Tax news and information - Journal of Accountancy

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February 1, 2019

Cryptocurrency gift strategies for not-for-profits

Not-for-profits should proceed carefully as they consider whether to accept gifts of virtual currency. And here’s how they should proceed if they do.

January 30, 2019

IRS issues updates on post-shutdown activities

The IRS posted guidance for the public explaining how it will be operating now that the shutdown has ended, to catch up on its backlog in audits, collections, tax return processing, and Tax Court cases.

January 28, 2019

Government shutdown ends in time for tax season

The partial shutdown of the federal government ended just in time to allow the full IRS workforce to return to work for the start of tax season.

January 23, 2019

Paid preparer’s checklist expands to include head-of-household, other tax credit questions

Practitioners should be aware of changes to the due-diligence requirements for returns that claim the earned income tax credit, the American opportunity tax credit, and/or the child tax credit.

January 22, 2019

Qualified business income deduction regs. and other guidance issued

The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.

January 17, 2019

What CPAs need to know about Sec. 199A guidance and SSTBs

One of the areas that accountants are most interested in regarding tax reform is Sec. 199A guidance — and, more specifically, how the deduction for qualified business income relates to a specified service trade or business. Tony Nitti, CPA, addresses some popular questions on that topic.

January 17, 2019

Some individual taxpayers get relief from underpayment penalty

The relief applies to individuals whose tax withheld and estimated tax payments equal at least 85% of the tax shown on their 2018 tax return.

January 16, 2019

Final regulations govern Sec. 965 transition tax

The IRS finalized proposed regulations issued last August on the new transition tax, which generally taxes the accumulated post-1986 deferred foreign income of a corporation.

January 15, 2019

Half of IRS employees to be recalled during tax season

The IRS issued an updated contingency plan outlining how it will function during tax season.

January 11, 2019

IRS announces Free File launch

The IRS announced that its Free File program, which provides free electronic filing options to moderate-income taxpayers, opened Jan. 11 and will operate through Oct. 15.

January 7, 2019

IRS sets start date for tax season, will issue refunds during government shutdown

The IRS announced Monday evening that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

January 1, 2019

Relief for small business tax accounting methods

The cash method and other favorable rules are now more widely available with Tax Cuts and Jobs Act changes.

January 1, 2019

Meals continue to be deductible under IRS guidance

Advance guidance clarifies that the TCJA’s disallowance of deductions for entertainment, amusement, or recreation does not address business meals.

January 1, 2019

Line items

Personal exemption claims are deemed for health care provisions … Suspension of moving expense reimbursement exclusion is clarified

January 1, 2019

Taxpayer’s change to foreign tax deduction is ruled untimely

Extended limitation period of 10 years for refund claims applies only to foreign tax credit, Second Circuit affirms.

January 1, 2019

Church members’ donations to minister are denied gift treatment

Objective evidence indicates donors’ intent was to provide compensation, the Tax Court holds.

January 1, 2019

The IRS’s private debt collection program

Taxpayers who have been contacted by an IRS-contracted private debt collection agency may need professional representation to preserve their full array of repayment options.

January 1, 2019