Tax news and information - Journal of Accountancy

TOPICS

May 3, 2017

Details of FAFSA data breach revealed in House testimony

The details of a recent data breach affecting 100,000 taxpayers were revealed in testimony before the House of Representatives Oversight and Government Reform Committee in Washington.

May 1, 2017

Reverse like-kind exchanges get Tax Court approval

Ruling rejects the IRS’s requirements for third-party exchange facilitators.

May 1, 2017

Tax principles for the digital age

The AICPA revises its Guiding Principles of Good Tax Policy to respond to challenges in tax reform, economic efficiency, global reach, and securing taxpayers’ information.

May 1, 2017

More R&D tax help

PATH Act enhancements make the credit more attractive to a wider range of taxpayers.

May 1, 2017

Husband not entitled to married-filing-jointly status

The Tax Court refuses to invalidate a separate return filed by the taxpayer’s allegedly mentally ill wife.

May 1, 2017

Tax Court approves surgeon’s reclassification of interest in surgical center as passive

Despite K-1 reporting of income as for services, the taxpayer can net it against investment losses.

May 1, 2017

Line items

IRS confirms instructions’ 6-month extension for C corp. returns…Small employer HRA notice deadline pushed out…IRS does not acquiesce to decision on ranching interest

May 1, 2017

Sixth Circuit upholds DISC dividends paid to Roth IRAs

Form prevails over substance despite dividends’ exceeding contribution limits.

May 1, 2017

Canceled debt is partially excludable

A married couple’s interest in their retirement plan was not an asset for purposes of the COD insolvency test.

April 26, 2017

Trump’s tax reform priorities unveiled

Key features include a large reduction in the corporate tax rate, fewer and lower tax brackets for individuals, and a repeal of the estate tax and the alternative minimum tax.

April 1, 2017

Seventh Circuit holds that taxpayer filed timely Tax Court petition

The IRS stipulates that a lawyer’s print-at-home postal service resulted in timely mailing.

April 1, 2017

How to obtain rescission of a 90-day letter

Procedures provide an alternative to filing a Tax Court petition.

April 1, 2017

Line items

IRS issues new maximum values for employer-provided vehicles…IRS adds former school to student loan discharge exception…Estates may rely on transcript for closing confirmation

April 1, 2017

More on short-term rentals

See how to report income from Airbnb and similar “sharing economy” activities.

April 1, 2017

How to manage sales and use tax risk

A business can avert potential disasters by engaging an external review of its sales and use tax management and compliance responsibilities.

April 1, 2017

Mistaken IRA rollover creates problems for taxpayer

A taxpayer’s IRA distributions result in additional gross income, an early withdrawal penalty, and an accuracy-related penalty.

April 1, 2017

Worthless debt claims rejected

Purported loans to a startup are ruled equity; a worthless debt claim is held inapplicable.

April 1, 2017

IRS permits same-sex couples to recalculate marital exclusion amounts

Recalculations of transfers not qualifying solely because of the Defense of Marriage Act are not restricted by the statute of limitation.

March 31, 2017

IRS enforcement activities dropped in 2016

The IRS reported several large drops in its enforcement activities in fiscal year 2016, including a 16% drop in audits, a 40% drop in levies, and a 9% drop in liens compared to the prior year.

March 31, 2017

Hot jobs: Tax managers in high demand

“Tax manager” is one of the top high-demand positions on a “hot jobs” list distributed by global outplacement and executive coaching firm Challenger, Gray & Christmas.

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.