Tax news and information - Journal of Accountancy

TOPICS

January 19, 2022

IRS issues procedures for employee status determinations

Prior guidance on Tax Court jurisdiction over IRS determinations of employee vs. independent contractor status is modified and superseded.

January 14, 2022

AICPA joins coalition seeking relief from IRS service challenges

A diverse group calls upon Internal Revenue Service to take steps to mitigate its service issues.

January 14, 2022

FAQs address calculation and reconciliation of recovery rebate credit

Economic impact payments taxpayers received during the tax year must be netted against a tax credit on 2021 returns.

January 12, 2022

National taxpayer advocate details 2021 as ‘most challenging year’ ever

Erin Collins’ Annual Report to Congress for 2021 portrays an IRS beset by insufficient resources to meet overwhelming demands.

January 12, 2022

Updated FAQs address 2021 child tax credit and advance payments

FAQs on the Service’s website are updated for preparing 2021 returns.

January 11, 2022

Practitioners wary of IRS service lapses as tax season begins

Continuing problems in timely processing of returns and correspondence may threaten more headaches.

January 10, 2022

IRS to accept 2021 tax returns starting Jan. 24

The IRS announced the start date for tax season and that the due date for most individuals is April 18.

January 7, 2022

New R&D credit documentation requirements clarified

Starting Jan. 10, a Sec. 41 credit claimed on an amended return must include specific information.

January 6, 2022

What’s new for 2022 in federal taxes

A law change and some regulations take effect while an array of provisions expire.

January 1, 2022

Like-kind exchanges of real property

New limits are considered for Sec. 1031 transactions.

January 1, 2022

Spotlight on tax season

While pandemic relief measures for individual taxpayers are no surprise, they require still-novel calculations and considerations, with a few new wrinkles in some familiar items.

January 1, 2022

All LB&I taxpayers may videoconference with the IRS

Pandemic-inspired method for examinations and appeals meetings is extended.

January 1, 2022

Line items

SSA wage base increases for 2022 … IRS Chief Counsel outlines R&D credit refund requirements … 6-year limitation period applies to entire return

January 1, 2022

Alimony deduction allowed for health care premiums purchased with pretax wages

The Tax Court denies IRS arguments of a ‘double deduction.’

January 1, 2022

Filing season quick guide — tax year 2021

Download and print our annual quick guide, a tax season reference, highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.

January 1, 2022

IRS addresses taxpayer reliance on FAQs

The new policy establishes a
reasonable-cause defense and
updates the procedure for issuing
new FAQs.

January 1, 2022

How LLCs may obtain tax-exempt recognition

Notice does not affect the status of already recognized organizations.

December 22, 2021

Lenders should not report student loans discharged under ARPA

The IRS advises that Form 1099-C, Cancellation of Debt, should not be filed for student loans covered by the ARPA temporary special rule excluding most discharges from borrowers’ income.

December 21, 2021

A PPP loan forgiveness update and one CPA’s 2021 reflection

Hear status updates on PPP loan forgiveness and other business relief programs and why one CPA says we should reflect on our resilience.

December 20, 2021

SALT payments before year end a priority for passthroughs

To be deductible at the entity level, payments by passthrough entities of state and local taxes should be made in the tax year of the liability, but state-specific elections may complicate that timing, tax advocates advise.