Tax news and information - Journal of Accountancy

TOPICS

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.

August 1, 2017

Line items

IRS announces first batch of CPEOs; Letter ruling and closing agreement fees now payable online; Leveraged spinoffs removed from IRS no-ruling list; HSA limits increase slightly

August 1, 2017

2017 tax software survey: Individual product survey responses

Online-only: Contact information, basic packages and their features are shown below for selected products receiving more than one reply in the survey.

August 1, 2017

Use of trust disclaimers in estate planning

A beneficiary’s disclaimer could adjust the results of an existing irrevocable trust.

July 25, 2017

IRS moves for stay of PTIN fee injunction

If granted, the stay would allow the IRS to charge the fees while it decides whether to appeal the district court decision that struck down the fees and, if it does appeal, during the appeal itself.

July 24, 2017

IRS pilots Appeals videoconference service

The IRS Office of Appeals announced that on Aug. 1 it will begin offering taxpayers and their representatives a new web-based virtual conference option for taxpayer conferences.

July 24, 2017

IRS heats up compliance enforcement on passport holders with tax debt

The passport restriction will affect the expatriate community and foreign travelers who haven’t established an agreement to pay their delinquent tax debt.

July 19, 2017

Regulations address new statutory due dates for many tax returns

Changes to the due dates and extensions of time to file various tax returns and information returns were implemented in a package of regulations the IRS issued on Wednesday.

July 13, 2017

Revised Senate health bill would retain taxes on higher-income individuals

The health care bill released by Senate Republicans on Thursday would retain the Affordable Care Act’s 3.8% net investment tax and the 0.9% Medicare surtax.

July 7, 2017

Treasury identifies 8 regulations as burdensome

After reviewing all 105 Treasury regulations issued in 2016 and early 2017, the Treasury Department has identified eight that cost too much, are too complex or exceed the IRS’s statutory authority.

July 1, 2017

Factor presence nexus: A growing trend in state taxation

A lack of state rulings on its constitutionality has not slowed the number of states adopting the factor presence nexus theory of asserting taxing authority.

July 1, 2017

Employment tax enforcement rising to a top priority

The IRS and the Department of Justice indicate an increase in efforts to counter growing noncompliance.

July 1, 2017

Line items

Residents of 3 more countries now subject to U.S. interest reporting … Automatic accounting method change procedures updated … Private debt collection is said to be underway

July 1, 2017

Guidance issued on PATH Act depreciation, Sec. 179 changes

The revenue procedure covers amended returns claiming property expensing, qualified real property, and bonus depreciation transition rules.

July 1, 2017

How small businesses can apply the research credit to payroll taxes

Interim guidance addresses the time and manner of making the election.

July 1, 2017

Planning opportunities for the final tax return

Many tax attributes vanish at the end of life, and clients are well-advised to include them in their final arrangements.

July 1, 2017

IRS signals non acquiescence in 3 cases

The Service says courts erred in decisions on the placed-in-service date of a retail store, the use of the completed-contract method, and an S corporation’s payment of an employee’s personal expenses.

July 1, 2017

Trump executive orders to be reflected in Priority Guidance Plan

The orders include one directing Treasury to target recent burdensome, complex, or overreaching IRS regulations.

July 1, 2017

Attorneys are not limited partners

PLLC member-managers are held to not be entitled to a self-employment income exclusion of distributive shares.

July 1, 2017

Driver’s licenses pose new data security risks

Tax practice clients’ personal information requiring protection now often includes driver’s license numbers.

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.