Tax news and information - Journal of Accountancy

TOPICS

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

Meals continue to be deductible under new IRS guidance

The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.

October 1, 2018

Sarenski awarded for longtime contributions to tax and financial planning

Theodore J. Sarenski, CEO and president of Blue Ocean Strategic Capital LLC, received the AICPA’s Sidney Kess Award for Excellence in Continuing Education.

October 1, 2018

Line items

Trust and estate administration expenses still deductible under the TCJA … Preparer due-diligence regs. to be updated for TCJA

October 1, 2018

New life for IRA qualified charitable distributions

The TCJA’s higher standard deduction makes before-tax giving more attractive.

October 1, 2018

Qualified business income deduction regs. proposed

‘Reliance’ regs., other guidance cover many questions about the TCJA’s 20% deduction for noncorporate entities.

October 1, 2018

States sue over SALT deduction cap

New $10,000 limit is attacked on constitutional and state sovereignty grounds.

October 1, 2018

Former shareholders liable for tax on constructively fraudulent transfer

The Ninth Circuit overrules the Tax Court a second time in a transferee liability case.

October 1, 2018

Qualified joint ventures for spouses

A married couple can avoid the partnership filing requirements for a business they co-own by electing to be treated as a qualified joint venture.

October 1, 2018

Many tax-exempt organizations no longer need to list donor information

Change does not apply to 501(c)(3)organizations.

October 1, 2018

Tax reform law deals pro gamblers a losing hand

The Tax Cuts and Jobs Act shut down net losses on a Schedule C from wagering as a trade or business. Find out how the stakes have changed.

September 26, 2018

IRS issues 2018–2019 per-diem rates

The IRS issued its annual update of the special per-diem rates for business travel away from home from Oct. 1, 2018, through Sept. 30, 2019.

September 24, 2018

Rules issued on paid family and medical leave credit

The IRS released guidance on the new Sec. 45S tax credit for employers that provide paid medical and family leave.

September 17, 2018

IRS extends deadlines in N.C. counties affected by Hurricane Florence

The IRS announced that it is extending tax deadlines starting Sept. 7, 2018, until Jan. 31, 2019, for eight counties in North Carolina.

September 14, 2018

IRS issues proposed regs. for GILTI inclusions

The IRS issued proposed regulations implementing Sec. 951A’s global intangible low-taxed income provision, which requires a US shareholder of a controlled foreign corporation to include this income in the shareholder’s gross income.

September 1, 2018

Taxpayers denied insolvency exclusion of COD income

Cash held by a couple’s son as their nominee tipped their balance sheet to positive, the Tax Court holds.

September 1, 2018

Mitigating risk related to tax reform

While tax planning opportunities associated with the law may be a windfall to a CPA firm’s bottom line, vulnerability to professional liability claims exists.

September 1, 2018

Trust and estate tax planning article wins JofA Best Article Award

Sonja E. Pippin, associate professor in the Department of Accounting and Information Systems at the University of Nevada, Reno, received the JofA’s Lawler Award for the best article of 2017.

September 1, 2018

Vacation home rentals and the TCJA

Allocation of certain expenses between personal and rental use may need to change under the law known as the Tax Cuts and Jobs Act.

September 1, 2018

Line items

‘Postcard’ Form 1040 debuts — with sheaf of schedules … Disguised-sale temporary regs. withdrawn

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.