Tax news and information - Journal of Accountancy

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September 22, 2020

Lenders will not file Form 1099-C for forgiven PPP loans

The IRS issued guidance telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee statement to the borrower when a Paycheck Protection Program loan is forgiven.

September 22, 2020

Final regs. outline trust and estate expenses still deductible under TCJA

The IRS issued final regulations for distinguishing trusts’ and estates’ allowable deductions from miscellaneous itemized deductions currently suspended by the law known as the Tax Cuts and Jobs Act.

September 22, 2020

IRS issues more bonus depreciation rules

The IRS issued final bonus depreciation regulations and withdrew proposed regulations.

September 21, 2020

Final regs. govern CFC downward attribution

The IRS issued final regulations on the downward attribution rules of controlled foreign corporations, whose treatment had been changed by the law known as the Tax Cuts and Jobs Act.

September 16, 2020

E-filing problems plague some Sept. 15 tax returns

Some practitioners who attempted to file returns on Sept. 15 ran into technical difficulties that prevented them from e-filing returns by the midnight deadline. The AICPA is talking to the IRS about relief for the problem.

September 16, 2020

Premium tax credit unaffected by zeroing of personal exemptions

The IRS makes clear in final regulations that the health care premium tax credit calculation is unaffected by the personal exemption decrease to zero.

September 16, 2020

Final regulations define ‘qualifying relative’

The IRS finalized proposed regulations defining “qualifying relative” for tax years 2018–2025, in which the personal exemption amount is zero.

September 15, 2020

Final regs. govern eligible terminated S corporation rules

The IRS finalized proposed regulations on eligible terminated S corporations, a new provision enacted under the Tax Cuts and Jobs Act that provided favorable treatment for corporations that wished to terminate their S elections.

September 11, 2020

IRS issues 2020–2021 per-diem rates

The IRS issued the 2020-2021 per-diem rates for business travelers who incur expenses while traveling away from home.

September 11, 2020

Implementing the payroll tax deferral, part 2

Treasury and the IRS have issued much-anticipated guidance on just how the deferral applies and how the taxes are likely to have to be repaid. Hear more in this podcast episode.

September 11, 2020

Pandemic makes meeting Sept. 15 filing deadline difficult

Tax practitioners have expressed concerns that they will not be able to meet looming Sept. 15 tax filing deadlines for a variety of reasons related to the global pandemic.

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.

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