Tax news and information - Journal of Accountancy

TOPICS

March 1, 2018

Final rules govern election out of centralized partnership audits

Eligibility for, and the mechanics of, the election are among the areas covered.

February 28, 2018

How the new tax law will change wealthy Americans’ financial plans

Three in five affluent Americans (63%) said they’re very or somewhat likely to change their personal financial plans based on the new federal tax law, according to a poll conducted on behalf of the AICPA.

February 14, 2018

FASB addresses stranded income tax effects of new tax law

FASB issued new rules that provide financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.

February 13, 2018

IRS proposes to remove 298 regulations

The IRS is proposing to remove 298 regulations that have no current or future application to the Internal Revenue Code.

February 9, 2018

Bipartisan Budget Act contains several tax provisions

The Bipartisan Budget Act of 2018 has many tax provisions, including retroactive extensions of a number of tax credits.

February 9, 2018

What tax reform means for audit committees

The Tax Cuts and Jobs Act provides many issues for audit committee members to consider in their oversight of financial statements, external auditors and risk management.

February 9, 2018

How tax reform will impact individual taxpayers

This podcast offers answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.

February 8, 2018

Charles Rettig to be nominated new IRS commissioner

President Donald Trump announced that he will nominate Charles Rettig, a tax attorney from California, to be the new Commissioner of the Internal Revenue Service.

February 7, 2018

The AICPA and the ongoing tax reform process

In this Q&A, AICPA policy experts discuss wide-ranging implementation challenges and members’ role in advocating for guidance and technical corrections.

February 7, 2018

FASB moving forward on reclassification of stranded tax effects

FASB is moving quickly to give financial statement preparers a targeted improvement in their accounting for effects of the new tax reform law.

February 7, 2018

When a tax cut is a profit hit

Companies with deferred tax assets may report surprisingly lower net income in 2017 even though they will benefit from lower income tax rates under the new tax law in 2018.

February 6, 2018

IRS announces 2018 pension contribution limits under tax reform act

The IRS revealed that the recalculated 2018 pension contribution limits are unchanged from the numbers issued before the tax reform bill was enacted.

February 6, 2018

OPR implements greater transparency in disciplinary investigations

The IRS’s Office of Professional Responsibility has implemented a new process for informing practitioners that they are under investigation for violations of Circular 230.

February 5, 2018

FinCEN announces filing deadline for 2017 FBARs

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued its annual reminder of the due date for filing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

February 1, 2018

Tax Court trusts Congress’s use of subjunctive mood

Use of ‘as if’ in statute does not make a criminal restitution amount a tax, the court holds, and thus denies the IRS’s assessment of interest and additions to tax based on the restitution.

February 1, 2018

Congress enacts tax reform

Congress enacted tax reform legislation in December that will affect all taxpayers. Changes include new tax rates, modified credits and deductions, and a host of other amendments.

February 1, 2018

Helping clients avoid employment tax criminal penalties

A CPA needs to detect a client’s nonpayment early and devise a plan for paying the back taxes.

February 1, 2018

Defined benefit plans in the big picture

Comprehensive financial planning can uncover when the advantages of a defined benefit plan for a small business might outweigh those of a defined contribution plan.

February 1, 2018

Line items

LB&I produces examiner’s overview of check-the-box rules … Guidelines issued for advising private foundations on grants … LB&I rolls out a second batch of compliance campaignS

February 1, 2018

Frequent gambler was not a professional

A taxpayer was unable to convince the Tax Court that his gambling activity had a profit motive.

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.