Tax news and information - Journal of Accountancy

TOPICS

November 1, 2021

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Partnership withholding regulations postponed … Automatic accounting method change procedures updated … Tax Court surge causing erroneous taxpayer assessments

November 1, 2021

IRS issues ERC guidance for second half of 2021

Majority owners’ wages for the employee retention credit are among issues addressed.

November 1, 2021

Imprisonment does not constitute reasonable cause

The reasonable-cause defense was denied even though the attorney of a jailed taxpayer had assured the taxpayer the returns were filed and taxes were paid.

October 22, 2021

Guidance issued for LLCs seeking tax-exempt recognition

The IRS clarified the standards that an LLC must satisfy to obtain a determination letter that it is exempt from taxation under Sec. 501(c)(3).

October 19, 2021

Videoconferencing with IRS now an option for all LB&I taxpayers

The IRS announced it is expanding the availability of videoconference meetings for large business taxpayers for examinations and appeals.

October 15, 2021

IRS addresses taxpayer reliance on FAQs, will save copies of old FAQs

Taxpayers who reasonably rely on FAQs posted by the Internal Revenue Service will have a reasonable-cause penalty defense under a new policy announced by the agency on Friday. The IRS will also keep original versions of FAQs on its site after it updates them.

October 13, 2021

Social Security wage base, COLA set for 2022

The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2022 and a cost-of-living adjustment for Social Security benefits.

October 1, 2021

IRS launches ‘Tax Pro Account’ feature

Online submissions of POAs and client account authorizations are processed automatically.

October 1, 2021

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Form 1040 virtual currency query revised for 2021 … Certain pre-TCJA cryptoasset trades are not like-kind … IRS addresses ARPA pension aid rules

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.

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