Tax news and information - Journal of Accountancy

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March 1, 2020

Onslaught of the tax procrastinators

Consider these ways to protect billable time while cultivating new clients.

March 1, 2020

Why states need to enact MTC model statute in 2020

Campaign seeks to create a uniform state-by-state regime that aligns with changes to federal partnership audits.

March 1, 2020

Tax Court holds cutting horse activity had a profit motive

The factors of Regs. Sec. 1.183-2(b),along with the taxpayer’s goals, actions, and testimony, supported the court’s holding.

February 26, 2020

Supreme Court overturns consolidated group tax refund allocation rule

The U.S. Supreme Court struck down the Bob Richards rule for allocating tax refunds among members of a consolidated group, holding that state law is well equipped to decide the matter.

February 24, 2020

Proposed regs. issued on meal and entertainment expense deductions

The IRS issued proposed rules clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274.

February 19, 2020

AICPA requests clarity on Sec. 465 reporting relief

The AICPA has asked Treasury and the IRS to clarify that reporting relief on certain reporting under Sec. 465 will also apply to S corporations.

February 18, 2020

No need to report some transactions in video game currency, IRS says

Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.

February 12, 2020

IRS proposes rules to update income tax withholding, revises Form W-4

The IRS proposed new regulations for withholding on individuals’ wages to reflect the statutory changes in the law known as the Tax Cuts and Jobs Act, including the elimination of the personal exemption.

February 4, 2020

Final rules determine maximum vehicle values

The IRS finalized the rules for maximum vehicle values under the cents-per-mile valuation rule and the fleet-average valuation rule after the law known as the Tax Cuts and Jobs Act increased those values to $50,000, adjusted for inflation.

February 1, 2020

Start or review an accountable plan

Employees’ business expense reimbursements are excluded from gross income.

February 1, 2020

Use of standard mileage rate, other rules updated for TCJA

Modifications address the period during which miscellaneous itemized deductions are suspended.

February 1, 2020

IRS offers to settle microcaptive insurance cases

Taxpayers offered the deal can reduce penalties.

February 1, 2020

Tax Court lowers tax due after revaluing disguised gifts

A seemingly small difference in profit margin percentile results in a sizable dollar amount.

February 1, 2020

Sec. 280E is not an excessive fine under Eighth Amendment

The Tax Court denies a challenge by a California marijuana business.

February 1, 2020

AICPA honors service and professional contributions in tax

Jane T. Rubin received the Arthur J. Dixon Memorial Award, and Blake Vickers received the Tax Division Distinguished Service Award.

February 1, 2020

Taxpayer-favorable changes in the bonus depreciation regs.

The rules apply to the 100% additional first-year depreciation deduction in Sec. 168(k), which is in effect through 2022.

January 31, 2020

Electronic filing mandated for Sec. 501(c)(3) applications

The IRS announced that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3), must now be submitted electronically.

January 22, 2020

More taxpayers qualify for student loan COD relief

The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.

January 2, 2020

IRS issues 2020 standard mileage rates

On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts.