Tax news and information - Journal of Accountancy

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September 10, 2020

6 more IRS forms can be filed with e-signatures

The IRS added six more forms to the list of forms that can now be signed electronically to respond to the coronavirus pandemic.

September 9, 2020

IRS issues guidance on COVID-19 testing coverage

The IRS said that COVID-19 testing and diagnostics are not minimum essential coverage under a government-sponsored program and therefore do not disqualify taxpayers from taking the Sec. 36B premium tax credit or Medicaid.

September 2, 2020

Additional BEAT regs. finalized

The IRS issued final regulations on the base-erosion and anti-abuse tax, which was created by the Tax Cuts and Jobs Act to deter attempts to shift profits to foreign jurisdictions.

September 2, 2020

Regulations coming on S corporations with accumulated E&P and GILTI

The IRS announced that it will issue regulations to allow S corporations with accumulated earnings and profits to elect to have global intangible low-taxed income inclusions increase the S corporation’s accumulated adjustments account.

September 1, 2020

Recent developments for municipal bond investors

Munis remain as popular as ever, but states’ fiscal woes from COVID-19 and other trends could alter the investing landscape.

September 1, 2020

Line items

Siloing’ NOLs against UBTI explained … ‘Incidental’ personal property allowed in like-kind exchanges

September 1, 2020

IRS setoff of tax overpayment upheld in bankruptcy

Government’s right withstands Chapter 7 debtors’ attempt to exempt tax overpayment.

September 1, 2020

$24 million in transfers were not gifts

A former business partner’s wire transfers are held includible in the taxpayer’s income.

September 1, 2020

The new charitable deduction for nonitemizers

A one-time deduction of up to $300 can be taken directly on individual returns.

September 1, 2020

Avoiding the sales tax economic nexus train wreck

As states become ever more aggressive in pursuing companies to collect sales tax in the wake of the Wayfair ruling, businesses must be alert to possible exposure.

September 1, 2020

State conformity to CARES Act relief

Relative to CARES Act tax provisions, state conformity to date is varied.

September 1, 2020

Golf course easement served a valid conservation purpose

The Eleventh Circuit reverses the Tax Court’s denial of a deduction for a qualified conservation contribution.

September 1, 2020

2020 tax software survey

CPA tax preparers take stock of an indispensable tool of the trade.

September 1, 2020

2020 tax software survey: Shares of respondents and product and company information

Bonus: The percentages for all 13 products, including a breakdown of their usage among firms ranked by ranges of numbers of preparers, in the 2020 tax software survey.

August 31, 2020

IRS temporarily allows e-signatures on some forms

The IRS identified a dozen forms for which is will accept e-signatures for the rest of the year. The forms covered include Form 8879, IRS e-file Signature Authorization, used for e-filing individual income tax returns.

August 28, 2020

Guidance issued on payroll tax deferral

The IRS issued guidance on the payroll tax deferral ordered by President Donald Trump on Aug. 8. The notice requires employers to withhold deferred taxes during the period from Jan. 1 to April 30, 2021.

August 27, 2020

Tools to help nonfilers receive economic impact payments

The IRS provided information and tools that tax practitioners can use to inform individuals who are eligible to receive economic impact payments but did not receive one automatically.

August 24, 2020

Final regs. address new dividends received deduction and reporting rules

The IRS finalized regulations and withdrew temporary regulations on the Sec. 245A dividend rules, as well as Sec. 954 and the reporting requirements for those new rules under Sec. 6038, which were all amended by the law known as the Tax Cuts and Jobs Act.

August 24, 2020

IRS stops sending balance-due notices, corrects payroll tax penalties

The IRS has stopped sending balance-due notices to taxpayers as it works to process its backlog of unopened mail. It is also working to correct certain erroneous penalties for some employers who reduced their payroll tax deposits to claim COVID-19 relief-related credits.

August 24, 2020

Teleworking and state and local taxes

This episode explores the huge implications for state and local taxes raised by workers more often untethered from the employer’s physical location, sometimes in another state. And now, during the COVID-19 pandemic, remote teleworking has become the rule for many professions.