Tax news and information - Journal of Accountancy

TOPICS

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.

August 12, 2021

Better remote job interviews and ERC updates

A CPA shares how her organization made remote job candidates feel more comfortable thanks to an improved interview process.

August 11, 2021

Certification deadline extended for work opportunity tax credit

Certain employers have until Nov. 8 to submit a required worker certification request to a designated local agency for purposes of the work opportunity credit.

August 11, 2021

New safe harbor for ERC gross receipts calculation

Under the safe harbor, an employer can exclude certain amounts received from other coronavirus economic relief programs in determining whether it qualifies for the employee retention credit based on a decline in gross receipts.

August 10, 2021

Infrastructure bill would end ERC, increase cryptoasset reporting

The Infrastructure Investment and Jobs Act, passed by the Senate on Tuesday, contains a few tax provisions, most notably it would end the employee retention credit on Sept. 30. It would also require information reporting about cryptoasset transfers.

August 9, 2021

IRS updates car and truck depreciation limits

The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles (including passenger vans and trucks) placed in service in 2021.

August 5, 2021

Guidance on claiming the ERC for third and fourth quarters of 2021

New guidance clarifies the application of the credit to “recovery startup businesses” and the treatment of wages paid to majority owners and their spouses.

August 1, 2021

Energize your practice with a tax innovation challenge

The skills and ingenuity the accounting profession showed in reacting to the pandemic can be applied proactively with a new type of competition.

August 1, 2021

Export tax incentives: The effect of potentially rising tax rates

U.S. exporters are evaluating how to best use IC-DISC and FDII incentives if tax rules change.

August 1, 2021

Determining when overpayment interest begins for spouses changing their filing status

A key criterion is the overpayment date of a processable return.

August 1, 2021

Resolving intercompany debt in consolidations

Simplifying the corporate structure often runs into complications.

August 1, 2021

Lawsuit against microcaptive reporting may proceed

The Supreme Court holds that an adviser’s injunction request is not barred by the Anti-Injunction Act.

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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.