Tax news and information - Journal of Accountancy

TOPICS

November 20, 2020

Centralized partnership audit regime changes proposed

The IRS issued rules on two special enforcement matters for purposes of the unified partnership audit rules.

November 20, 2020

Final regs. govern computation of UBTI for separate businesses

The IRS has posted final regulations governing how tax-exempt organizations determine if they have more than one unrelated trade or business for purposes of unrelated business income tax.

November 19, 2020

IRS doubles down on nondeductibility of PPP-funded expenses

The IRS issued guidance for taxpayers who pay otherwise deductible expenses with PPP loan funds, stating that even if the payment and PPP loan forgiveness happen in different tax years, the expenses are not deductible.

November 17, 2020

IRS commissioner: Penalty relief will not be ‘blanket’

IRS Commissioner Charles Rettig told attendees at the AICPA National Tax & Sophisticated Online Tax Conference not to expect blanket penalty relief in response to the COVID-19 pandemic, and he addressed other effects of the pandemic on the agency.

November 16, 2020

It’s a tough year for year-end tax planning

Advisers face the difficult task of helping clients plan for next year without knowing for certain which party will control the Senate.

November 16, 2020

Quiz: Are you ready for year-end planning during a pandemic?

When it comes time to put on your year-end planning hat, will you be prepared to provide the best tax and financial planning advice to clients? Take this quiz to see if you’re ready to tackle year-end planning for 2020.

November 13, 2020

IRS will mask business tax transcript identifying information

The IRS announced that beginning Dec. 13 it will mask sensitive data on business tax transcripts, a step it took two years ago for individual tax transcripts.

November 10, 2020

Partnerships and S corps. can deduct state and local taxes

The IRS said it would issue proposed regulations allowing S corporations and partnerships to deduct “specified income tax payments” paid to state and local governments above the line and not as passthrough items for partners and shareholders.

November 9, 2020

Taxpayers allowed choice of bonus depreciation rules

The IRS issued rules for taxpayers to follow in applying recently issued bonus depreciation regulations, including how to make several elections.

November 3, 2020

IRS announces help with tax debt

The IRS said it was revising its procedures to help taxpayers who cannot pay their taxes because of the pandemic. The new program is called the Taxpayer Relief Initiative.

November 1, 2020

COVID-19 and withdrawals from retirement plans

Taxpayers under financial duress caused by the pandemic can avoid penalties.

November 1, 2020

Payroll outsourcing services described

Some assume liability for taxes and/or responsibility for returns.

November 1, 2020

Deducting losses in the CARES Act’s window

For a limited time, taxpayers have flexibility for using net operating losses.

November 1, 2020

Taxpayers are allowed charitable contribution deductions for land

The donations had donative intent, were reasonably valued, and were supported with documentation that substantially complied with the regulations, the Tax Court finds.

November 1, 2020

N.J. business incentive grants are taxable

The Third Circuit reverses the Tax Court, which had held the relocation payments to be nonshareholder capital contributions.

November 1, 2020

Limiting the impact of negative QBI

Here are the rules for the treatment of negative QBI and some planning ideas for mitigating its effect on the QBI deduction.

November 1, 2020

Preparers beware: PTIN fees are back

After a lengthy hiatus and despite ongoing litigation, final regulations are in place.

October 30, 2020

Guidance on deferred employee payroll tax issued

The IRS issued guidance to employers and employees on reporting deferred Social Security tax on Form W-2, Wage and Tax Statement, under the Aug. 8 Presidential Memorandum authorizing the deferral.

October 28, 2020

Template for requesting penalty abatement available from AICPA

The AICPA has created a template for members to use when requesting a penalty abatement from the IRS. Many taxpayers are receiving penalty notices after COVID-19 hampered their ability to meet tax filing obligations.

October 26, 2020

2021 inflation adjustments and tax tables issued

The IRS issued the 2021 inflation adjustment amounts and tax tables for use in preparing 2021 tax returns in the 2022 filing season. Many of the over 60 items increased from 2020.

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