Tax news and information - Journal of Accountancy

TOPICS

October 1, 2019

Final rules permit truncated TINs on W-2s

If an employer elects, forms issued to employees starting in 2021 will show only the final four numerals of their SSN.

October 1, 2019

Planning for data security

Today’s tax firms must be vigilant against cyberthreats.

October 1, 2019

Great time for a GRAT

Grantor retained annuity trusts may be an optimal wealth-transfer vehicle for many.

October 1, 2019

Purported family loans were not bona fide, Tax Court holds

The bank deposit method supports an IRS underpayment assessment.

October 1, 2019

Relief for ESBT election failure saves S corporation’s status

An IRS letter ruling allowed an otherwise qualified corporation to continue to be treated as an S corporation for federal income tax purposes despite its inadvertent termination of its S corporation status.

September 26, 2019

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

In comments submitted to the IRS, the AICPA requested expeditious guidance concerning adjustments attributable to conversions from an S corporation to a C corporation.

September 25, 2019

IRS issues 2019 to 2020 per-diem rates for traveling away from home

The IRS issued its annual notice specifying the special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.

September 24, 2019

Safe harbor allows QBI deduction for rental real estate businesses

The IRS issued a revenue procedure describing the requirements taxpayers have to meet to be a rental real estate business that qualifies for the safe harbor to be treated as a trade or business in order to qualify for the Sec. 199A qualified business income deduction.

September 20, 2019

Final regs. loosen 401(k) hardship distribution requirements

The IRS issued final regulations governing hardship distributions from Sec. 401(k) plans, eliminating the requirements that participants obtain a loan from the plan if available and that suspend participants’ ability to make contributions to the plans for six months after taking a hardship distribution.

September 13, 2019

Regulations clarify bonus depreciation treatment

The IRS issued final regulations and new proposed regulations on the 100% bonus depreciation deduction that was amended by the law known as the Tax Cuts and Jobs Act.

September 10, 2019

Proposed regs. clarify reporting requirements for tax-exempt organizations

The rulemaking mainly consolidates existing guidance in one location, but it also responds to a recent court decision that held invalid certain changes to donor-reporting requirements.

September 9, 2019

IRS offers expatriate tax relief

The IRS announced procedures to allow certain individuals who have renounced their U.S. citizenship to get into compliance with their US tax obligations and obtain relief for back taxes.

September 6, 2019

Tax accounting rules issued for advance payments

Taxpayers that use the accrual method and receive advance payments for good or services were given new rules by the IRS on when to include the advance payments in income.

September 1, 2019

2019 tax software survey: Shares of respondents and product and company information

Bonus: The percentages for all 13 products, including a breakdown of their usage among firms ranked by ranges of numbers of preparers, in the 2019 tax software survey.

September 1, 2019

Line items

Prop. regs. and notice guide co-ops and patrons on Sec. 199A(g) and QBI deductions … CAP applicants sought … Puerto Rico gets 2 more opportunity zones

September 1, 2019

Automation and digital workflow in a tax practice

When choosing and implementing new technologies, a firm must involve team members at all levels in the process and provide essential training.

September 1, 2019

Supreme Court holds North Carolina cannot tax trust lacking minimum contact

The tax violated due process where the only connection to the state was beneficiaries’ residence there, the Court states.

September 1, 2019

2019 tax software survey

Learn how the industry-leading products stacked up in CPAs’ estimation through a tax season with many far-reaching law changes.

September 1, 2019

Taxpayer allowed a deduction under claim of right

A divorced spouse could deduct her indirect repayment of an amount previously included in her and her former husband’s jointly reported income.

September 1, 2019

Child dependency claims by noncustodial parents

Practitioners can help taxpayers avoid common miscues under the special rule of Sec. 152(e).

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