Tax news and information - Journal of Accountancy

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November 27, 2017

Social Security Administration announces small increase in 2018 wage base

The Social Security Administration said that the maximum amount of wages subject to the 6.2% Social Security tax in 2018 will rise a little more than 1%, after a much larger increase last year.

November 17, 2017

Senate tax reform bill contains more changes

The version of the tax reform bill passed by the Senate Finance Committee holds several more changes affecting both individuals and businesses.

November 16, 2017

House passes tax reform bill

The U.S. House of Representatives passed its tax reform bill, on a 227–205 vote.

November 15, 2017

Senate Finance Committee modifies tax reform proposal

The revised chairman’s mark of the Senate tax reform bill contains many significant changes to the proposed legislation.

November 10, 2017

House Ways and Means approves amended Tax Cuts and Jobs bill

The committee voted to send an amended version of the Tax Cuts and Jobs tax reform bill to the full House.

November 10, 2017

Tax reform: What CPAs need to know about the latest developments

Tax reform expert Tony Nitti discusses the latest developments affecting CPAs.

November 9, 2017

Senate tax reform bill differs from House version in many ways

Differences include tax rates, treatment of various deductions and a delay in the reduction of the corporate tax rate.

November 7, 2017

Foreign income provisions in the Tax Cuts and Jobs Act

The draft Tax Cuts and Jobs Act makes many important changes to the tax treatment of U.S. corporations that own foreign corporations.

November 6, 2017

House bill features many business tax changes

The House tax reform bill contains a large number of proposed changes that would affect businesses.

November 3, 2017

What the House tax bill holds for individuals

From new tax rates to fewer deductions, credits, and exclusions, the tax reform bill released by the House would have wide-ranging effects on the taxation of individuals.

November 2, 2017

Details of tax reform legislation revealed

The Tax Cuts and Jobs Act released by the House Ways and Means Committee incorporates many of the provisions listed in the Republicans’ September tax reform framework while providing new details.

November 1, 2017

E-filing for 2016 individual returns will shut down soon

The news especially affects taxpayers in recent disaster areas who have received extensions until Jan. 31, 2018, to file their 2016 returns.

November 1, 2017

‘When will I get my refund?’

Beat the clock so clients don’t forfeit refunds or credits due from the IRS.

November 1, 2017

Tax Court allows business bad debt deduction

A taxpayer establishes he was in the trade or business of making personal loans.

November 1, 2017

Line items

IRS will not acquiesce to reverse like-kind exchange holding … Hurricane victims get extension, other tax relief … Bronze coverage level set

November 1, 2017

Social club is liable for taxes on UBTI

The Tax Court rejects the taxpayer’s argued profit motive and disallows losses related to nonmember services.

November 1, 2017

Exploring the estate tax: Part 2

This second part of a two-part article on everything practitioners should know about the estate tax covers estate tax planning techniques, including the marital deduction and the use of various types of trusts.

November 1, 2017

Microcaptive premium deductions disallowed

The Tax Court finds that the arrangement did not sufficiently distribute risk but simply resulted in a circular flow of funds between related entities.

November 1, 2017