Tax news and information - Journal of Accountancy

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January 1, 2020

No deduction for paying corporate parent’s expense

A subsidiary fails to show that it received the primary benefit from its payment to an adviser incident to a merger.

January 1, 2020

2020 tax filing season preview

CPA firms venture into the new decade of serving taxpayers.

January 1, 2020

Taxpayers may deduct casualty losses in prior years

The final regulations allow more time to make the election.

January 1, 2020

CFC downward attributions get safe harbors

Reporting of Subpart F and GILTI inclusions may rely on ‘alternate information.’

January 1, 2020

Writing to win tax appeals

If taxpayers disagree with an IRS audit, they have 30 days to prepare an IRS protest. Find out how to win at IRS Appeals.

January 1, 2020

‘Gifts’ to clergy may be remuneration

Payments to a pastor did not qualify to be excluded from income as a parsonage allowance or as nontaxable gifts.

January 1, 2020

Practitioners need a written information security plan

The IRS places fresh emphasis on tax preparers’ responsibilities under the Gramm-Leach-Bliley Act safeguards rule.

January 1, 2020

Filing season quick guide — tax year 2019

Download and print this tax season reference highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.

January 1, 2020

Estate is entitled to refund of Sec. 6651 late-filing penalty

The full tax liability had been paid by the extended due date.

December 23, 2019

Humpty Dumpty meets the tax code

Annette Nellen, Esq., CPA, CGMA, walks us through four recent decisions by the U.S. Tax Court to show how the precise application of a word or phrase can make a world of difference.

December 20, 2019

Qualified opportunity zone regs. finalized

The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs).

December 19, 2019

Year-end government spending bill contains many tax provisions

The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims.

December 19, 2019

5th Circuit invalidates health care law’s individual mandate

The Fifth Circuit held that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero.

December 18, 2019

New FASB standard aims to simplify accounting for income taxes

FASB issued a standard that is designed to reduce cost and complexity in accounting for income taxes.

December 18, 2019

You might be a tax shelter if …

Does your business fall under the definition of a syndicate? Chris Hesse, chair of the AICPA’s Tax Executive Committee, reveals where the traps lie for business taxpayers and their CPA advisers.

December 17, 2019

Proposed regs. would govern Sec. 162(m) executive compensation limits

The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain publicly held corporations.

December 16, 2019

Guidance issued on payments to charitable organizations

The IRS issued additional rules on the treatment of deductions for charitable contributions in lieu of state and local taxes, an area in which it has already issued final regulations and other guidance.

December 10, 2019

Partnership capital reporting requirements postponed until 2020

The IRS is postponing the requirement to report partners’ shares of partnership capital on the tax-basis method for 2019 (for partnership tax years beginning in calendar 2019) until 2020 (for partnership tax years that begin on or after Jan. 1, 2020).

December 3, 2019

BEAT regs. are finalized, new regs. are proposed

The IRS issued detailed guidance on the Sec. 59A base-erosion and anti-abuse tax (BEAT), which was added to the Code by the law known as the Tax Cuts and Jobs Act.

December 2, 2019