Tax news and information - Journal of Accountancy

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December 6, 2021

AICPA tax advocacy gets results in 2021

The AICPA Tax Policy and Advocacy group worked with the AICPA Congressional Affairs group to represent the interests of practitioners and the public.

December 1, 2021

E-signing for forms, tax compliance documents extended

Temporary pandemic-related procedures are reauthorized through October 2023 for certain paper returns and forms and documents in exams and similar taxpayer interactions.

December 1, 2021

Qualified sick and family leave wage reporting

The IRS provides guidelines to employers for showing these wages on Form W-2.

December 1, 2021

Line items

Private tax debt collection contracts awarded … New per diem travel rates … Regs. authorize collection of excess sick and family leave credits

December 1, 2021

Estate tax closing letters now cost $67

New user fee is established by final regulations.

December 1, 2021

Whistleblower award denied

Additional tax proceeds were assessed due to an issue unrelated to the informant’s information, the Tax Court holds.

December 1, 2021

Rules for QIP under FDII and GILTI

Final regulations address calculation of qualified business asset investment.

November 24, 2021

IRS official: New R&D credit documentation applies to amended returns

The deputy commissioner of the IRS Large Business and International Division hears AICPA tax committee’s feedback on new requirements.

November 23, 2021

Automatic extension for furnishing health coverage statements proposed

Proposed regulations would permanently allow an automatic extension for furnishing health care Forms 1095-B and 1095-C and would also specify that Medicaid services to test for and diagnose COVID-19 are not “minimum essential coverage.”

November 19, 2021

Tax provisions in the Build Back Better act

The Build Back Better Act contains a large number of tax provisions, ranging from an extension of the advance child tax credit, to a wide variety of green energy tax incentives, and a minimum tax on corporations.

November 19, 2021

House passes Build Back Better Act with universal paid leave

The US House of Representatives passed a nearly $2 trillion spending bill Friday that includes a number of provisions of note for CPAs.

November 18, 2021

Further guidance issued on tax treatment of PPP loan forgiveness

Forgiveness amounts are excluded from gross income but included in gross receipts for purposes including determining “small business taxpayer” status under Sec. 448(c).

November 17, 2021

New user verification for IRS online accounts to be required by mid-2022

Tax professionals and taxpayers will have to create an account with a third-party provider, ID.me, which requires uploading an image of a government-issued ID and a selfie, in order to access certain IRS online tools and portals.

November 16, 2021

Meal portion of per diem allowance can be treated as attributed to a restaurant

An IRS notice provides a special rule for the temporary 100% deduction.

November 16, 2021

IRS commissioner: We’re hiring

Commissioner Charles Rettig and other IRS officials tell the AICPA & CIMA National Tax Conference about their administrative challenges and plans.

November 15, 2021

New FAQs cover interplay of unemployment income exclusion and credits

The IRS advises on the effects on tax credits and the Free Application for Federal Student Aid and what taxpayers should do.

November 12, 2021

Changing ways of working call for changing employment and tax policy

Annette Nellen examines possible tax policy implications as more people shed tradition work roles and become “digital nomads.”

November 11, 2021

Infrastructure analysis: The ERC’s end, and what’s next

An AICPA vice president analyzes the recently passed Infrastructure Investment and Jobs Act and previews what’s to come regarding budget reconciliation and key tax provisions.

November 10, 2021

IRS issues inflation adjustments for 2022 returns

The IRS issued updated income tax brackets and other inflation-adjusted amounts under 62 Code sections, including a new standard deduction amount.

November 9, 2021

FAQ guidance on income change reporting for advance child tax credit

The IRS updated its FAQs to explain whether and how to report changes to projected 2021 income for taxpayers receiving advance child tax credit payments.