Tax news and information - Journal of Accountancy

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December 1, 2019

IRS cannot stack frivolous-return penalties for 6 photocopies

The copies were clearly labeled as such in attachments to the taxpayer’s correspondence with the IRS and so did not purport to be returns, the Tax Court holds.

December 1, 2019

Helping clients after they are divorced

CPAs should review several key financial planning steps with newly single clients.

December 1, 2019

Line items

Travel per-diem rates updated … IRS offers expatriate tax relief … Voluntary compliance shrinks slightly

December 1, 2019

Father’s treatment of partnership interest expense does not bind son

The son, who inherited and received as gifts the interests in real estate partnerships, could treat nonrecourse debt as acquisition indebtedness, the Tax Court holds.

December 1, 2019

Accounting method choice cuts both ways

Change is hard, especially without a Form 3115, Application for Change in Accounting Method.

December 1, 2019

AICPA seeks guidance on adjustments for conversions from S corp. to C corp.

A reduced corporate tax rate could encourage changeover.

December 1, 2019

Safe harbor allows QBI deduction for rental real estate businesses

An earlier notice’s proposed rules are finalized with revisions and clarifications.

December 1, 2019

Business tax quick guide — tax year 2019

Download and print this quick guide for use during tax season, and look for our quick guide for individual taxpayers in the January 2020 issue.

December 1, 2019

Robotic process automation for tax

See what “bots” can do for tax practices and departments.

December 1, 2019

Short-term use prevents grouping real property activities

District court holds management contracts did not establish required period of customer use.

November 26, 2019

Per-diem method clarified in light of TCJA changes

The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling using the per-diem rates.

November 25, 2019

Final regs. eliminate estate and gift tax clawback

The IRS issued final regulations that reconcile the current higher exclusion for the estate and gift tax unified credit amount in effect under the TCJA with the lower unified credit scheduled to go into effect in 2026.

November 15, 2019

Use of standard mileage rate, other rules are updated for TCJA

The IRS updated its rules concerning the use of standard mileage rates and to reflect the current suspension of miscellaneous itemized deductions and moving expense deductions.

November 14, 2019

IRS commissioner seeks to enhance taxpayer contacts, target enforcement

Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible Internal Revenue Service restructuring, more-targeted enforcement efforts and IRS use of data analytics.

November 14, 2019

Taxes and Washington’s unfinished business

Tax planning and return filing readiness depend in no small part on the actions of Congress and the IRS and Treasury in the countdown to 2020. Ed Karl, AICPA vice president–Taxation, gives some inside-the-Beltway prognostications.

November 8, 2019

Automatic accounting method change procedures updated

The IRS released its updated procedures for automatic accounting method changes, which are accounting method changes that can be made without the IRS’s consent.

November 6, 2019

IRS posts 2020 inflation adjustments and tax tables

The IRS released the 2020 tax tables for individuals and estates and trusts, as well as the inflation adjustments for over 60 tax provisions for 2020 tax returns.

November 6, 2019