Tax news and information - Journal of Accountancy

TOPICS

November 3, 2016

Identity theft safeguards to expand for 2017

The IRS, state tax agencies, and industry partners announced expanded and improved tax return identity theft safeguards for the 2017 filing season.

November 1, 2016

Reverse like-kind exchange is afforded nonrecognition treatment

The Tax Court rejects the IRS’s argument that a third-party facilitator never assumed ownership under a benefits-and-burdens test.

November 1, 2016

FBAR preparation and ethical risks

Practitioners must define the scope of the engagement and encourage clients to provide timely and accurate information.

November 1, 2016

Captive insurance for the middle market

Know the tax and other requirements for this option to manage risk.

November 1, 2016

U.S. exporters leaving tax dollars on the table

Forming interest charge domestic international sales corporations can save U.S. exporters a great deal of taxes, but many qualifying taxpayers don’t know about them.

November 1, 2016

Tax help for working parents

Federal and state credits and employer-provided care may help reduce the high cost of child care.

November 1, 2016

IRS allows self-certification for late rollovers of retirement plan funds

A new procedure for claiming a waiver of the 60-day deadline enables an account trustee to accept the rollover.

November 1, 2016

New user fees proposed for IRS installment agreements

The fee for an online application with direct debit would be $31; for some application and payment methods, it would increase.

November 1, 2016

Proposed regulations would affect estate valuation discounts

The IRS aims to close a ‘loophole’ of lapsing rights and restrictions in transfers of family-owned businesses.

November 1, 2016

Line items

Lower PTIN fee finalized … Individual health care mandate benchmark set for 2016 … Phishing scheme masquerades as tax software update

November 1, 2016

Marine surveyor may deduct geological and geophysical expenses

The Tax Court is unwilling to restrict the 2-year amortization under Sec. 167(h) to owners of mineral interests.

November 1, 2016

IRS issues guidance on ITIN renewals

Under new PATH Act provisions, the numbers expire after 3 years of nonuse.

October 27, 2016

2017 pension contribution limits announced

While many limits remained the same as 2016, some were raised to reflect cost-of-living increases.

October 25, 2016

IRS issues 2017 inflation adjustments for many tax provisions

The IRS issued its annual revenue procedure containing inflation-adjusted amounts for the 2017 tax year, affecting over 50 Code provisions, as well as the new tax rate tables for individuals and estates and trusts.

October 19, 2016

Social Security Administration announces large increase in 2017 wage base

The SSA announced that the maximum amount of earnings subject to the Social Security tax will increase by more than 7% in 2017, after remaining flat in 2016.

October 14, 2016

Earnings-stripping rules make many changes from proposed regs.

The new rules are part of the Treasury Department’s larger effort to curb corporate inversions.

October 13, 2016

PTIN class action lawsuit affects all tax return preparers

A class action lawsuit currently pending in a federal district court includes in its class of plaintiffs all tax return preparers who obtained or renewed a PTIN after Sept. 30, 2010.

October 10, 2016