Tax news and information - Journal of Accountancy

TOPICS

June 24, 2021

Tax consequences of nonfungible tokens (NFTs)

These new blockchain-created digital assets may be treated as intangibles for tax purposes, but a dearth of guidance leaves questions.

June 22, 2021

Child tax credit: New portal for opting out of advance payments

A new IRS online portal lets taxpayers unenroll from receiving advance payments of the 2021 child tax credit.

June 21, 2021

Professional services tax proposals discussed in multiple states

Proposed legislation in several places sought to tax accounting services but was opposed by the AICPA and others.

June 17, 2021

Supreme Court lets health care law stand

The US Supreme Court held that Texas and several other states lacked standing to sue over the constitutionality of the Sec. 5000A mandate that requires individuals to obtain minimum essential health coverage. The decision leaves the Affordable Care Act in place.

June 17, 2021

Understanding the global minimum tax and the growing risk of ransomware

Amy Wang Miller, CPA, J.D., senior manager with the AICPA’s Tax Policy & Advocacy team, explains what the framework means, what accounting and finance professionals can expect next, and what the future of a global minimum tax looks like.

June 15, 2021

Top tax cases practitioners should know

A session at AICPA & CIMA ENGAGE 2021 shows how bedrock tax cases can help practitioners understand and resolve common issues that arise in practice.

June 14, 2021

Online sign-up now available for advance child tax credit payments

The IRS opened an online site that allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up to receive advance child tax credit (advance CTC) payments, which will begin July 15.

June 11, 2021

IRS posts ARPA credit FAQs

The IRS has posted two sets of FAQs that explain changes to the child and dependent care credit and to the sick and family leave credits made by the American Rescue Plan Act.

June 10, 2021

Regs. on postponing tax deadlines due to federally declared disasters

New IRS final regulations clarify when a federally declared disaster will lead to mandatory 60-day postponement of certain tax-related deadlines.

June 5, 2021

What is a global minimum tax and what will it mean?

Finance ministers for the G7 reached an agreement on Saturday supporting a global minimum tax rate of at least 15%. Here’s how it would work and what might happen next.

June 1, 2021

Minority interest discounts apply to charitable bequests

The Tax Court partially upholds gift and estate tax deficiencies involving real estate LLC interests held by a family trust and includible in a decedent’s estate.

June 1, 2021

Line items

PPE is deductible as a medical expense … IRS advises on repayments of deferred employer Social Security taxes … Final regs. cover misdirected refunds

June 1, 2021

Compulsive gambler’s losses are substantiated using Cohan rule

The Tax Court estimates the taxpayer’s losses exceeded his reported winnings.

June 1, 2021

Avoiding fallout from aggressive tax strategies

CPAs must understand the
significant risk that emanates from “too good to be true” tax strategies even if they “just make introductions,” provide tax consulting services, or prepare returns that reflect these strategies.

June 1, 2021

Cattle farm with no cattle denied farming losses

The Tax Court holds that the activity was a hobby of the taxpayer despite his farming experience.

June 1, 2021

A practical guide to economic nexus

New sales tax nexus standards are creating a larger compliance footprint for U.S. companies and, potentially, foreign entities selling into the U.S. State and local taxing authorities have new tools for identifying and enforcing companies’ exposures for sales and use tax.

June 1, 2021

Time to opt in for an IP PIN?

Now that most taxpayers may obtain an identity protection personal identification number, should they?

May 28, 2021

President’s budget contains many tax proposals

The proposed $6 trillion fiscal year 2022 budget unveiled by the Biden Administration includes a host of tax items, including proposals to raise the corporate tax rate, raise the top tax rate for high-income individuals, limit like-kind exchanges, and make permanent recent temporary changes to various tax credits.

May 27, 2021

A closer look at paid tax preparer regulation

An AICPA senior manager explains why the AICPA recently offered recommendations on six key areas of regulation of paid tax return preparers.

May 27, 2021

Draft employer’s payroll tax return incorporates ARPA changes

A proposed new version of Form 941, Employer’s Quarterly Federal Tax Return, reflects relief provisions of the American Rescue Plan Act.

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