Tax news and information - Journal of Accountancy

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March 1, 2021

Conservation easements were granted in perpetuity

Eleventh Circuit reverses the Tax Court on ‘Swiss cheese’ reserved rights.

March 1, 2021

Tax provisions in the year-end coronavirus relief act

Pandemic relief, tax extenders, and much more were included in year-end legislation.

March 1, 2021

Managing the ‘excess compensation’ tax

Highly paid employees require some exempt organizations to pay an excise tax.

March 1, 2021

Dropping the curtain on entertainment deductions

After taxpayer confusion, final regulations bring clarity.

February 27, 2021

Tax provisions in the American Rescue Plan Act

The stimulus bill passed by the House contains many tax provisions, including a new round of economic stimulus payments, tax credits for COBRA continuation coverage, and expansions of the child tax credit, the earned income credit, and the child and dependent care credit.

February 24, 2021

AICPA seeks certainty on filing deadline and relief for 2020 tax year

The AICPA has written to Treasury and the IRS, calling for certainty about the April 15 tax filing and payment deadline and for underpayment and late-payment penalty relief during the COVID-19 pandemic.

February 19, 2021

IRS provides cafeteria plan relief for the pandemic

The IRS issued guidance on how employers can amend their health flexible spending arrangements and dependent care assistance programs to respond to the coronavirus pandemic.

February 18, 2021

CPA news to know: Why mobile workforce tax legislation matters

This express version of the JofA podcast offers insight into mobile workforce legislation, a recent FASB update, and more.

February 5, 2021

Senate shows bipartisan support for mobile workforce tax legislation

The Senate voted to make room in the FY 2021 budget resolution for mobile workforce legislation. Details of the budget still must be negotiated, but the vote creates the possibility that mobile workforce legislation, which the AICPA strongly supports, will be enacted this year.

February 5, 2021

Eligible educators may deduct personal protective equipment expenses

The IRS issued guidance providing a safe harbor under which eligible educators who have unreimbursed expenses for personal protective equipment, disinfectant, and other supplies used to prevent the spread of COVID-19 in the classroom can deduct those expenses as educator expenses.

February 4, 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.