Tax news and information - Journal of Accountancy

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October 1, 2021

Basis reduction required in year of debt discharge

A taxpayer’s loss is disallowed based on the timing of a basis adjustment.

October 1, 2021

Refund of minister’s self-employment taxes denied

The taxpayers did not properly claim an exemption, the court holds.

September 30, 2021

Year-end tax planning advice and a grammar quiz

Tax planning is a year-round activity. Here is some advice to consider before the year end. Also, get a preview of a grammar quiz on commonly confused word pairs.

September 27, 2021

Final regulations establish a user fee for estate tax closing letters

The letters, which the IRS provides as a courtesy to executors and other authorized estate representatives, will now cost $67.

September 22, 2021

Final regs. issued on qualified improvement property under FDII, GILTI

Final regulations clarify the treatment of qualified improvement property in FDII and GILTI, and foreign tax credit transition rules address post-2017 NOL carrybacks to pre-2018 tax years.

September 14, 2021

Transcript Delivery System down for some Form 941 transcripts

The IRS reports that its Transcript Delivery System is down for business taxpayers who reported information related to COVID-19 employment tax relief on Form 941, Employer’s Quarterly Federal Tax Return.

September 13, 2021

Ways and Means releases list of tax provisions for budget bill

The proposal would raise tax rates for corporations and individuals and make many other changes to the Internal Revenue Code.

September 9, 2021

Tax software: What CPAs like and dislike

Tax season was difficult for several reasons. What did tax practitioners think of the software they used to prepare returns? Learn more in this podcast with transcript.

September 8, 2021

Guidance issued on 2021 qualified sick and family leave wage reporting

Information reporting on Form W-2 or a separate statement allows self-employed taxpayers to claim qualified sick leave and qualified family leave equivalent credits.

September 3, 2021

IRS updates business travel per-diem rates

The allowances for determining deductions for lodging, meals, and incidental costs are slightly higher than before.

September 1, 2021

2021 tax software survey: Shares of respondents and product and company information

Bonus: The percentages for all 13 products, including a breakdown of their usage among firms ranked by ranges of numbers of preparers, in the 2021 tax software survey.

September 1, 2021

Line items

IRS does not acquiesce to Sixth Circuit’s holding on split-dollar regs. … COBRA premium assistance credit clarified … Bank deposit could escape tax levy by hours

September 1, 2021

Final regs. cover mandatory postponements

Tax deadlines are pushed back 60 days after federally declared disasters.

September 1, 2021

2021 tax software survey

See how the brands compare in CPAs’ annual assessment of their tax preparation programs.

September 1, 2021

Former state senator held to be a disqualified person with respect to charity

Tax Court holds against a former Pennsylvania legislator despite his never having been the organization’s officer or employee.

September 1, 2021

Tax Court OKs estate’s marital deduction

A decedent’s marriage is held valid based on the place-of-celebration rule.

August 26, 2021

AICPA recommends QBI improvements

The AICPA recommended in a letter to Senate tax-writing leaders eight ways to improve the deduction for qualified business income under Sec. 199A.

August 23, 2021

Interruption of LIFO inventories due to COVID-19 and Sec. 473 relief

Global supply chain problems caused by the COVID-19 pandemic have made it difficult for US companies to replace inventories, potentially subjecting them to additional taxable income. The AICPA has requested relief under Sec. 473.

August 19, 2021

The key tax provisions of the Senate infrastructure bill

An AICPA vice president shares some key areas of focus for accountants in the infrastructure bill recently passed by the Senate.

August 12, 2021

Automatic accounting method change procedures updated

The IRS updated the list of accounting method changes to which automatic change procedures apply.

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AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.