Tax news and information - Journal of Accountancy

TOPICS

October 27, 2017

IRS announces delay in re-launching e-Services

The IRS had planned to launch by the end of the month its updated Secure Access site, which will require using a two-factor authentication process.

October 26, 2017

David Kautter to be named acting IRS commissioner

President Donald Trump plans to name David Kautter as acting IRS commissioner when John Koskinen’s term expires in November.

October 19, 2017

IRS issues 2018 inflation-adjusted tax tables and many other tax provisions

The IRS issued the annual revenue procedure that updates the almost 60 tax provisions that must be adjusted for inflation each year

October 19, 2017

2018 pension plan contribution limits are announced

The IRS released the inflation-adjusted amounts that apply to pension and 401(k) plans for 2018.

October 16, 2017

IRS will enforce health coverage reporting on 2017 returns

This filing season will be the first time the IRS has enforced this requirement and will not accept tax returns that omit this information.

October 16, 2017

CPAs reveal their most common client questions

Clients also turn to CPAs with questions about all kinds of financial matters, particularly about their companies and accounting.

October 11, 2017

IRS permits partnership basis election without partner’s signature

To ease the regulatory burden on partnerships, the IRS announced that it is eliminating the requirement that partnership elections under Sec. 754 be signed by a partner.

October 4, 2017

Treasury to pull regulations after review of burdensome tax rules

Treasury said it intended to withdraw the Sec. 2704 valuation discount regulations and portions of the Sec. 385 corporate inversion regulations.

October 1, 2017

Exploring the estate tax: Part 1

This first installment of a two-part article on everything practitioners should know about the estate tax includes the unified estate tax rules and exemption amounts, estate valuation, portability, and what’s included in the gross estate.

October 1, 2017

Final regs. address premium tax credit issues

IRS fashions relief from the joint filing requirement in the case of spousal abuse or abandonment and makes a technical correction in the limitation on repayment of excess advance credit by self-employed taxpayers.

October 1, 2017

Accounting method changes make closed years relevant

A change in accounting method opens the door for the IRS to review periods closed by the statute of limitation to determine tax liability in open years.

October 1, 2017

Line items

IRS pilots Appeals web-based videoconferencing; Country-by-country reporting resources now available; Nonacquiescence on earned income tax credit decision; Treasury shutters myRA retirement savings program

October 1, 2017

Wellness program benefits: Tax free or not?

Make sure your employer health incentives can pass an IRS examination.

October 1, 2017

Treasury identifies 8 regulations as burdensome

Rules on corporate debt vs. equity and valuation of family-owned businesses are among those deemed subject to a presidential order.

October 1, 2017

Tax Court: Taxpayers engaged in abusive Roth IRA transactions

The taxpayers’ use of a newly created corporation was held to be a vehicle to avoid Roth IRA contribution limits.

October 1, 2017

Boston Bruins can deduct full cost of meals for team’s away games

The meals were provided by the employer for its convenience, the Tax Court holds.

September 29, 2017

What CPAs need to know about the new tax reform framework

This podcast discusses what practitioners need to know about the tax reform framework released by Republican lawmakers.

September 27, 2017

Republicans unveil tax reform framework

Republican leadership released a tax reform framework that calls for fewer individual tax brackets, a lower corporate tax rate, and elimination of many tax deductions.

September 26, 2017

IRS updates special per-diem rates for business travel

The IRS issued its annual updates of per-diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1.

September 22, 2017

IRS to rule on tax-free stock distributions

The IRS is introducing an 18-month pilot program under which it will once again issue letter rulings concerning the general income tax effects of stock distributions under Sec. 355.

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.