Tax news and information - Journal of Accountancy

TOPICS

March 1, 2019

Estate and gift exclusion clawback addressed in proposed regs.

A special rule allows the TCJA’s higher exclusion amount to continue to apply in some instances after the provision’s scheduled sunset.

March 1, 2019

Medical marijuana dispensary is denied increases to its COGS

The taxpayer, as a reseller, could not include indirect inventory costs in its cost of goods sold.

March 1, 2019

Mentoring tax staff

A well-designed, well-executed, and well-managed mentoring program can be an advantageous investment for a tax firm.

March 1, 2019

Trust and estate income tax returns under the TCJA

The law known as the Tax Cuts and Jobs Act affects many aspects of these so-called fiduciary returns.

March 1, 2019

Line items

IRS clarifies nondeductibility, UBTI inclusion of qualified parking fringe benefit … Tesla reaches credit phaseout sales threshold … Standard mileage rates for 2019

March 1, 2019

Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.

March 1, 2019

New tax transcript practice

IRS changes are intended to better protect taxpayer data.

March 1, 2019

Salesman’s termination payment held not for goodwill

The Tax Court also denies capital gain treatment but allows business deductions for a taxpayer’s subsequent shooting activity.

March 1, 2019

Schreiber receives profession’s highest honor in taxation

Gerard H. Schreiber Jr., a partner in Schreiber & Schreiber in Metairie, La., received the 2018 Arthur J. Dixon Memorial Award, the highest honor bestowed by the accounting profession in the area of taxation.

February 22, 2019

IRS finalizes centralized partnership audit regulations

The IRS issued final regulations on the centralized partnership audit regime, which generally assesses tax at the partnership level.

February 15, 2019

Taxpayers will file QBI deduction computation with IRS next year

The IRS posted a draft of a form that affected taxpayers will submit with their 2019 tax returns showing how they computed their qualified business income (QBI) deduction under Sec. 199A.

February 13, 2019

Bonus depreciation safe-harbor rules for vehicles issued

The IRS issued a safe-harbor procedure that taxpayers may follow for determining the deduction for depreciating passenger vehicles when they are eligible for 100% bonus depreciation but are also subject to the Sec. 280F limits on deductions for luxury automobiles.

February 8, 2019

Identity protection PIN program expands

The IRS announced that it is expanding its identity protection personal identification number (IP PIN) program to taxpayers in seven additional states.

February 5, 2019

How tax reform has changed busy season preparation

Practitioners still have a lot of questions about tax reform — including everything from dealing with binding and nonbinding Tax Cuts & Jobs Act (TCJA) guidance to individual planning considerations. Annette Nellen joins this episode of the podcast to address those issues.

February 1, 2019

Tax preparer due-diligence rules are finalized

Preparer penalties now also apply to erroneous head-of-household filing status.

February 1, 2019

Addressing risks related to the TCJA and Wayfair

In this Q&A, experts discuss the challenges CPA firms face from these developments and the steps they can take to mitigate professional liability risk.

February 1, 2019

Snipes’s collection alternative refused

The IRS did not abuse its discretion in rejecting a proposal by the film actor and producer to settle a tax debt for less than 4 cents on the dollar, the Tax Court holds.

February 1, 2019

Claiming the R&D credit against payroll tax or AMT

Smaller taxpayers now are afforded greater
flexibility.

February 1, 2019

Sec. 199A: Regulations shed light on QBI deduction

For the first time this tax season, many taxpayers will be claiming the Sec. 199A deduction, which provides a deduction for 20% of qualified business income.

February 1, 2019

Taxpayers are again denied theft loss for ‘pump and dump’ fraud

The taxpayers could not prove on remand there was no reasonable prospect of recovery by the end of the tax year.

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