Tax news and information - Journal of Accountancy

TOPICS

August 6, 2019

IRS changes its third-party contact procedures

The IRS issued updated procedures for third-party contacts to reflect changes enacted in the recent Taxpayer First Act, requiring the IRS to notify taxpayers at least 45 days before it contacts a third party to determine or collect a tax.

August 1, 2019

The QBI deduction for rental real estate activity

Optimal treatment under Sec. 199A eludes any one-size-fits-all solution.

August 1, 2019

Line items

LB&I launches data analytics compliance
program … Vehicle depreciation limits for 2019 … HSA contribution limits for 2020

August 1, 2019

Digital assets after death

Estate planning should account for a client’s digital assets, which often have significant financial or sentimental value.

August 1, 2019

IRS issues CPEO final regulations

The tax consequences under Sec. 3511 are spelled out for employee leasing and similar arrangements.

August 1, 2019

Sales tax compliance post-Wayfair

The U.S. Supreme Court’s decision last year in South Dakota v. Wayfair prompted many states to enact new sales tax legislation or promulgate new regulations based on economic nexus. Find out how to help your clients comply.

August 1, 2019

State cash grants were nontaxable contributions to capital

New Jersey’s payments to a corporate taxpayer were intended as an inducement to locate in the state.

August 1, 2019

Ninth Circuit holds common law mailbox rule inapplicable

IRS regulations permissibly established the exclusive means of proving timely filing, the appeals court holds.

July 31, 2019

Taxpayers may revoke or make late bonus depreciation elections

The IRS will permit taxpayers to change their bonus depreciation treatment for property acquired after Sept. 27, 2017, and placed in service during a tax year that includes Sept. 28, 2017.

July 29, 2019

IRS permits certain partnerships to file superseding partnership returns

The IRS is permitting certain partnerships that timely filed their tax returns for the 2018 tax year an extension of time to file superseding returns and Schedules K-1 for their partners.

July 29, 2019

IRS alerts virtual currency owners of nonfiling consequences

The IRS has begun sending what it calls “educational letters” to taxpayers it has identified as not reporting virtual currency transactions or reporting them incorrectly.

July 17, 2019

Guidance adds preventive care items to high-deductible health plans

The IRS added 14 types of preventive care items that qualify to be provided under a high-deductible health plan to treat chronic medical conditions.

July 2, 2019

Final rules permit truncated TINs on W-2s

As part of its effort to reduce identity theft, the IRS issued final rules permitting employers to provide truncated taxpayer identification numbers on Forms W-2, Wage and Tax Statement, they provide to employees.

July 2, 2019

Congress approves IRS reform bill, drops Free File language

The bill establishes an independent appeals office and requires the IRS to develop a customer service strategy. A controversial provision codifying the Free File program was dropped from the bill.

July 1, 2019

Second Circuit expands Tax Court’s jurisdiction for hearing refund claims

In reversing the Tax Court, an appeals court fixes a ‘black hole’ for timely filing.

July 1, 2019

Infographic: Mapping a path forward after Wayfair

CPAs should educate themselves and their clients on the current nexus standard for sales taxes.

July 1, 2019

Line items

EIN applicants now limited to holders of SSNs and ITINs … Pro sports trades get safe harbor … More prop. regs. issued on opportunity zone funds

July 1, 2019

S corp. expenses not personally deductible by shareholder as a sole proprietor

A district court denies a taxpayer’s refund claim.

July 1, 2019

Tax Court denies microcaptive insurance arrangement

Entities were not insurance companies and did not provide insurance in the commonly accepted sense, the court holds.

July 1, 2019

Broadened definition of Sec. 152 dependents

The Tax Cuts and Jobs Act of 2017 greatly increased the availability of the child tax credit. Find out the definition of dependent for those purposes and for taking advantage of “surviving spouse” status.