Tax news and information - Journal of Accountancy

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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.

September 19, 2017

Hurricane Irma victims get IRS reprieve

Acting quickly in the wake of Hurricane Irma, the IRS gave filing and payment extensions to hurricane victims in 16 counties in Florida, all of St. John and St. Thomas in the U.S. Virgin Islands, and four municipalities in Puerto Rico.

September 19, 2017

Rules would allow truncated taxpayer IDs on Forms W-2

In an effort to reduce identity theft, the IRS issued proposed regulations that would permit employers to use truncated taxpayer identification numbers (TTINs) on Forms W-2, Wage and Tax Statement.

September 5, 2017

How to avoid costly tax traps with inherited IRAs

This article helps CPAs familiarize themselves with the rules surrounding inherited IRAs and the best ways to deal with these accounts.

September 1, 2017

Employee discount plans

Employers must follow complex rules to exclude employee discounts from taxable income.

September 1, 2017

Tax planning for Millennials

An underserved market awaits CPAs attuned to younger taxpayers’ perspectives.

September 1, 2017

IRS provides simplified method for late portability elections

Previously, since 2014, an extension of time to claim the deceased spousal unused amount could be obtained only by a letter ruling request.

September 1, 2017

A new discipline for tax

The emerging discipline of tax information and operations management could change the role of tax professionals from one focused on compliance to one essential to creating value.

September 1, 2017

Filing of incorrect form is considered a valid informal refund claim

The Ninth Circuit reverses the Tax Court and finds that the IRS was sufficiently apprised of an innocent spouse claim.

September 1, 2017

Line items

IRS online taxpayer accounts expand capabilities … Supreme Court rules church-affiliated organizations’ plans are exempt from ERISA … TIGTA finds improved ID theft casework

September 1, 2017