Tax news and information - Journal of Accountancy

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March 11, 2020

High-deductible health plans can cover coronavirus testing, treatment

To facilitate the nation’s response to COVID-19, the IRS issued guidance permitting high-deductible health plans to cover costs for testing and treating the virus without satisfying a deductible requirement.

March 9, 2020

Getting states on board: A model for partnership tax audits

The rules have changed for IRS examinations and adjustments of partnership returns at the federal level, but are the states following suit? We’ll find out how model legislation issued by the Multistate Tax Commission, developed in collaboration with the AICPA and other stakeholders, is being adopted across the U.S.

March 2, 2020

Help your staff make it through busy season

Eustis Corrigan, CPA, senior managing director at CBIZ MHM in Memphis, Tenn., a veteran of more than 30 tax seasons, shares what his firm does to support staff during busy season.

March 1, 2020

Cafeteria plan compliance

Serve up a well-prepared smorgasbord of employee benefits.

March 1, 2020

Year-end government spending bill contains many tax provisions

Certain health care taxes are repealed, IRAs are revamped, and disaster relief and other provisions are extended.

March 1, 2020

$8.7 million partnership income adjustment by IRS disallowed

Family mobile home business’s promissory notes were not includible in income, the Tax Court holds.

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.

FROM THIS MONTH'S ISSUE

Build reusable Skills in Anthropic’s Claude AI

Instead of rewriting prompts each time, CPAs can turn routine tasks into reusable AI Skills. This Technology Q&A walks through how to build Claude Skills that process files, ask setup questions, and export clean Excel outputs.