Tax news and information - Journal of Accountancy

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August 1, 2020

Liquidation of assets not mandated for taxpayers’ installment agreement

The Tax Court finds the taxpayers’ residence and other properties were necessary for the production of income or the health and welfare of the family.

August 1, 2020

‘Retail glitch fix’ gets guidance

Methods for claiming bonus depreciation and 15-year class life for qualified improvement property provide relief but come with a deadline.

August 1, 2020

Offside penalty — IRS

To win a client’s tax case, it helps to know the IRS’s rulebook.

August 1, 2020

Supervisory approval of penalties

Federal courts continue to clarify the contours of the Sec. 6751(b) managerial approval requirements for certain penalty assessments.

July 30, 2020

Simplified accounting rules issued for small businesses

The IRS issued regulations on the simplified accounting method rules for small business taxpayers enacted in 2017 by the law known as the Tax Cuts and Jobs Act.

July 30, 2020

IRS to allow faxing of automatic method change requests

The IRS announced that, beginning Friday, in response to the coronavirus pandemic, it is temporarily accepting duplicate copies of Form 3115, Application for Change in Accounting Method, sent by fax instead of mail.

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

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.