Tax news and information - Journal of Accountancy

TOPICS

September 19, 2017

Rules would allow truncated taxpayer IDs on Forms W-2

In an effort to reduce identity theft, the IRS issued proposed regulations that would permit employers to use truncated taxpayer identification numbers (TTINs) on Forms W-2, Wage and Tax Statement.

September 5, 2017

How to avoid costly tax traps with inherited IRAs

This article helps CPAs familiarize themselves with the rules surrounding inherited IRAs and the best ways to deal with these accounts.

September 1, 2017

Employee discount plans

Employers must follow complex rules to exclude employee discounts from taxable income.

September 1, 2017

Tax planning for Millennials

An underserved market awaits CPAs attuned to younger taxpayers’ perspectives.

September 1, 2017

IRS provides simplified method for late portability elections

Previously, since 2014, an extension of time to claim the deceased spousal unused amount could be obtained only by a letter ruling request.

September 1, 2017

A new discipline for tax

The emerging discipline of tax information and operations management could change the role of tax professionals from one focused on compliance to one essential to creating value.

September 1, 2017

Filing of incorrect form is considered a valid informal refund claim

The Ninth Circuit reverses the Tax Court and finds that the IRS was sufficiently apprised of an innocent spouse claim.

September 1, 2017

Line items

IRS online taxpayer accounts expand capabilities … Supreme Court rules church-affiliated organizations’ plans are exempt from ERISA … TIGTA finds improved ID theft casework

September 1, 2017

IRS reissues centralized partnership audit rules; CPAs urge postponement

A presidential regulatory freeze had delayed the proposed regulations’ publication from early in 2017.

September 1, 2017

Federal court strikes down PTIN fees, upholds PTINs

The numbers confer no special benefit to preparers, a district court holds as it orders refunds.

August 31, 2017

Changes and outages coming to IRS e-Services

Various e-Services will be unavailable between Sept. 7 and Sept. 12, the Internal Revenue Service announced, as it moves to a new platform.

August 29, 2017

Hurricane Harvey victims have more time to file tax returns and pay tax

The relief includes an extension of time to file certain individual and business tax returns and make certain tax payments.

August 22, 2017

What CPAs need to know about their tax software

In this episode, “The Tax Adviser” Editor-In-Chief Alistair Nevius explains what we can learn from this year’s tax software survey.

August 1, 2017

Monster.com founder’s estate wins dispute over VPFC gain recognition

The contracts’ extension was not a sale or exchange, and open-transaction treatment continued, the Tax Court holds.

August 1, 2017

The war on tax ID theft continues: CPAs’ role

The IRS reports progress, but many firms could still improve their practices.

August 1, 2017

Former Marine not entitled to exclude foreign earned income

The Tax Court holds the taxpayer’s election was untimely.

August 1, 2017

‘Pump and dump’ theft loss allowed despite open arbitration claim

The Federal Circuit holds that abandonment of a claim for reimbursement of a theft loss is not necessary to prove a reasonable certainty that no reimbursement will be received.

August 1, 2017

2017 tax software survey

Take a look at how CPA preparers rated their software’s performance and support, their likes and dislikes, and whether they would recommend their product to someone starting a tax practice.

August 1, 2017

Deductions disallowed for operator of Larry Bird’s former house as a B&B

The French Lick, Ind., property was used for personal purposes more than 14 days per year, the Tax Court holds.

August 1, 2017

Internal-use software regs. could be boon for financial services industry

Financial institutions could benefit from new regulations that make it easier for taxpayers to take the research credit for the costs of developing software.