Journal Of Accountancy News

Latest News from Journal Of Accountancy

The regulations define the term “substantially all,” the definition of which was reserved in the earlier proposed regulations issued in October 2018.
Posted: April 17, 2019, 9:45 pm
The U.S. Supreme Court heard oral arguments in a case that will decide whether states can tax trusts based solely on the fact that a trust beneficiary lives in the state.
Posted: April 17, 2019, 8:10 pm
Revised rules published in July 2018 by the U.S. Government Accountability Office clarify the need for safeguards for practitioners when performing preparation of accounting records and financial statement services.
Posted: April 17, 2019, 3:15 pm
The IRS will permit professional sports teams that trade player contracts to recognize zero gain if both parties to the exchange adopt the safe harbor and do not exchange cash.
Posted: April 11, 2019, 9:45 pm
The AICPA asked Treasury and the IRS to issue additional guidance on Sec. 199A beyond the recently finalized regulations and a proposed revenue procedure in the form of a notice on a safe harbor for rental real estate.
Posted: April 11, 2019, 6:30 pm
Flexible scheduling can ward off burnout and help retain staff.
Posted: April 8, 2019, 1:00 pm
Public companies are finding that even though they have implemented FASB’s new lease accounting standard, their work is not nearly done. Private companies, meanwhile, are struggling with their own adoption of the standard.
Posted: April 4, 2019, 10:30 pm
One theme that has emerged from 10 years of survey data on risk management: It’s not getting any easier.
Posted: April 2, 2019, 11:00 am
The IRS issued guidance on the tax treatment of state and local refunds now that taxpayers are limited to a $10,000 deduction on their individual tax returns.
Posted: March 29, 2019, 8:45 pm
Private companies implementing new lease accounting rules can expect a complex transition and a substantial financial statement impact.
Posted: March 29, 2019, 2:10 pm
Beginning May 13, the IRS will accept employer identification number (EIN) applications only from individual taxpayers who have either a Social Security number or an individual taxpayer identification number as the responsible party on the EIN application.
Posted: March 27, 2019, 6:40 pm
Risk functions that are up to speed with organizations’ digital initiatives are better able to manage risks in a transformative time.
Posted: March 27, 2019, 3:30 pm
The IRS issued final regulations under Sec. 6707A, which imposes a penalty on taxpayers who fail to disclose a reportable transaction on their tax returns.
Posted: March 26, 2019, 8:15 pm
Auditors should perform and report on prior-period audits in accordance with auditing standards in effect at the time the engagement is performed, according to nonauthoritative guidance issued by the AICPA.
Posted: March 26, 2019, 5:00 pm
The IRS announced that it is lowering from 85% to 80% the amount taxpayers are required to have paid in order to escape an underpayment of estimated income tax penalty for 2018.
Posted: March 22, 2019, 7:54 pm

The Tax Adviser News

Latest News from The Tax Adviser

The regulations define the term “substantially all,” the definition of which was reserved in the earlier proposed regulations issued in October 2018.
Posted: April 17, 2019, 9:50 pm
The U.S. Supreme Court heard oral arguments in a case that will decide whether states can tax trusts based solely on the fact that a trust beneficiary lives in the state.
Posted: April 17, 2019, 8:15 pm
The IRS will permit professional sports teams that trade player contracts to recognize zero gain if both parties to the exchange adopt the safe harbor and do not exchange cash.
Posted: April 11, 2019, 10:00 pm
The AICPA asked Treasury and the IRS to issue additional guidance on Sec. 199A beyond the recently finalized regulations and a proposed revenue procedure in the form of a notice on a safe harbor for rental real estate.
Posted: April 11, 2019, 6:45 pm
The IRS issued guidance on the tax treatment of state and local refunds now that taxpayers are limited to a $10,000 deduction on their individual tax returns.
Posted: March 29, 2019, 8:51 pm
Beginning May 13, the IRS will accept employer identification number (EIN) applications only from individual taxpayers who have either a Social Security number or an individual taxpayer identification number as the responsible party on the EIN application.
Posted: March 27, 2019, 6:45 pm
The IRS issued final regulations under Sec. 6707A, which imposes a penalty on taxpayers who fail to disclose a reportable transaction on their tax returns.
Posted: March 26, 2019, 8:30 pm
The IRS announced that it is lowering from 85% to 80% the amount taxpayers are required to have paid in order to escape an underpayment of estimated income tax penalty for 2018.
Posted: March 22, 2019, 8:00 pm
The IRS proposed regulations under Sec. 6050Y, which governs reporting obligations for reportable policy sales of life insurance contracts and payments of reportable death benefits.
Posted: March 22, 2019, 7:25 pm
The IRS announced that it is reviewing its approach to the active trade or business requirement that must be met for a five-year period for a business to qualify for a tax-free spinoff under Sec. 355 and, as a result, is suspending two revenue rulings, Rev. Ruls. 57-464 and 57-492, in which it previously ruled on the topic.
Posted: March 21, 2019, 9:00 pm
The IRS highlighted the 12 abusive tax schemes it wants taxpayers and tax practitioners to be on the alert for this year. Phishing and scam phone calls were the biggest repeat offenders.
Posted: March 19, 2019, 9:30 pm
Despite generally lower tax bills, many taxpayers are seeing smaller-than-expected refunds — or no refunds at all. And some taxpayers are now subject to underwithholding penalties, despite limited relief from the IRS.
Posted: March 15, 2019, 9:10 pm
With their prospects for deferral or even exclusion of gains from certain investments in them, the newly created qualified opportunity zones offer an intriguing tax planning option for investors and a potential boon for distressed communities.
Posted: March 6, 2019, 6:45 pm
The IRS and the Treasury Department announced changes to their policy on issuing temporary regulations, notices of proposed regulations, and other guidance.
Posted: March 6, 2019, 5:35 pm
The IRS issued guidance on determining the amount of the deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI) under Sec. 250.
Posted: March 5, 2019, 6:30 pm