More taxpayers qualify for student loan COD relief
The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.
Tax
IRS issues 2020 standard mileage rates
On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts.
Writing to win tax appeals
If taxpayers disagree with an IRS audit, they have 30 days to prepare an IRS protest. Find out how to win at IRS Appeals.
No deduction for paying corporate parent’s expense
A subsidiary fails to show that it received the primary benefit from its payment to an adviser incident to a merger.
2020 tax filing season preview
CPA firms venture into the new decade of serving taxpayers.
Practitioners need a written information security plan
The IRS places fresh emphasis on tax preparers’ responsibilities under the Gramm-Leach-Bliley Act safeguards rule.
Estate is entitled to refund of Sec. 6651 late-filing penalty
The full tax liability had been paid by the extended due date.
CFC downward attributions get safe harbors
Reporting of Subpart F and GILTI inclusions may rely on 'alternate information.'
Filing season quick guide — tax year 2019
Download and print this tax season reference highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.
‘Gifts’ to clergy may be remuneration
Payments to a pastor did not qualify to be excluded from income as a parsonage allowance or as nontaxable gifts.
Taxpayers may deduct casualty losses in prior years
The final regulations allow more time to make the election.
Humpty Dumpty meets the tax code
Annette Nellen, Esq., CPA, CGMA, walks us through four recent decisions by the U.S. Tax Court to show how the precise application of a word or phrase can make a world of difference.
Qualified opportunity zone regs. finalized
The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs).
Year-end government spending bill contains many tax provisions
The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims.
5th Circuit invalidates health care law’s individual mandate
The Fifth Circuit held that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero.
New FASB standard aims to simplify accounting for income taxes
FASB issued a standard that is designed to reduce cost and complexity in accounting for income taxes.
You might be a tax shelter if …
Does your business fall under the definition of a syndicate? Chris Hesse, chair of the AICPA’s Tax Executive Committee, reveals where the traps lie for business taxpayers and their CPA advisers.
Proposed regs. would govern Sec. 162(m) executive compensation limits
The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain publicly held corporations.
Guidance issued on payments to charitable organizations
The IRS issued additional rules on the treatment of deductions for charitable contributions in lieu of state and local taxes, an area in which it has already issued final regulations and other guidance.
Partnership capital reporting requirements postponed until 2020
The IRS is postponing the requirement to report partners’ shares of partnership capital on the tax-basis method for 2019 (for partnership tax years beginning in calendar 2019) until 2020 (for partnership tax years that begin on or after Jan. 1, 2020).
