Tax news and information - Journal of Accountancy

TOPICS

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.

July 1, 2019

Defining a trade or business for purposes of Sec. 199A

A taxpayer’s separate trades or businesses must be determined before calculating the qualified business income deduction.

July 1, 2019

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.

July 1, 2019

W-2 wages and Sec. 199A

Finding the “sweet spot” to maximize the qualified business income deduction may involve adjusting a business’s workforce.

June 21, 2019

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.

June 19, 2019

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).

June 18, 2019

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.

June 17, 2019

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.

June 17, 2019

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.

June 12, 2019

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.

June 12, 2019

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.

June 10, 2019

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.

June 4, 2019

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.

June 1, 2019

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.

June 1, 2019

Line items

IRS expands relief from underpayment penalty … Credit for GM electric cars phasing out … IRS extends private letter ruling pilot program

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