Tax news and information - Journal of Accountancy

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November 19, 2018

UNICAP rules on negative adjustments finalized

The IRS issued final regulations on the use of negative adjustments under Sec. 263A’s simplified methods for determining costs that must be capitalized.

November 15, 2018

Inflation adjustments and tax tables issued for 2019

The IRS issued the 2019 annual inflation adjustments for many tax provisions as well as the 2019 tax rate tables for individuals and estates and trusts.

November 13, 2018

New IRS commissioner brings practitioner’s perspective to role

Veteran tax attorney Charles Rettig gives his first public address as new IRS commissioner, speaking to CPAs Tuesday at the AICPA National Tax Conference in Washington.

November 6, 2018

Social Security wage base set for 2019

The Social Security Administration said that the amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax for 2019 will be $132,900, increased from 2018’s maximum of $128,400.

November 6, 2018

Tax preparer due diligence rules are finalized

The IRS issued final regulations on the penalty that applies to tax return preparers who fail to exercise due diligence in preparing returns for taxpayers who are claiming head-of-household filing status, the earned income tax credit, the child tax credit, the additional child tax credit, or the American opportunity tax credit.

November 1, 2018

Inflation adjustments issued for qualified retirement plans

The IRS released updated figures for retirement plan contribution limits for 2019.

November 1, 2018

Final rules govern adequate substantiation for charitable contributions

The regulations also contain new definitions of qualified appraisals and qualified appraisers for noncash contributions.

November 1, 2018

Understanding the new kiddie tax

The Tax Cuts and Jobs Act made significant changes to the kiddie tax. See how the tax is determined under the new rules.

November 1, 2018

Line items

Deemed personal exemption amount introduced … Guidance on automatic method changes for TCJA small business relief … Rules issued for elementary and secondary school 529 plan distributions

November 1, 2018

Income omission triggers 6-year limitation period

Reporting of some S corporation gross receipts is not adequate disclosure of all receipts, the Tax Court holds.

November 1, 2018

Small firm engagement letters

Engagement letters provide a critical line of defense against scope-of-service liability claims.

November 1, 2018

The new QBI deduction is finally clearer

Proposed regulations issued on Sec. 199A bring welcome guidance.

November 1, 2018

Understanding the new kiddie tax: Additional examples

Examples of how the tax owed for children subject to the kiddie tax can change from 2017 to 2018.

November 1, 2018

Deduction disallowed for criminal restitution for fraudulent loan

The Tax Court denies that $400,000 was incurred in the trade or business of being an employee or in a transaction entered into for profit.

October 31, 2018

Proposed rules would exempt corporate US shareholders from Sec. 956

The IRS issued proposed regulations providing that Sec. 956, which requires an income inclusion by U.S. shareholders of controlled foreign corporations (CFCs) that invest in U.S. property, should not apply to corporate shareholders.

October 25, 2018

Health reimbursement arrangement rules are issued in proposed form

The Treasury, Labor, and Health and Human Services departments proposed rules for health reimbursement arrangements, which can be used in coordination with individual health insurance if certain requirements are met.

October 23, 2018

Association addresses digital economy tax issues

The Association of International Certified Professional Accountants released a policy paper urging global solutions to the tax treatment of transactions in the digital economy, emphasizing its own Guiding Principles of Good Tax Policy.

October 18, 2018

How the suspension of personal exemptions affects health-care-related provisions

IRS guidance clarifies what it means to claim a personal exemption deduction.

October 12, 2018

Proposed regs. reflect amendments to all-events test and advance payments

The IRS is proposing to remove regulations on advance payments and long-term contracts to reflect amendments to Sec. 451 included in the law known as the Tax Cuts and Jobs Act.

October 3, 2018