Tax news and information - Journal of Accountancy

TOPICS

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

Line items

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.

October 1, 2022

How to go easier on staff during busy season

Many firms across the country have begun to abolish
requirements for high-hour workweeks during busy
season. Here’s how they are doing it.

September 29, 2022

‘Own your narrative’ and other advice from a Starbucks executive

CPA leader Tiffany Willis shares some of her dreams and her career journey in this podcast episode with transcript. Also, get caught up on two IRS-related news items.

September 26, 2022

IRS raises per diem standard rates for business travel

Under Notice 2022-44, the high-low method rates will be slightly higher and the list of high-cost localities in the continental United States is revised, both effective Oct. 1.

September 26, 2022

AICPA again critiques new IRS requirements for R&D credits

In a second letter, the AICPA takes issue with broad new documentation requirements for refund claims involving the Sec. 41 credit, outlined in an IRS memo in fall 2021.

September 23, 2022

Penalty relief deadline fast approaches for 2019, 2020 tax returns

Taxpayers must file by Sept. 30 to qualify for late-filing penalty relief from the IRS.

September 15, 2022

A quick tour of student loan forgiveness, a quiz, and a letter to the IRS

This express podcast episode with transcript hits the highlights of recent Journal of Accountancy news coverage of student loan debt forgiveness, an AICPA letter urging penalty relief from the IRS, and more.

September 9, 2022

AICPA asks IRS to expand penalty relief

The AICPA, in a letter to the IRS, urged the Service to expand the relief under Notice 2022-36 to include several other Code sections and forms and to extend the deadline for requesting relief to Dec. 31, 2022.

September 1, 2022

The ‘mixed bag’ of economic sentiment; recent IRS news; a PCAOB update

Economic optimism is dimming, bringing revenue and profit projections down as well, but more than half of U.S. finance decision-makers say they can use more workers. Learn more about quarterly sentiment, along with a look at IRS news and more, in this podcast episode with transcript.

September 1, 2022

Handling sales tax nexus audits

Be wary when a state sends a nexus questionnaire.

September 1, 2022

Innocent-spouse relief unavailable for TFRP, Tax Court holds

Relief is only available for income tax liabilities on a joint return.

September 1, 2022

Government seeks rehearing in Seaview partnership return filing case

The Ninth Circuit’s holding is ‘in serious tension’ with precedent and misconstrues regulations, the government argues.

FROM THIS MONTH'S ISSUE

Build reusable Skills in Anthropic’s Claude AI

Instead of rewriting prompts each time, CPAs can turn routine tasks into reusable AI Skills. This Technology Q&A walks through how to build Claude Skills that process files, ask setup questions, and export clean Excel outputs.