The Treasury Department and the White House’s Office of Management and Budget have agreed to change the procedures under which Treasury regulations are reviewed.
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TOPICS
Tax
IRS guidance addresses limitations on business interest expense
The IRS has issued initial guidance on the new rules governing the deductibility of business interest in Sec. 163(j), as amended by the Tax Cuts and Jobs Act of 2017.
Federal spending bill includes tax provisions
The $1.3 trillion spending bill passed by Congress includes IRS funding and tax-related technical corrections, including changes to the centralized partnership audit regime.
Guidance addresses partnership accounting when IRS collects underpayments
A new technical question and answer from the AICPA provides nonauthoritative guidance to help financial statement preparers account for the amount a partnership pays the IRS under these circumstances.
Supreme Court: Obstruction requires knowledge of investigation
The U.S. Supreme Court held that to obtain a conviction for obstructing or impeding the administration of the Internal Revenue Code, the government was required to prove that the defendant knew of a pending tax-related proceeding or could reasonably foresee the commencement of such a proceeding.
Phone scams and phishing featured in 2018’s Dirty Dozen tax scams
The IRS completed its annual list of the top tax scams for this filing season, with brazen phishing and phone scams still prominent on the list.
Businesses affected by winter storms get extra time to file for extensions
The extension to March 20 applies to business taxpayers affected by the two recent winter storms, Quinn and Skylar, that primarily hit the Northeast and Mid-Atlantic United States.
How national tax reform is impacting state taxes
CPAs around the country are still trying to figure out how the recent national tax reform will impact their clients at the federal level. But they’re also interested in how it will impact their clients at the state level.
U.S. finance executives upbeat in wake of tax changes
While some finance executives wait to commit to changes related to potential tax savings, their optimism shows in revenue and profit projections, a survey shows.
IRS issues new tax rate tables, inflation adjustments for 2018
The IRS announced the new lower tax brackets for 2018 and a number of other new items affected by P.L. 115-97, known as the Tax Cuts and Jobs Act.
IRS releases updated withholding calculator and 2018 Form W-4
The IRS has completed updating its online withholding calculator that individual taxpayers can use to determine how many withholding allowances they should claim for 2018.
Divorce traps: Portfolios harboring unrealized gains
In a divorce, asset types matter tremendously, and small details can skew a distribution that looks fair based on the numbers alone.
FASB addresses financial reporting impacts of new tax law
5 issues will be communicated through a Q&A.
SEC permits reasonable estimates in corporate tax reporting
The guidance relates to the Tax Cuts and Jobs Act.
Donation-based crowdfunding and nontaxable gifts
Amounts received from online funding appeals for charitable causes or individual relief may qualify for exclusion from taxable income.
Line items
2018 standard mileage rates … IRS modifies individual mandate affordability exemption where no bronze plan is available
The AICPA and the ongoing tax reform process
AICPA tax policy experts discuss advocacy efforts related to the recent tax overhaul bill and the role member input will have on its implementation.
A portion of a lump-sum Social Security disability payment ruled includible in gross income
The Tax Court holds that a Sec. 86 election was not made and would not have reduced the tax liability.
U.K. divorce decree payment was not alimony
Payment to the taxpayer’s ex-wife was not alimony, as it would not have terminated upon her death under English law.
Court grants IRS summons of Coinbase records
The Service’s narrowed request seeking unreported virtual currency transactions was made in ‘good faith.’
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