Tax news and information - Journal of Accountancy

TOPICS

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.

December 17, 2021

Standard mileage rates to go up in 2022

The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.

December 16, 2021

IRS issues accounting-method change procedures for small businesses

New procedures follow final regulations to implement simplifications by the law known as the Tax Cuts and Jobs Act.

December 14, 2021

Decoding the Senate Finance Committee’s Build Back Better text

The Senate Finance Committee has released language for its portion of the reconciliation bill, which some lawmakers would like to pass before Christmas. Here’s what you need to know about the timeline and the bill, which includes several key tax provisions.

December 13, 2021

Senate Finance Committee releases tax provisions of Build Back Better Act

The Senate Finance Committee’s text includes changes from the House’s version of the bill, including a removal of the House’s increase in the SALT deduction cap.

December 6, 2021

Early sunset of the employee retention credit gets penalty relief

The IRS describes how employers may avoid failure-to-pay and failure-to-deposit penalties for ERC claimed or anticipated in the fourth quarter but eliminated by the Infrastructure Act.

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.

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.