Tax news and information - Journal of Accountancy

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November 17, 2021

New user verification for IRS online accounts to be required by mid-2022

Tax professionals and taxpayers will have to create an account with a third-party provider, ID.me, which requires uploading an image of a government-issued ID and a selfie, in order to access certain IRS online tools and portals.

November 16, 2021

Meal portion of per diem allowance can be treated as attributed to a restaurant

An IRS notice provides a special rule for the temporary 100% deduction.

November 16, 2021

IRS commissioner: We’re hiring

Commissioner Charles Rettig and other IRS officials tell the AICPA & CIMA National Tax Conference about their administrative challenges and plans.

November 15, 2021

New FAQs cover interplay of unemployment income exclusion and credits

The IRS advises on the effects on tax credits and the Free Application for Federal Student Aid and what taxpayers should do.

November 12, 2021

Changing ways of working call for changing employment and tax policy

Annette Nellen examines possible tax policy implications as more people shed tradition work roles and become “digital nomads.”

November 11, 2021

Infrastructure analysis: The ERC’s end, and what’s next

An AICPA vice president analyzes the recently passed Infrastructure Investment and Jobs Act and previews what’s to come regarding budget reconciliation and key tax provisions.

November 10, 2021

IRS issues inflation adjustments for 2022 returns

The IRS issued updated income tax brackets and other inflation-adjusted amounts under 62 Code sections, including a new standard deduction amount.

November 9, 2021

FAQ guidance on income change reporting for advance child tax credit

The IRS updated its FAQs to explain whether and how to report changes to projected 2021 income for taxpayers receiving advance child tax credit payments.

November 9, 2021

Employee retention credit: Opportunities remain

The employee retention credit was created in March 2020, but changing requirements have caused some confusion over eligibility. It’s important for businesses and their tax preparers to know who can take the credit and how much relief they can receive.

November 9, 2021

Tax treatment of COVID-19 homeowner relief payments clarified

A revenue procedure clarifies Homeowner Assistance Fund payments are excluded from gross income and gives a safe harbor for computing certain itemized deductions.

November 6, 2021

Infrastructure bill tax provisions include ERC termination

The infrastructure bill that passed the House on Friday and is headed to President Joe Biden’s desk will terminate the employee retention credit early and require broker reporting of cryptoasset transfers.

November 4, 2021

IRS makes retirement account inflation adjustments for 2022

The IRS issued the adjusted ceilings, thresholds, and limitations for various retirement plans and individual retirement accounts for 2022.

November 4, 2021

Carried interest reporting FAQs and guidance posted

The IRS posted FAQs with sample worksheets and instructions for taxpayers to use when calculating and reporting certain net long-term capital gains from partnership interests held in connection with the performance of services that must be recharacterized as short-term capital gains.

November 1, 2021

Safe harbor for ERC gross-receipts test

The IRS issued a safe harbor that allows an employer to 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

November 1, 2021

Line items

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.

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.