A taxpayer’s separate trades or businesses must be determined before calculating the qualified business income deduction.
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Tax
Financial disability provision does not suspend statute of limitation on taxpayers’ refund claims
A district court rules it lacks subject-matter jurisdiction over taxpayers’ untimely refund claims.
W-2 wages and Sec. 199A
Finding the “sweet spot” to maximize the qualified business income deduction may involve adjusting a business’s workforce.
Supreme Court holds North Carolina cannot tax trust
The U.S. Supreme Court issued a unanimous decision holding that North Carolina’s attempt to tax a trust based solely on the residence of a beneficiary violates the Due Process Clause of the 14th Amendment.
Virtual currency not FBAR reportable (at least for now)
The AICPA Virtual Currency Task Force reached out to Treasury’s Financial Crimes Enforcement Network (FinCEN) to help practitioners answer the question of whether virtual currency (or cryptocurrency) must be reported on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
W-2 methods proposed for Sec. 199A(g) deduction by agricultural co-ops
The IRS issued methods for calculating W-2 wages for the Sec. 199A(g) deduction for agricultural and horticultural cooperatives, similar to the former Sec. 199 domestic production activities deduction.
Final HRA rules permit integration with individual health insurance
The IRS issued final regulations on health reimbursement arrangements, which may be offered to individuals as individual coverage HRAs and integrated into health insurance plans.
Final rules govern GILTI, Subpart F income, and foreign tax credits
The IRS issued final regulations on the Sec. 951A global low-taxed income inclusion and foreign tax credits, finalizing proposed rules issued in October and December 2018.
What tax firms need to know now about technology
Artificial intelligence and robots get a lot of attention, but automation and cloud computing-enabled outsourcing are the technology-related terms that should be top of mind for tax practices, according to a session at AICPA ENGAGE 2019 in Las Vegas.
SALT deduction cap rules finalized, safe harbor proposed
Here are details on the new rules that deny a federal tax deduction to taxpayers who donate to a state charitable fund and receive a state or local tax credit in return.
Ninth Circuit upholds IRS cost-sharing regulation
The Ninth Circuit Court of Appeals reversed a Tax Court decision that had held that a cost-sharing regulation that required allocation of stock-based compensation was invalid.
Changes coming to tax transcript availability
To fight identity theft, starting June 28 the IRS will no longer fax transcripts to taxpayers, tax professionals, and other third parties. And in July it will stop providing an option for mailing transcripts to third parties.
Casualty loss deduction from drug-induced gambling is disallowed
The Tax Court declines to expand ‘other casualty’ beyond one sustained with respect to tangible property.
Line items
IRS expands relief from underpayment penalty … Credit for GM electric cars phasing out … IRS extends private letter ruling pilot program
Income recognition changes for accrual-method taxpayers
The Tax Cuts and Jobs Act made some widely applicable but, perhaps, lesser-known changes to accrual accounting rules.
‘Parsonage’ exclusion ruled constitutional
Reversing a district court, the Seventh Circuit upholds the Sec. 107 housing exclusion for ‘ministers of the gospel.’
The at-risk rules for partnerships
Know how this loss limitation differs from partners’ tax basis, and some industry-specific criteria.
Laurie Austin, CPA
Delegating and trusting others isn’t always easy, but it helps a leader manage a workload and develop others’ skills, says Laurie Austin, CPA.
Taxpayers did not properly notify IRS of address change, the Tax Court holds
Despite the taxpayers’ use of their new address on a power-of-attorney form and extension request, the IRS properly sent deficiency notices to their old address, and the taxpayers’ petition to the Tax Court was ruled untimely.
Accounting firm data breaches: One state’s records
An examination of Maryland’s records of accounting firm data breaches reveals what is known about these illicit activities and how to protect your firm.
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