Tax news and information - Journal of Accountancy

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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.

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.

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