Tax news and information - Journal of Accountancy

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January 18, 2017

IRS permits same-sex couples to recalculate marital exclusion amounts

The IRS spelled out the procedures same-sex married couples should use to recalculate the transfer-tax treatment for property transferred to spouses before the U.S. Supreme Court invalidated Section 3 of the Defense of Marriage Act.,

January 13, 2017

600 GE tax professionals moving to PwC

The transfer of 600 General Electric workers helps the Big Four firm grow its international expertise at a time when global tax strategy is growing in importance.

January 9, 2017

Inflation adjustments for 2017 issued for employer-provided vehicles

The IRS released its annual notice containing the 2017 inflation-adjusted amounts for the maximum vehicle values to determine the amount that is included in employees’ income for personal use of an employer-provided vehicle.

January 4, 2017

Guidance issued on de minimis safe harbor for information returns/payee statements

The IRS issued a notice that provides the requirements for a payee to make an election to not have the safe harbor for de minimis errors on information returns below certain amounts apply to a payer.

January 1, 2017

LLC’s sole member is held liable for employment taxes

An LLC is treated by default as a disregarded entity, the Tax Court holds.

January 1, 2017

Estate allowed deduction for theft loss suffered by an LLC in which it held an interest

The Tax Court finds a sufficient nexus between the Ponzi scheme theft loss suffered by an LLC and the value of the estate’s interest in the LLC.

January 1, 2017

Abating IRS penalties

Follow these recommendations for reducing or eliminating common tax penalties.

January 1, 2017

Nellen named Tax Executive Committee chair

Annette Nellen, director of San José State University’s graduate tax program and a professor in the program, was named chair of the AICPA Tax Executive Committee.

January 1, 2017

Earnings-stripping rules make many changes from proposed regs.

Bifurcation is delayed indefinitely, some entities are excepted, and the effective dates are delayed.

January 1, 2017

New rules allow more time to elect to take disaster loss in prior year

Hurricane and flooding prompt the relief measure.

January 1, 2017

Dealing with tax carryovers when a spouse dies

Proper allocation of tax carryovers is critical in the year one spouse dies.

January 1, 2017

Line items

Olympians win a tax break … Dozens charged in IRS impersonation ring … Voluntary offshore disclosure collections reach $10 billion

January 1, 2017

Getting in shape for tax season

The annual marathon of forms, schedules, and worksheets is beginning once more. As CPAs and their staffs train and ready their equipment, they might add these reminders of what’s new and notable for 2016 returns.

December 21, 2016

Eligibility rule waiver extended for taxpayers adopting repair regs.

The IRS extended for one year its waiver of the eligibility rule that generally prevents taxpayers from using the automatic accounting method change procedures to change the treatment of the same item more than once within a five-year period.

December 19, 2016

FinCEN grants permanent automatic extensions for FBARs

Starting this year, FBARs have a new, April 15 due date, with extensions to Oct. 15.

December 16, 2016

Despite PATH Act, some tax provisions expire at end of 2016

The expiring provisions include tax incentives for individuals and businesses, as well as several energy provisions.

December 13, 2016

Congress enacts law allowing HRAs under the Affordable Care Act

The Senate passed the 21st Century Cures Act, which, among other things, permits certain employers to offer health reimbursement arrangements to employees without running afoul of the Patient Protection and Affordable Care Act’s market reform provisions.

December 13, 2016