Tax news and information - Journal of Accountancy

TOPICS

February 1, 2018

COD income not includible due to lack of a bona fide debt

A taxpayer established that she never intended to be the primary obligor on the loan.

February 1, 2018

IRS provides CFC relief for property affected by hurricanes

Certain obligations of U.S. persons can be excepted from U.S. property.

January 29, 2018

IRS issues more guidance on withholding rules for new tax law

The IRS issued Notice 2018-14 to provide more guidance on the withholding rules that were changed by P.L. 115-97, known as the Tax Cuts and Jobs Act.

January 29, 2018

Practitioners need immediate guidance on tax reform act, AICPA says

Thirty-nine areas in the recent tax overhaul act require immediate guidance, the AICPA told the IRS and Treasury.

January 23, 2018

Government funding bill postpones some health care taxes

The continuing resolution to fund the government through Feb. 8 also delays the so-called Cadillac tax on high-cost health plans for an additional two years beyond 2019.

January 22, 2018

FASB Q&As discuss financial reporting implications of tax law

FASB issued four staff Q&As that address financial reporting issues related to the Tax Cuts and Jobs Act.

January 20, 2018

What to expect from the IRS during the government shutdown

The shutdown of the federal government comes just nine days before the scheduled start of tax season. Here’s a look at how the IRS may be affected.

January 11, 2018

New tax withholding tables are issued

The IRS issued new tax withholding tables for 2018 to be used to implement the changes to the tax law enacted last month.

January 10, 2018

FASB addresses financial reporting impacts of new tax law

FASB addressed numerous financial reporting implications of P.L. 115-97, known as the Tax Cuts and Jobs Act.

January 9, 2018

IRS asking for taxpayer representatives’ personal information

The IRS is now asking taxpayer representatives who call the agency to provide their Social Security number and date of birth to confirm their identity.

January 4, 2018

Charting a new tax season

With fewer new regulations and laws to reckon with, CPAs may find the 2018 tax season a good time to review their own procedures. Plus: Our annual quick guide, a PDF tax season reference highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.

January 4, 2018

IRS announces when filing season will start

The IRS announced that this year’s filing season will begin about a week later than last year’s filing season.

January 4, 2018

Form 1023-EZ will ask applicants for mission and activities

The streamlined application for tax-exempt status will ask organizations to describe their mission and activities for the first time.

January 2, 2018

Final rules govern election out of centralized partnership audits

The IRS finalized the rules for determining whether partnerships are eligible to elect out of the centralized audit procedures enacted in 2015, which apply to partnerships this year.

January 2, 2018

SEC permits reasonable estimates in corporate tax reporting

Companies may initially have difficulty determining the effects of the new federal tax law on their income tax reporting.

January 1, 2018

Mortgage broker is not a real estate professional

Since brokering loans is not a “real property trade or business,” a taxpayer was subject to the passive activity loss rules of Sec. 469.

January 1, 2018

Line items

IRS does not acquiesce to real estate professional holding … IRS issues procedure granting automatic approval for certain defined benefit plan funding method changes … California wildfire victims have a tax extension

January 1, 2018

Documenting virtual currency transactions

Even the simplest uses of this increasingly popular medium of exchange will likely involve a basis calculation for tax purposes.

January 1, 2018

Qualified small employer HRAs get guidance

The IRS answers questions on health reimbursement arrangements, which were reinstated for small employers after PPACA market reform rules generally penalized the popular coverage option.

January 1, 2018

IRS updates special per-diem rates for business travel

New rates are in effect through September 2018.

FROM THIS MONTH'S ISSUE

4 ways solo practitioners can stand out

Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.