Tax news and information - Journal of Accountancy

TOPICS

November 1, 2019

Line items

Prop. regs. update valuation limit for employee use of vehicle … Rules proposed for classifying cloud and digital content transactions … Nondiscrimination rules relief extended

November 1, 2019

Responsible person rules in the wake of Wayfair

As states impose sales tax collection obligations on more companies, individual taxpayers face a greater risk of personal liability if their organization fails to comply.

November 1, 2019

Mayo Clinic held to be an educational organization despite engaging in noneducational activities

A district court invalidates a regulation requiring educational activities to be an educational organization’s primary function and its other activities to be merely incidental to those activities.

November 1, 2019

Planning for Medicare taxes, premiums, and surcharges

Don’t neglect these basic health care considerations in clients’ retirement planning.

November 1, 2019

Taxpayers may revoke or make late bonus depreciation elections

Late elections or revocations made during the time prescribed in Rev. Proc. 2019-13 will be treated as automatic changes in method of accounting with a Sec. 481(a) adjustment.

November 1, 2019

Like-kind exchanges and personal property

A recent law change invites new strategies.

November 1, 2019

Alimony tax gap swells to $3.2 billion, TIGTA finds

The difference resulted in $248 million of tax underreporting.

October 18, 2019

TIGTA outlines IRS challenges for 2020

The memorandum lists 10 challenges in order of importance, ranging from data security to achieving operational efficiencies.

October 14, 2019

Taxpayers may deduct casualty losses in prior years

The IRS finalized regulations permitting taxpayers to deduct disaster losses in the prior tax year and removed the related temporary regulations that were issued in 2016.

October 9, 2019

IRS clarifies the tax treatment of cryptocurrency ‘hard forks’ and ‘airdrops’

The IRS ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer does not receive units of a new cryptocurrency, but does have gross income as a result of an airdrop of new cryptocurrency after a hard fork if the taxpayer receives units of the new cryptocurrency.

October 1, 2019