Tax news and information - Journal of Accountancy

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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.

August 1, 2021

Dependent care assistance unused balances are excluded from income

Pandemic relief for 2021 also includes a temporary increase in the exclusion amount.

August 1, 2021

Articles on risk assessment and home office deduction win JofA awards

Two articles received the JofA’s Lawler Award for the best articles of 2020.

July 27, 2021

COBRA premium assistance credit clarified further

The IRS has supplemented its guidance on COBRA premium payment assistance and the corresponding business tax credit under the American Rescue Plan Act.

July 20, 2021

IRS launches ‘Tax Pro Account’ feature

A new online portal automates the submission of powers of attorney and tax information authorizations, and there are plans to expand its functionality over time.

July 8, 2021

Why single-audit demand is rising; an update on tax preparer legislation

A CPA shares advice for organizations and practitioners on single audits and why more expertise is needed, and an AICPA vice president explains the reasons behind the organization’s support of a bill recently introduced in the House of Representatives.

July 1, 2021

Line items

COVID-19 sick and family leave credits may be claimed for vaccination paid time off … IRS extends e-signature authorization for 6 months … Receipt of bitcoin cash as a result of a hard fork is gross income to taxpayer

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.