Tax news and information - Journal of Accountancy

TOPICS

February 16, 2017

Failure to report health coverage will not cause tax return rejection

The IRS announced that it will not reject tax returns just because a taxpayer has not indicated on the return whether the taxpayer had health insurance, was exempt, or made a shared-responsibility payment under Sec. 5000A.

February 13, 2017

Reducing investment taxes in 2017

The start of a new year allows clients to take a fresh look at their investment strategy.

February 7, 2017

IRS alerts practitioners of e-Services account suspensions

The IRS announced that as of Sunday it has suspended the e-Services accounts of users who failed to verify their identities in accordance with letters sent out in December.

February 6, 2017

What does it mean to be transparent?

The goal of transparency is to establish and maintain the trust of the organization’s key stakeholders.

February 6, 2017

Why the IRS isn’t giving up on compliance and enforcement

This article details why tax compliance and enforcement is and will be an IRS priority for years to come.

February 2, 2017

Tax practitioners’ information will soon be available at IRS website

The IRS announced that it will soon post online the registration information of practitioners who have preparer tax identification numbers, and the information will be available without charge to the public.

February 1, 2017

Driver’s license information now required on some state e-filed returns

Tax return preparers are discovering that some state income tax returns for 2016 require information from a taxpayer’s driver’s license or state-issued identification card information before the returns can be e-filed.

February 1, 2017

Trusts and estates: Uses and tax considerations

Wealth planning with these often highly advantageous tools must be weighed against possible drawbacks of income tax accounting.

February 1, 2017

Line items

Streamlined processing of installment agreements is more widely offered … Security Summit introduces ‘trusted customer’ features .. IRS scraps COD 36-month nonpayment testing period

February 1, 2017

Whether to amend a return

While taxpayers have no duty to correct an error or omission in a filed return, practitioners must inform them of the consequences.

February 1, 2017

IRS warns tax professionals of another email phishing scam

The latest ploy mimics an IRS request for e-services validation.

February 1, 2017

District court reverses emotional distress damages award against the IRS

Sovereign immunity protects the Service from its violation of an automatic bankruptcy stay.

February 1, 2017

Sec. 457(f) plans get helpful guidance

Rules would clarify the types of arrangements that may be currently taxable even while payments are deferred.

February 1, 2017

Taxpayer claims the IRS lost her return; bankruptcy court discharges debt

The Service fails to prove that it never received the return.

February 1, 2017

Taxpayers’ valuation of land accepted; inability to establish basis limits casualty loss

Landowner’s experience qualifies his appraisal as competent even though he is not a professional.

January 31, 2017

New Form 990-EZ has help icons to aid exempt organizations in filing

The IRS announces new Form 990-EZ with help icons to assist organizations with accurate filing.

January 27, 2017

What repatriation tax changes could mean for U.S. companies

U.S. companies holding earnings overseas in cash could be bringing it back in response to tax reform proposed by the new administration in Washington.

January 25, 2017

Seventh Circuit holds that taxpayer filed timely Tax Court petition

A taxpayer whose lawyer used print-at-home postage when mailing a Tax Court petition timely filed that petition, the Seventh Circuit Court of Appeals held, reversing and remanding the case to the Tax Court for consideration on the merits.

January 20, 2017

How a major beer importer is planning for tax reform

Constellation Brands, the third-largest beer seller in the United States, for instance, is modeling several scenarios related to a possible increase in taxes on imported goods.

January 19, 2017

Centralized partnership audit rules proposed

The IRS released a package of proposed provisions that will apply to the recently enacted centralized audit regime that generally assesses and collects tax at the partnership level.

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.