Tax news and information - Journal of Accountancy

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July 29, 2020

IRS issues business interest expense limitation guidance

The IRS issued a package of related guidance on the business interest expense limitation enacted in the law known as the Tax Cuts and Jobs Act and amended by the CARES Act.

July 27, 2020

Guidance on recapture of excess employment tax credits

The IRS issued temporary and proposed regulations on how it will recapture excess credits taken by employers under recent coronavirus relief legislation.

July 21, 2020

GILTI rules address income subject to high foreign tax rate

The IRS issued final regulations under the global intangible low-taxed income (GILTI) rules on the treatment of income subject to a high rate of foreign tax. At the same time, the IRS issued proposed rules conforming the GILTI high-tax exception rules with the Subpart F high-tax exception.

July 17, 2020

Fed expands Main Street Lending Program to more not-for-profits

The Federal Reserve board announced that it has made changes to the Main Street Lending Program to allow more participation from not-for-profits, including educational institutions, hospitals and social service organizations.

July 17, 2020

IRS updates annual Dirty Dozen tax schemes for 2020

The IRS issued its top 12 “Dirty Dozen” tax scams, warning people to be vigilant to avoid these schemes all year round. New to the list is the “offer in compromise mills.”

July 16, 2020

IRS reinstates PTIN user fees

The IRS said it would once again begin charging fees to issue preparer tax identification numbers (PTINs) to tax return preparers for 2021. The fee was reduced in response to court cases that challenged the IRS’s authority to charge a fee.

July 15, 2020

Partnership form being redesigned for 2021

The IRS proposes modifying the partnership form (Form 1065) to help standardize the format of international tax items.

July 9, 2020

FDII and GILTI regulations finalized

The IRS issued final regs. on the foreign-derived intangible income deduction and the global intangible low-taxed income provisions enacted by the TCJA.

July 9, 2020

How to report coronavirus paid sick leave and family leave to employees

The IRS issued guidance on how employers should report qualified sick and family leave paid to employees under the Families First Coronavirus Response Act.

July 8, 2020

2020 depreciation limits for cars and trucks are issued

The IRS issued the 2020 limits on depreciation deductions for cars and trucks first placed in service in 2020 and the income inclusion amounts for passenger automobiles first leased in 2020.

July 6, 2020

Consolidated groups get NOL guidance

The IRS issued proposed and temporary regulations explaining how consolidated groups should apply the changes to the net operating loss rules enacted by the CARES Act.

July 6, 2020

Tips for untangling CARES Act tax quandaries

The global pandemic has offered many lessons in impermanence, including how parts of the tax reform legislation that seemed monumental upon its passage two and a half years ago have been temporarily rolled back to provide badly needed relief.

July 1, 2020

A tax marathon check-in

Ed Karl and Chris Hesse update us on how the 2020 marathon of a tax return filing season is going, whether the coronavirus-related return due date delay until July 15 is long enough, and what other relief taxpayers and their CPAs need.

July 1, 2020

The SECURE Act’s changes

Practitioners can advise on the most sweeping retirement reforms since 2006.

July 1, 2020

Ask the expert: Investing with an eye on taxes

Duncan Gates is Avantax’s Strategist–TSI Advisor Experience. In this role, he is responsible for providing education on tax-related topics and concepts, advisor training, and distribution of the Tax-Smart Investing platform.

July 1, 2020