A new playing field for business
The Supreme Court’s decision on sales tax collection could give smaller companies that rely on in-store sales a better chance to compete with virtual retailers.
Tax
Supreme Court overturns Quill’s physical presence requirement
The U.S. Supreme Court on Thursday held that states can assert nexus for sales and use tax purposes without requiring a seller’s physical presence in the state.
Disguised-sale partnership regs. withdrawn
The IRS announced that it was withdrawing temporary regulations on the treatment of partnership liabilities for disguised-sale purposes and proposing to reinstate the old rules.
AICPA advocates for IRS tax guidance priorities
The AICPA sent a letter to the IRS with recommendations for items of tax guidance that should be priorities for the Service to issue from July 1, 2018, to June 30, 2019.
How tax reform is impacting tax practitioners
Tax practitioners usually get to enjoy some down time during the summer. But this year summer may be a little more hectic than usual thanks to the changes brought about by tax reform.
Planning ideas from Form 1040 (and beyond)
Learn about a few of the many valuable planning opportunities you can uncover when reviewing a client’s tax forms.
Draft 2019 Form W-4 and instructions posted
The IRS released a draft Form W-4, Employee’s Withholding Allowance Certificate, and its instructions, for individual taxpayers to use to determine their income tax withholding for 2019.
How tax reform — and Excel — are changing the CPA Exam
Mike Decker, the vice president of examinations at the AICPA, discusses changes being made to the exam as a result of tax reform — and about how Excel will now be available for use on the test.
Gravel mining income not exempt under Native American treaties
The Tax Court holds that the treaty provisions apply to tribes, not individuals.
Guidance addresses partnership accounting when IRS collects underpayments
A new TQA discusses taxes on partnership income.
Retaining stellar tax professionals
Retain an all-star staff by providing employees exceptional on-the-job experiences.
Tax overhaul may fuel life settlement industry
A doubled estate/gift tax exemption makes policies less necessary, while more favorable basis rules decrease gain on their sale.
Short sale is considered one transaction
The Tax Court denies the taxpayers' claimed loss on the sale of their former home followed by an exclusion of cancellation-of-debt income.
IRA distribution to pay spousal support is taxable
The Tax Court holds that writing checks from funds distributed is not a transfer of an account interest incident to divorce.
Child tax credit now higher, more widely available
Middle-income taxpayers are more likely to have a greater benefit than before.
Line items
IRS to shut down OVDP ... Longer carried interest holding period includes S corporations ... Coinbase notifies customers of IRS summons compliance
Captive insurance: Avoiding the risks
Survive IRS scrutiny of this potentially valuable arrangement.
Due diligence in a sharing economy (Airbnb and Uber)
Annette Nellen, CPA, CGMA, Esq., chair of the AICPA Tax Executive Committee, outlines federal, state, and local tax obligations for clients involved in sharing economy activities.
AICPA recommends IRS FAQs on virtual currency taxation
The comments were prompted by new questions that have emerged about how the tax rules apply to virtual currency transactions since the AICPA first submitted comments.
Standard mileage rates, depreciation amounts updated
The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
