Ninth Circuit upholds IRS cost-sharing regulation
The Ninth Circuit Court of Appeals reversed a Tax Court decision that had held that a cost-sharing regulation that required allocation of stock-based compensation was invalid.
Tax
Changes coming to tax transcript availability
To fight identity theft, starting June 28 the IRS will no longer fax transcripts to taxpayers, tax professionals, and other third parties. And in July it will stop providing an option for mailing transcripts to third parties.
The at-risk rules for partnerships
Know how this loss limitation differs from partners’ tax basis, and some industry-specific criteria.
Income recognition changes for accrual-method taxpayers
The Tax Cuts and Jobs Act made some widely applicable but, perhaps, lesser-known changes to accrual accounting rules.
Casualty loss deduction from drug-induced gambling is disallowed
The Tax Court declines to expand 'other casualty' beyond one sustained with respect to tangible property.
‘Parsonage’ exclusion ruled constitutional
Reversing a district court, the Seventh Circuit upholds the Sec. 107 housing exclusion for 'ministers of the gospel.'
Taxpayers did not properly notify IRS of address change, the Tax Court holds
Despite the taxpayers' use of their new address on a power-of-attorney form and extension request, the IRS properly sent deficiency notices to their old address, and the taxpayers' petition to the Tax Court was ruled untimely.
Line items
IRS expands relief from underpayment penalty ... Credit for GM electric cars phasing out ... IRS extends private letter ruling pilot program
Laurie Austin, CPA
Delegating and trusting others isn’t always easy, but it helps a leader manage a workload and develop others’ skills, says Laurie Austin, CPA.
Accounting firm data breaches: One state’s records
An examination of Maryland’s records of accounting firm data breaches reveals what is known about these illicit activities and how to protect your firm.
IRS issues draft of revised Form W-4 for 2020
The new draft form, which has been extensively redesigned, is intended to simplify the calculation of income tax withholding after the changes made by the law known as the Tax Cuts and Jobs Act.
2020 limits on HSA contributions are issued
The IRS issued its annual notice of the inflation-adjusted limits on contributions to health savings accounts. All of the limits increased from 2019 to 2020.
2019 inflation-adjusted vehicle depreciation limits and income inclusions issued
The IRS provided the limitations on depreciation deductions for passenger automobiles first placed in service in 2019 and the amounts of income inclusion for lessees of passenger automobiles first leased during 2019.
Sales tax proposals threaten to ensnare CPA firms
Accountants aren’t necessarily being singled out, but rather legislative and city leaders are trying to find ways to spread tax liabilities around a broader base or meet their budget needs.
IRS corrects error in Schedule D tax calculation worksheet
The IRS notified tax software companies that it had discovered an error in the Schedule D, Capital Gains and Losses, Tax Worksheet used to calculate the tax on certain capital gains that had new rates as a result of the law known as the Tax Cuts and Jobs Act.
IRS extends filing deadlines for CCH customers
The IRS announced that taxpayers affected by the recent Wolters Kluwer service outage who are facing May 15 filing deadlines can follow certain procedures to obtain reasonable cause waivers for failing to file on time.
FASB proposes simplifying accounting for income taxes
FASB issued a proposal that is intended to make accounting for income taxes less costly and complex.
Distribution by former S corporation is part dividend
The IRS ruled that a distribution to the sole shareholder of a C corporation was partly a recovery of the former S corporation’s accumulated adjustments account (AAA) and a taxable dividend for the remaining distribution.
IRS changes maximum-vehicle-value rule
The IRS revised its maximum-vehicle-value rule for personal use of an employer-provided vehicle for 2019 for both the cents-per-mile rule and the fleet-average-valuation rule.
Bonus depreciation safe-harbor rules for vehicles issued
Rev. Proc. 2019-13 allows a deduction in succeeding years of excess unrecovered basis remaining after the Sec. 280F first-year limitation.
