Tax news and information - Journal of Accountancy

TOPICS

September 1, 2019

Ninth Circuit overturns Tax Court’s invalidation of transfer-pricing regs.

Stock-based compensation is held includible in a cost-sharing agreement.

September 1, 2019

Congress approves IRS reform legislation

The law revamps the appeals process, requests for innocent spouse claims, and private debt collection rules, among other revisions.

August 22, 2019

Proposed regs. govern maximum automobile values

The IRS issued proposed rules that provide maximum automobile values for the cents-per-mile and fleet-average valuation rules used to determine the amount to include in an employee’s gross income for personal use of an employer-provided vehicle.

August 15, 2019

Underpayment penalty relief now automatic for eligible filers

Some taxpayers who paid 2018 underpayment penalties will receive refund checks because the penalties will be automatically waived for those who qualify, the IRS announced.

August 13, 2019

Alimony tax gap swells to $3.2 billion, TIGTA finds

Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.

August 13, 2019

Rules proposed for classifying cloud and digital content transactions

The Internal Revenue Service proposed regulations to clarify how to classify transactions involving digital content and cloud computing.

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.

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