Tax news and information - Journal of Accountancy

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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.

December 1, 2021

Rules for QIP under FDII and GILTI

Final regulations address calculation of qualified business asset investment.

November 24, 2021

IRS official: New R&D credit documentation applies to amended returns

The deputy commissioner of the IRS Large Business and International Division hears AICPA tax committee’s feedback on new requirements.

November 23, 2021

Automatic extension for furnishing health coverage statements proposed

Proposed regulations would permanently allow an automatic extension for furnishing health care Forms 1095-B and 1095-C and would also specify that Medicaid services to test for and diagnose COVID-19 are not “minimum essential coverage.”

November 19, 2021

Tax provisions in the Build Back Better act

The Build Back Better Act contains a large number of tax provisions, ranging from an extension of the advance child tax credit, to a wide variety of green energy tax incentives, and a minimum tax on corporations.

November 19, 2021

House passes Build Back Better Act with universal paid leave

The US House of Representatives passed a nearly $2 trillion spending bill Friday that includes a number of provisions of note for CPAs.

November 18, 2021

Further guidance issued on tax treatment of PPP loan forgiveness

Forgiveness amounts are excluded from gross income but included in gross receipts for purposes including determining “small business taxpayer” status under Sec. 448(c).

FROM THIS MONTH'S ISSUE

Clean data faster using Excel’s REGEX functions

Excel’s REGEX functions provide a simpler, flexible solution to text-cleaning tasks, reducing the need to combine multiple functions when cleaning imported data. This JofA Technology Q&A article shows the way with step-by-step instructions and a video walkthrough.