Tax news and information - Journal of Accountancy

TOPICS

April 3, 2018

IRS guidance addresses limitations on business interest expense

The IRS has issued initial guidance on the new rules governing the deductibility of business interest in Sec. 163(j), as amended by the Tax Cuts and Jobs Act of 2017.

March 23, 2018

Federal spending bill includes tax provisions

The $1.3 trillion spending bill passed by Congress includes IRS funding and tax-related technical corrections, including changes to the centralized partnership audit regime.

March 22, 2018

Guidance addresses partnership accounting when IRS collects underpayments

A new technical question and answer from the AICPA provides nonauthoritative guidance to help financial statement preparers account for the amount a partnership pays the IRS under these circumstances.

March 21, 2018

Supreme Court: Obstruction requires knowledge of investigation

The U.S. Supreme Court held that to obtain a conviction for obstructing or impeding the administration of the Internal Revenue Code, the government was required to prove that the defendant knew of a pending tax-related proceeding or could reasonably foresee the commencement of such a proceeding.

March 20, 2018

Phone scams and phishing featured in 2018’s Dirty Dozen tax scams

The IRS completed its annual list of the top tax scams for this filing season, with brazen phishing and phone scams still prominent on the list.

March 13, 2018

Businesses affected by winter storms get extra time to file for extensions

The extension to March 20 applies to business taxpayers affected by the two recent winter storms, Quinn and Skylar, that primarily hit the Northeast and Mid-Atlantic United States.

March 12, 2018

How national tax reform is impacting state taxes

CPAs around the country are still trying to figure out how the recent national tax reform will impact their clients at the federal level. But they’re also interested in how it will impact their clients at the state level.

March 8, 2018

U.S. finance executives upbeat in wake of tax changes

While some finance executives wait to commit to changes related to potential tax savings, their optimism shows in revenue and profit projections, a survey shows.

March 5, 2018

IRS issues new tax rate tables, inflation adjustments for 2018

The IRS announced the new lower tax brackets for 2018 and a number of other new items affected by P.L. 115-97, known as the Tax Cuts and Jobs Act.

March 1, 2018

IRS releases updated withholding calculator and 2018 Form W-4

The IRS has completed updating its online withholding calculator that individual taxpayers can use to determine how many withholding allowances they should claim for 2018.

March 1, 2018

Divorce traps: Portfolios harboring unrealized gains

In a divorce, asset types matter tremendously, and small details can skew a distribution that looks fair based on the numbers alone.

March 1, 2018

FASB addresses financial reporting impacts of new tax law

5 issues will be communicated through a Q&A.

March 1, 2018

SEC permits reasonable estimates in corporate tax reporting

The guidance relates to the Tax Cuts and Jobs Act.

March 1, 2018

Donation-based crowdfunding and nontaxable gifts

Amounts received from online funding appeals for charitable causes or individual relief may qualify for exclusion from taxable income.

March 1, 2018

Line items

2018 standard mileage rates … IRS modifies individual mandate affordability exemption where no bronze plan is available

March 1, 2018

The AICPA and the ongoing tax reform process

AICPA tax policy experts discuss advocacy efforts related to the recent tax overhaul bill and the role member input will have on its implementation.

March 1, 2018

A portion of a lump-sum Social Security disability payment ruled includible in gross income

The Tax Court holds that a Sec. 86 election was not made and would not have reduced the tax liability.

March 1, 2018

U.K. divorce decree payment was not alimony

Payment to the taxpayer’s ex-wife was not alimony, as it would not have terminated upon her death under English law.

March 1, 2018

Court grants IRS summons of Coinbase records

The Service’s narrowed request seeking unreported virtual currency transactions was made in ‘good faith.’

March 1, 2018

Aiding employees after a disaster via Sec. 139

This little-known provision allows payments to be excludable from employees’ income and deductible by the employer.

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.