Tax news and information - Journal of Accountancy

TOPICS

March 30, 2017

Use of driver’s license numbers raises security concerns

The decision of the IRS and some states to recommend—or, in a few cases, require—the use of driver’s license numbers as form of authentication on electronically filed personal tax returns has made them a higher-value target for hackers and other criminals.

March 29, 2017

Rules proposed for accounting method changes to reflect FASB revenue recognition standards

The IRS is asking for comments on proposed procedures for requesting consent to make accounting method changes to reflect FASB’s new revenue recognition standards.

March 24, 2017

IRS issues 2017 car and truck depreciation limits

The IRS released the inflation adjustments to the depreciation limits for cars and trucks used for business purposes in 2017.

March 23, 2017

Amazon wins multimillion dollar transfer-pricing dispute with IRS

The Tax Court held that Amazon.com had properly valued transfers of intangibles under a cost-sharing arrangement with its Luxembourg subsidiary.

March 23, 2017

Disbarred tax preparer not subject to IRS jurisdiction

The IRS Office of Professional Responsibility has no authority or jurisdiction over a disbarred attorney/tax preparer or his tax preparation practice and cannot regulate his provision of tax advice a federal district court in Nevada has held.

March 15, 2017

Taxpayers affected by winter storm get more time to file business return extensions

The IRS announced that it would grant “eligible taxpayers” who are affected by this week’s winter storm on the East Coast extra time to file their requests for filing extensions.

March 13, 2017

IRS takes down student financial aid data retrieval tool

The IRS announced that has taken down its tool for retrieving tax return data used to complete the Free Application for Federal Student Aid.

March 7, 2017

Proposed PPACA replacement bills contain many tax changes

The draft proposals to repeal the Affordable Care Act released by House Republicans would make many tax changes if enacted. Here’s a look at their impact on the tax code.

March 1, 2017

State issues with the new federal partnership audits

The AICPA leads effort to promote state-level uniformity.

March 1, 2017

Medical practice owner is held liable for employment taxes

A self-imposed loan restriction to pay salaries does not encumber funds owed to the government.

March 1, 2017

Line items

FBARs get automatic extensions…Eligibility rule waiver extended for tangible property regs. automatic method changes…Standard mileage rates for 2017

March 1, 2017

S corporation’s sole owner had unreported income but not constructive dividend

The Tax Court cites a lack of earnings and profits.

March 1, 2017

Like-kind exchange between related parties denied nonrecognition treatment

The Tax Court rejects a taxpayer’s argument for an exception under Sec. 1031(f)(2)(C) of no principal purpose of tax avoidance.

March 1, 2017

Congress authorizes new small business HRAs

Popular employer arrangements to reimburse medical expenses had been penalized by the Affordable Care Act.

March 1, 2017

Final rules on Sec. 367 transfers of intangibles apply retroactively

The treatment of foreign goodwill or going concern value is clarified.

March 1, 2017

New PATH for depreciation

Changes to 15-year and bonus depreciation rules and Sec. 179 expensing may deliver tax savings to business clients.

March 1, 2017

600 GE tax professionals moving to PwC

The arrangement could be a model for other companies.

February 27, 2017

New rules affect popular tax credits

This article reviews recent developments in three areas.

February 21, 2017

What accountants need to know about India’s demonetization

Public and management accountants in India will be busier than ever because the move is expected to bring a large portion of the population into a more institutional tax and banking system.

February 17, 2017

Dirty Dozen top tax scams led by phishing schemes

The IRS issued its roundup of the 12 biggest tax scams that taxpayers should watch out for this filing season.

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.