Tax news and information - Journal of Accountancy

TOPICS

January 1, 2018

Erroneously claimed single status does not foreclose switching to a joint return

The definition of a ‘separate return’ subject to a Sec. 6013(b) election and its limitations extends only to married-filing-separately status, the Tax Court holds.

January 1, 2018

What to do with math error notice letters from the IRS

The IRS issues math error notices after checking income tax returns for errors using a special program. Here’s what to do if a client receives one.

January 1, 2018

Canadian’s Ohio unemployment compensation is taxable

Unemployment compensation received by a Canadian citizen from Ohio is subject to U.S. tax under treaty.

December 22, 2017

President signs tax overhaul into law

President Donald Trump signed H.R. 1, the Tax Cuts and Jobs Act legislation, thereby making it law.

December 20, 2017

How tax overhaul would change business taxes

The tax reform bill that Congress is expected to vote on this week contains numerous changes that will affect businesses large and small.

December 20, 2017

What the tax reform bill means for individuals

The tax reform legislation that Congress will consider this week contains many provisions affecting individuals—and many changes from both the House and Senate bills.

December 20, 2017

Congress passes tax reform

The House of Representatives reapproved tax reform legislation on Wednesday, sending the bill to President Donald Trump for his signature.

December 20, 2017

Senate passes tax reform bill; House must revote

The Senate voted early today in favor of the Tax Cuts and Jobs Act, H.R. 1, which the House of Representatives had approved Tuesday.

December 15, 2017

Conference committee approves tax reform legislation

House and Senate conferees agreed to legislative language of a tax reform bill that is expected to be voted on by Congress next week.

December 14, 2017

IRS issues 2018 standard mileage rates

The IRS issued the standard mileage rates for business, medical and moving expenses incurred in 2018.

December 14, 2017

A 2017 federal tax deduction for prepaying anticipated 2018 state income taxes? Not likely!

In anticipation of the possible elimination or reduction of the state and local income tax deduction, some are suggesting that taxpayers should prepay their 2018 state taxes in 2017. Here’s why that probably won’t work.

December 2, 2017

Senate passes tax reform bill

In the early hours of Saturday morning, the U.S. Senate passed its version of the Tax Cuts and Jobs Act bill by a vote of 51–49.

December 1, 2017

Timing of a deemed distribution from loan default is upheld

The taxpayer is unable to persuade the Tax Court that the grace period on a loan from his Sec. 401(k) plan extended into the next tax year.

December 1, 2017

S corp. basis and why it’s important

Loans must qualify as “bona fide debt” to create basis for deducting passthrough losses.

December 1, 2017

Line items

LB&I taxpayers can base R&D credit expenses on financial statements … IRS proposes allowing partial SSNs on W-2s … IRS to again rule on general tax consequences of tax-free transactions

December 1, 2017

IRS may not assess a deficiency 9 years after a failed tax-free merger for predecessor company’s failure to file

The new company’s return with the old company’s pro forma short-year return attached was sufficient to run the statute of limitation, the Tax Court finds.

December 1, 2017