Tax news and information - Journal of Accountancy

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February 2, 2021

IRS requires corrected information returns for certain SBA loans

The IRS issued guidance requiring lenders who mistakenly sent Forms 1099-MISC reporting loan payments that are permitted to be excluded from the taxpayer’s gross income under the Consolidated Appropriations Act, 2021, to send corrected forms.

February 1, 2021

Expert advice on defending tax and other claims

Learn what CPA firms can do (and should not do) to assist those defending tax professionals against professional liability claims.

February 1, 2021

‘Willful’ FBAR penalties upheld

Despite a couple’s ignorance of the FBAR filing requirement, their disregard of it was reckless, the Fourth Circuit holds.

February 1, 2021

States’ rolling conformity to the Code and CARES Act

Examples from several states show that rolling conformity is not as clear-cut as it sounds.

February 1, 2021

Tax penalty relief amid the pandemic

Help clients establish COVID-19-related reasonable-cause defenses and abatement requests.

February 1, 2021

‘Individual mandate’ payment is not a priority bankruptcy debt

District court’s holding for tax debtors contributes to courts’ divergence in the wake of Sebelius.

February 1, 2021

Acquiring the tax benefits of a corporation

Tax losses in M&As can risk controversy.

February 1, 2021

AICPA honors service and professional contributions in tax

Roby Sawyers, professor of accounting and director of undergraduate programs at North Carolina State University’s Poole College of Management, received the AICPA’s Arthur J. Dixon Award.

February 1, 2021

Taxpayers not allowed Ponzi loss safe harbor

The Tax Court holds that the taxpayers had not complied with the conditions of Rev. Proc. 2009-20.

January 29, 2021

Beware of identity theft scam involving unemployment benefits

The IRS warned taxpayers that identity thieves are fraudulently claiming state unemployment benefits using stolen taxpayer identities. Here is what taxpayers should do if they receive a Form 1099-G reporting state unemployment benefits they did not receive.

January 29, 2021

CPA news to know: PPP vigilance and the start of tax season

An express version of our podcast revisits advice for PPP loan applications and explores the tax season’s compressed calendar.

January 28, 2021

PPP loan forgiveness and taxes: Part 2

Eileen Sherr, CPA, CGMA, MT, discusses what the CAA resolved regarding deductibility of business expenses paid by loan proceeds from the PPP, along with other AICPA advocacy priorities — and what remains unresolved. Plus, we look ahead to possible developments during 2021 in tax legislation and pandemic relief.

January 28, 2021

Employee retention credit changes leave practitioners with questions

The IRS issued guidance on two aspects of the employee retention credit — how to claim the credit when filing the fourth quarter Form 941 when the taxpayer knows its loan under the PPP will not be forgiven and how the newly extended and amended employee retention credit will apply.

January 20, 2021

Partner capital account reporting gets transition penalty relief

Errors by partnerships in reporting partners’ tax capital accounts under new rules for 2020 may be excused, the Internal Revenue Service outlined.

January 20, 2021

IRS explains extended payroll tax due dates

The IRS issued updated procedures for the deferred employee portion of employment tax payments, which were further extended from April 30, 2021, to Dec. 31, 2021, by year-end legislation.

January 19, 2021

Some individual taxpayers get relief from underpayment penalty

The IRS granted individual taxpayers a waiver from the penalty for underestimated tax due solely to the amendment to Sec. 461(l)(1)(B) in the CARES Act repealing the excess business loss limitations for years before 2021.

January 19, 2021

Taxpayers need clarity on coordination of ERC and PPP loans

The AICPA asked the IRS and Treasury to clarify that the filing of a Paycheck Protection Program loan forgiveness application is not an election by the taxpayer to forgo the employee retention credit for wages reported on the application exceeding the amount of wages necessary for loan forgiveness.

January 15, 2021

Tax filing season to start Feb. 12, IRS announces

The IRS announced that it will start accepting 2020 tax returns on Feb. 12, a later date than usual. The delay stems from programming changes needed to account for year-end tax legislation.

January 12, 2021

Final regs. govern deductibility of fines and penalties

The IRS issued final regulations on when fines and penalties paid to a government are not deductible by a taxpayer, including defining when a payment counts as restitution, which may be deductible.

January 12, 2021

Final rules on exempt organization excess remuneration

The IRS issued final regulations on the excise tax on excess remuneration over $1 million paid by tax-exempt organizations, finalizing proposed regulations with a few changes in response to comments.

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