Tax news and information - Journal of Accountancy

TOPICS

January 1, 2019

Tackling TCJA changes this tax season

An altered landscape awaits CPA preparers and their clients.

January 1, 2019

Filing season quick guide — tax year 2018

Download our annual quick guide, a tax season reference highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.

January 1, 2019

Statutory employees and the QBI deduction

The hybrid nature of these specified occupations may allow taxpayers in them to claim the 20% deduction of Sec. 199A from qualified business income.

December 19, 2018

Government shutdown would halt many IRS operations

A partial government shutdown at midnight on Friday would affect the IRS, which has not been fully funded for fiscal year 2019.

December 14, 2018

2019 standard mileage rates announced

The IRS released guidance on the standard mileage rate for business, medical and certain moving expenses incurred in 2019.

December 14, 2018

Proposed regs. govern tax on base-erosion payments

The IRS issued proposed rules on the Sec.59A base-erosion anti-abuse tax (BEAT), one of a number of new international tax provisions added by the law known as the Tax Cuts and Jobs Act.

December 11, 2018

IRS explains disallowance of qualified transportation fringe benefits for parking

The IRS issued guidance outlining how to determine the amount of parking expense that is nondeductible under Sec. 274(a)(4) when employers provide parking for their employees.

December 7, 2018

Initial guidance issued on Sec. 83(i) deferral election for private company equity grants

The IRS issued initial guidance on the application of Sec. 83(i), which allows certain employees to defer recognition of income attributable to the receipt or vesting of qualified stock.

December 1, 2018

IRS issues proposed regs. on 100% bonus depreciation

TCJA changes also include that eligible property does not have to be new.

December 1, 2018

Tax Court grants innocent spouse relief from taxes on embezzled funds

The taxpayer’s subsequent knowledge of the embezzlement prevents relief for a second tax year.

December 1, 2018

Schoolteacher’s failure to file FBAR results in $800,000 penalty

The Court of Federal Claims holds that actions and failure to inquire into reporting requirements for a foreign account by a taxpayer who had made a ‘quiet disclosure’ showed willfulness.

December 1, 2018

Model state approach to federal partnership audits

The AICPA worked with several other organizations to create a model statute for states to handle the new federal partnership audit regime.

December 1, 2018

Business tax quick guide — tax year 2018

Download or print this quick guide for use during tax season.

December 1, 2018

Tax Court sustains deficiencies for medical marijuana business

Nonmarijuana merchandise sales did not constitute a separate business, and the cost of goods sold was limited to amounts the IRS conceded, the court finds.

December 1, 2018

The TCJA and foreign real property taxes

Despite the repeal of an itemized deduction for foreign real property taxes, some benefit may still be available to certain U.S. taxpayers living and working overseas.

December 1, 2018

New tax credit for paid family and medical leave

Employers that offer this benefit to qualified employees can receive a credit worth up to 25% of the cost.

December 1, 2018

The pros and cons of LLCs

Here are several key characteristics CPAs need to know about limited liability companies and how they compare with other entities.

December 1, 2018

Line items

Final regs. govern partnership representatives under centralized audit regime … New paid family and medical leave credit guidance … Guidance issued on new rules for deductible corporate compensation

November 30, 2018

Accounting method change procedures for book-tax conformity rule

The IRS announced procedures for taxpayers to change their accounting method to comply with the amendment of Sec. 451(b) enacted by the tax law known as the Tax Cuts and Jobs Act.

November 29, 2018

Proposed foreign tax credit regulations issued

The IRS issued proposed regulations on the determination of the foreign tax credit after the changes in the law made by the Tax Cuts and Jobs Act.

FROM THIS MONTH'S ISSUE

Making the right choice when no one is watching

The true test of one’s character is the decision made when no one is looking over your shoulder. Learn how CPAs can uphold ethical standards and take actions that help limit liability risk.