Tax news and information - Journal of Accountancy

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December 15, 2020

Temporary e-signature authorization for IRS forms extended

The IRS announced that it was extending taxpayers’ ability to file a number of forms using electronic signatures due to the pandemic. The limited relief extends the authorization through June 30, 2021.

December 11, 2020

Some teleworkers could be hit with surprise tax bills

With many workers unaware of the implications when remote work crosses state lines, CPAs may face frustration and confusion in clients.

December 11, 2020

PPP loan forgiveness and taxes

The AICPA’s Eileen Sherr, CPA, CGMA, MT, discusses recent IRS guidance regarding the tax treatment of loans under the SBA’s Paycheck Protection Program.

December 10, 2020

Final rules govern disallowed transportation fringe benefits

The IRS finalized proposed rules on the disallowance of deductions for transportation fringe benefits, which was enacted by the law known as the Tax Cuts and Jobs Act.

December 8, 2020

Several tax provisions set to expire at end of 2020

Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified tuition and related expenses.

December 8, 2020

IRS finalizes qualified plan loan rollover rules

The IRS finalized proposed regulations on the qualified plan loan rollover rules amended by the law known as the Tax Cuts and Jobs Act with just one change in response to a comment.

December 3, 2020

AICPA and trade associations ask Congress to fix PPP loan deductibility

In a letter to Congress, dated Dec. 3, hundreds of national trade associations and their state and regional affiliates asked that legislation be enacted before the end of 2020 reversing the IRS’s position that amounts forgiven in loans under the PPP be nondeductible business expenses.

December 3, 2020

Expenses used for PPP loan forgiveness: Deductible or not?

Two experts look at the issue of the deductibility of expenses paid with PPP loan funds and conclude that they should be deductible.

December 2, 2020

IP PINs to be available to all individuals in 2021

The IRS announced that it would begin allowing all individual taxpayers to opt in to receive an identity protection personal identification number (IP PIN), beginning in mid-January 2021.

December 1, 2020

The COVID-19 era: Planning for the year end and beyond

Tax-savvy and risk-averse strategies come to the fore.

December 1, 2020

Interest sought on $500 million missing refund

Claims Court reopens discovery on Pfizer’s claim.

December 1, 2020

Going virtual with client communications

Firms need to have technology in place to enable virtual interactions with clients.

December 1, 2020

A reckoning for payroll tax deferrals

Employers must be wary of the trust fund recovery penalty if they take advantage of deferrals in the CARES Act.

December 1, 2020

Ask the expert: Tax planning

Karla D’Alleva Valas leads Fidelity Charitable’s adviser success strategy focused on CPAs who prioritize charitable planning as integral to their practice. Previously, she led the Complex Asset Group, a team of attorneys working with CPAs to facilitate charitable donations of appreciated private company stock and other nonpublic assets.

December 1, 2020

Appreciated stock donation not treated as a taxable redemption

The Tax Court holds that taxpayers made an absolute gift.

December 1, 2020

Business tax quick guide — tax year 2020

Download or print this quick guide for use during tax season, and look for our quick guide for individual taxpayers in the January 2021 issue.

December 1, 2020

Missing IP PIN does not toll the limitation period

The IRS’s deficiency notice was untimely, the Tax Court holds.

November 24, 2020

Like-kind exchange rules define real property, incidental personal property

The IRS issued final regulations that define real property for like-kind exchange purposes and what qualifies as incidental personal property that will not disqualify an exchange.

November 23, 2020

Final rules coordinate Sec. 245A and Sec. 951A

The IRS issued final rules on the Sec. 245A extraordinary disposition rule and the Sec. 951A disqualified basis and disqualified payment rules, as well as reporting requirements to facilitate the rules.

November 23, 2020

AICPA mobilizes members to push for deductibility of PPP-funded expenses

The AICPA is asking its members to write to their senators and representatives in Congress in support of legislation that would mandate that anyone who receives a loan through the Paycheck Protection Program can deduct business expenses even when payment of those expenses results in loan forgiveness under the CARES Act.

FROM THIS MONTH'S ISSUE

Build reusable Skills in Anthropic’s Claude AI

Instead of rewriting prompts each time, CPAs can turn routine tasks into reusable AI Skills. This Technology Q&A walks through how to build Claude Skills that process files, ask setup questions, and export clean Excel outputs.