state income tax nexus for remote sellers

A movement to reframe the Interstate Income Act of 1959, which limits the reach of state income taxes on remote sellers, could have a significant impact on state income tax nexus in today’s world, where the internet has changed the nature of practically every business.