Tax news and information - Journal of Accountancy

TOPICS

May 23, 2018

IRS to clarify rules on payments in lieu of state and local taxes

The IRS announced that it intends to issue regulations explaining that legislation attempting to recharacterize state and local taxes as charitable contributions will be subject to interpretation under federal tax law.

May 17, 2018

Charitable contribution procedures updated

The IRS issued new procedures for contributions to charitable organizations, including rules for when donors can rely on the information about an organization’s tax-exempt status on the IRS database Tax Exempt Organization Search.

May 16, 2018

AICPA recommends flexibility in partnership audits

The IRS should provide a simplified adjustment procedure for partnership audits, the AICPA recommended in a letter to the IRS Chief Counsel’s Office.

May 10, 2018

IRS issues HSA contribution limits for 2019

The IRS issued the inflation-adjusted contribution limits for 2019 for health savings accounts.

May 10, 2018

IRS updates automatic accounting method change procedures

The IRS issued updated procedures for automatic accounting method changes. The new rules generally apply to changes on or after May 9, 2018.

May 7, 2018

Future-proof your tax practice by adding planning services

Consumers are seeking a primary point of contact to address the full scope of their financial needs.

May 3, 2018

Small businesses should guard against tax-return identity theft

The IRS urged small businesses to be wary of a growing amount of identity theft attempts aimed at employers and small businesses in general, and partnerships and trusts and estates.

May 1, 2018

Bipartisan Budget Act contains tax provisions

Tax relief for victims of California wildfires, extension of many lapsed temporary incentives, and a new short-form return for seniors are among the act’s revenue provisions.

May 1, 2018

Carry your losses (further) forward

New rules limit utilization of net operating losses.

May 1, 2018

Line items

Excise taxes on ‘Cadillac’ health plans and medical devices again delayed … AICPA recommends TCJA fixes

May 1, 2018

Establishing quality control in a tax practice

Every firm should maintain a system for communicating best practices to partners and staff.

May 1, 2018

Virgin Islands ‘cover over’ partial return transmittal constitutes IRS filing

The Tax Court finds an assessment is barred by the statute of limitation.

May 1, 2018

CEO of tax-exempt organization hit with excess benefit taxes

The Association for Honest Attorneys’ founder used the organization’s bank account for personal expenses and cash.

May 1, 2018

IRS pursuing self-employment taxes from LLC members

IRS court victories asserting that LLC members should pay self-employment taxes on distributive shares of LLC income should give practitioners pause before claiming this income is exempt from those taxes.

May 1, 2018

Corporation’s self-leasing rental expense deduction denied

The Tax Court holds that the payments were not for rent.

May 1, 2018

Mechanics of the new Sec. 199A deduction for qualified business income

This article reviews several scenarios in which certain individuals could take advantage of a new Internal Revenue Code provision to significantly lower their taxes.

April 26, 2018

IRS gives taxpayers relief from erroneous HSA contributions

The IRS announced it will allow taxpayers to treat $6,900 as the 2018 limit for deductible contributions to HSAs for individuals with family coverage.

April 18, 2018

Supreme Court hears oral arguments in sales tax nexus case

The Supreme Court heard oral arguments in a case with broad remote sales tax collection ramifications.

April 17, 2018

IRS computer crash prompts deadline extension

After the IRS’s Modernized e-File and Direct Pay systems were not in operation for most of the day on Tuesday, the IRS extended the filing and payment deadline for 2017 individual tax returns until midnight on Wednesday, April 18.

April 12, 2018

Treasury regulations to be subject to OMB review

The Treasury Department and the White House’s Office of Management and Budget have agreed to change the procedures under which Treasury regulations are reviewed.

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.