Tax news and information - Journal of Accountancy

TOPICS

July 1, 2020

Ask the expert: Investing with an eye on taxes

Duncan Gates is Avantax’s Strategist–TSI Advisor Experience. In this role, he is responsible for providing education on tax-related topics and concepts, advisor training, and distribution of the Tax-Smart Investing platform.

July 1, 2020

Prop. regs. would govern silo rules for exempt organizations

UBTI is computed separately for each unrelated trade or business.

July 1, 2020

Former kiddie tax rules restored

Congress reverses changes made to the kiddie tax in the Tax Cuts and Jobs Act, allowing affected taxpayers to amend their returns.

July 1, 2020

Tentative refunds under the CARES Act in 2020

The pandemic relief bill expands opportunities to use net operating loss carrybacks and unused AMT credits.

July 1, 2020

Line items

PTIN fee to go down … COD case holding affirmed … Payments for faulty foundations are excludable

July 1, 2020

Denial of taxpayer’s travel deductions is upheld

An appellate court finds that the Tax Court correctly disallowed a taxpayer’s travel deductions because he was not away from home.

June 30, 2020

IRS will not postpone July 15 deadline

The IRS announced that it will not further postpone federal tax filing and payment deadlines beyond July 15.

June 24, 2020

RIC shareholders can take Sec. 199A deduction for REIT dividends

The IRS issued final regulations allowing regulated investment companies (RICs) to report qualified real estate investment trust (REIT) dividends as Sec. 199A dividends to their shareholders.

June 23, 2020

Rollover relief for required minimum distributions

The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.

June 22, 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.