Tax news and information - Journal of Accountancy

TOPICS

December 1, 2016

New online tool allows taxpayers to check IRS account information

The IRS has launched an online tool that allows individual taxpayers to get their account balances online, including tax due, penalties, and interest.

December 1, 2016

Filing considerations for active duty military

Residency and signature authority are key factors.

December 1, 2016

Line items

Per-diem rates issued for 2016–2017 travel The IRS issued its annual update (Notice 2016-58) of per-diem rates for substantiating certain business expenses taxpayers incur when traveling away from home on or after Oct. 1, 2016. The per-diem rate for the incidental-expenses-only deduction remains unchanged at $5 per day for any

December 1, 2016

S corporation’s payments on its owner’s behalf are held not to be wages

Despite a lack of promissory notes, interest, or repayment terms, the Tax Court treats an owner’s advances to his business as loans and its payment of his personal expenses as repayments.

December 1, 2016

Defined benefit plan participants can receive lump sum and annuity under new rules

Bifurcation offers a hedge against outliving retirement benefits.

December 1, 2016

Short-term rentals, the sharing economy, and tax

Clients renting out their properties need to know a few key rules.

December 1, 2016

IRS restricts more foreign tax credit splitter arrangements

Forthcoming rules will target separation of related income from foreign-initiated tax adjustments.

December 1, 2016

Business tax quick guide—tax year 2016

Print out this quick guide PDF for use during tax season, and look for our quick guide for individual taxpayers in the January 2017 issue.

December 1, 2016

Forfeited deposits are ordinary income

Income from forfeited deposits of terminated contracts related to Sec. 1231 property is not eligible for capital gain treatment under Sec. 1234A.

December 1, 2016

Telling the not-for-profit story through Form 990

Form 990, which is publicly available, provides an opportunity to attract donors and appeal to other stakeholders by compellingly describing an organization’s purpose and accomplishments.

November 30, 2016

IRS announces start of e-Services re-registration

As part of its latest efforts to prevent cybercrime, the IRS said it will begin sending letters to currently registered e-Services users asking them to re-register within 30 days of the date of the letter or risk being shut out of the system.

November 18, 2016

IRS extends due dates for PPACA forms and penalty relief

In response to concerns from employers, insurers, and other providers of minimum essential coverage, the IRS announced that it is extending the due dates for certain health care forms required under the Patient Protection and Affordable Care Act.

November 15, 2016

No delays anticipated in 2017 tax filing season, IRS commissioner says

IRS Commissioner John Koskinen reassured tax practitioners attending the AICPA’s National Tax Conference that the 2017 tax filing season should start on time.

November 10, 2016

Final rules remove 3-year nonpayment testing period for COD reporting

The IRS finalized a proposed rule eliminating the three-year testing period for determining when debt was discharged for cancellation of debt information reporting purposes.

November 7, 2016

What you need to know to bring a nonfiler back into compliance

It can take months to get a nonfiler back into compliance with the IRS.

November 4, 2016

IRS warns tax professionals of another email phishing scam

The IRS issued an “urgent alert” to tax practitioners who use IRS e-services to beware of a fraudulent email asking them to update their accounts and directing them to a fake website.

November 3, 2016