Tax news and information - Journal of Accountancy

TOPICS

July 1, 2021

Bank information can now be updated on child tax credit portal

The IRS announced that is has added a new feature to its Child Tax Credit Update Portal to allow individuals to enter bank information so they can receive advance child tax credit payments by direct deposit.

July 1, 2021

Tax deductions prevent discharge of school debt

The debtor’s argument that a loan wasn’t shown to have been used solely to pay higher education expenses is unavailing.

July 1, 2021

2021 child tax credit, EITC, and premium tax credit limits updated

ARPA temporary measures are quantified in a revenue procedure.

July 1, 2021

When is food and drink ‘provided by a restaurant’?

The IRS explains which meals qualify for a temporary 100% expense deduction.

July 1, 2021

Certified professional employer organizations: The first four years

Learn about the important role some CPAs play in the success of the IRS’s certified professional employer organizations program.

July 1, 2021

Safe harbor for deducting PPP loan expenses

Congress clarified that business expenses resulting in loan forgiveness are deductible, but some taxpayers had followed earlier, contrary IRS guidance.

June 30, 2021

Proposed bill to regulate tax preparers has AICPA support

A bill recently proposed in Congress would authorize Treasury to regulate paid tax return preparers, and the AICPA strongly supports it.

June 30, 2021

More ‘Dirty Dozen’: Fake charities, ‘ghost’ preparers, and other ploys

The IRS warns of tax-related scams in a third of four installments.

June 29, 2021

Next batch of ‘Dirty Dozen’ warns of personal info scams

In the second installment of this year’s “Dirty Dozen” list of tax scams, the IRS warns taxpayers to be vigilant for fraudulent schemes in the form of emails, text or social media messages, and phone calls.

June 28, 2021

Supreme Court declines to take up remote worker taxation case

The US Supreme Court declined to allow New Hampshire to sue Massachusetts over a pandemic-related regulation that allows Massachusetts to continue to collect state income tax from remote workers who normally work in Massachusetts.

June 28, 2021

IRS warns of pandemic-related tax scams in ‘Dirty Dozen’ for 2021

Hijacking of economic impact payments and unemployment checks are spotlighted in the IRS’s annual alert, which warns taxpayers of the most prevalent scams and schemes the Service has identified.

June 24, 2021

Tax consequences of nonfungible tokens (NFTs)

These new blockchain-created digital assets may be treated as intangibles for tax purposes, but a dearth of guidance leaves questions.

June 22, 2021

Child tax credit: New portal for opting out of advance payments

A new IRS online portal lets taxpayers unenroll from receiving advance payments of the 2021 child tax credit.

June 21, 2021

Professional services tax proposals discussed in multiple states

Proposed legislation in several places sought to tax accounting services but was opposed by the AICPA and others.

June 17, 2021

Supreme Court lets health care law stand

The US Supreme Court held that Texas and several other states lacked standing to sue over the constitutionality of the Sec. 5000A mandate that requires individuals to obtain minimum essential health coverage. The decision leaves the Affordable Care Act in place.

June 17, 2021

FROM THIS MONTH'S ISSUE

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.