Tax news and information - Journal of Accountancy

TOPICS

July 1, 2017

Loan guarantees do not increase S corporation shareholder’s basis

The guarantees lacked any economic outlay, the Tax Court holds.

June 27, 2017

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

The Tax Court held that the owners of the Boston Bruins could deduct the full cost of their team’s pregame meals for away games as a de minimis fringe benefit.

June 22, 2017

Tax provisions in the Senate health care bill

The Senate Republicans’ bill to replace Obamacare would repeal many of the Affordable Care Act’s tax provisions. Here’s a look at the tax changes in the bill.

June 21, 2017

IRS reopens PTIN registration system

The system had been down since early June, after a federal court held that the IRS cannot charge a PTIN fee.

June 13, 2017

Centralized partnership audit rules are reissued in proposed form

The IRS reissued proposed regulations governing the centralized audit rules, which assess and collect tax at the partnership level.

June 9, 2017

IRS provides simplified method to request an extension of time to make a portability election

In a taxpayer-friendly development, the IRS issued guidance permitting certain estates to make a late portability election if they did not make a timely election.

June 5, 2017

Federal court strikes down PTIN fees, upholds PTINs

The D.C. District Court held that the IRS has the authority to require preparers to use preparer tax identification numbers (PTINs) but that it cannot charge fees for issuing PTINs.

June 1, 2017

Tax Court denies trust fund recovery penalties assessed against restaurant ‘gofer’

Despite making a few payments and performing incidental tasks and errands for the business, a man is held not responsible for its unpaid payroll taxes.

June 1, 2017

Planning to mitigate risk in tax planning engagements

A professional liability claim may occur if a client’s expectation and the results of the tax services do not coincide.

June 1, 2017

Disbarred tax preparer is not subject to OPR jurisdiction

A district court applies the Loving decision.

June 1, 2017

Line items

Car and truck depreciation limits for 2017 … Comments requested on FASB revenue
standards … Procedures for refunds of FICA and RRTA taxes clarified

June 1, 2017

Closed years are fair game in exam of NOL carryovers

Audit risks persist past the otherwise applicable limitation period.

June 1, 2017

Amazon wins multimillion-dollar transfer-pricing dispute with IRS

Retailer successfully defends its cost-allocation method for buy-in payments from its Luxembourg subsidiary.

June 1, 2017

The growing trend of soda taxes

Policies to curb consumption of sugary soft drinks spur wave of new excise taxes.

June 1, 2017

No unrestricted right to fraudulently obtained income

A receiver suing on behalf of fraud victims is denied a refund of taxes paid by the taxpayers who defrauded the victims.

June 1, 2017

No tax fraud for issuing Form 1099, Seventh Circuit holds

The payee’s failure to explicitly reject a check outweighs the payer’s restrictive endorsement.

June 1, 2017

U.S. tax and FASB’s new paradigm for revenue recognition

Companies must prepare for unforeseen implications for tax planning.

May 24, 2017

President’s budget includes tax proposals and regulation of return preparers

President Donald Trump’s proposed FY 2018 budget includes a new proposal to give the IRS authority to regulate paid tax return preparers.

May 4, 2017

2018 health savings account limits increase slightly

The IRS released the 2018 annual inflation-adjusted amounts that apply to health savings accounts.

May 4, 2017

New IRS rules, no increased funding in appropriations bill

The 2017 appropriations bill passed by Congress includes $11.2 billion for IRS operations and enforcement. But it also includes specific directives prohibiting certain IRS conduct.

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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.