Bookkeeping and Accounting News

Journal Of Accountancy News
Latest News from Journal Of Accountancy

Personal financial satisfaction up in first quarter after market rebound
Americans’ personal financial satisfaction reached a record high in the first quarter of 2019, according to the AICPA’s proprietary Personal Financial Satisfaction Index.
News quiz: IRS gives a break on underpayment
Try this short quiz to review some of the news posted in the past month or so.
More proposed regs. on qualified opportunity funds issued
The regulations define the term “substantially all,” the definition of which was reserved in the earlier proposed regulations issued in October 2018.
Can a state tax a trust based on the beneficiary’s residency?
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.
Yellow Book revisions update independence guidance
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.
Safe harbor issued for valuing pro sports trades
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.
AICPA asks government to issue more QBI deduction guidance
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.
Ways to keep your talented CPAs
Flexible scheduling can ward off burnout and help retain staff.
Lease accounting tips for public and private companies
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.
The barriers to enhanced risk oversight
One theme that has emerged from 10 years of survey data on risk management: It’s not getting any easier.
Tax treatment of state and local tax refunds clarified
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.
Lease accounting: A private company perspective
Private companies implementing new lease accounting rules can expect a complex transition and a substantial financial statement impact.
Procedure for obtaining EINs to change May 13
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.
The benefits of a digitally fit risk function
Risk functions that are up to speed with organizations’ digital initiatives are better able to manage risks in a transformative time.
Final rules issued on penalty for nondisclosure of reportable transactions
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.

Federal Tax Headlines – Tax & Accounting Blog

Weekly Report from Washington, D.C.

During the week of November 26, senior tax staff on the Senate Finance and House Ways and Means Committees doubted Republicans’ catch-all tax and IRS package’s chances of success. The IRS released guidance granting automatic consent to accounting method changes to comply with new Code Sec. 451(b), as added by the Tax Cuts and Jobs […]

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Cryptocurrency Mining and Selling: When Do You Owe Tax?

Taxpayers who mine, sell or exchange cryptocurrency likely owe federal income tax because of those activities.  But have they reported that income or gain? After dramatic changes in value due to volatile digital currency markets in 2018, they may even have losses. Currently, the IRS has a campaign, actively auditing for failures to report income […]

The post Cryptocurrency Mining and Selling: When Do You Owe Tax? appeared first on Tax & Accounting Blog.


Draft Forms Explain How to Report Gain Deferred Due to QO Fund Investments

New instructions for IRS Form 8949, Sales and Other Dispositions of Capital Assets, address gain that is deferred when an investment is made in a Qualified Opportunity Fund. If a taxpayer realizes gain on a sale of an asset, but invests that gain in a QO Fund within 6 months, the taxpayer may be able […]

The post Draft Forms Explain How to Report Gain Deferred Due to QO Fund Investments appeared first on Tax & Accounting Blog.


IRS Extends Filing Deadlines, Penalty Relief for Health Insurance Forms (Notice 2018-94)

Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 4, 2019, to provide individuals with Forms 1095-B, Health Coverage, or Forms 1095-C, Employer-Provided Health Insurance Offer and Coverage. This is a 30-day extension from the original due date of January 31, 2019. Comment: The due dates for employers and insurers to […]

The post IRS Extends Filing Deadlines, Penalty Relief for Health Insurance Forms (Notice 2018-94) appeared first on Tax & Accounting Blog.


IRS Simplifies, Streamlines Procedures for Changing Accounting Method to Comply with AFS Deadline for All Events Test (Rev. Proc. 2018-60)

The IRS will grant automatic consent to accounting method changes to comply with new Code Sec. 451(b), as added by the Tax Cuts and Jobs Act (P.L. 115-97). In addition, some taxpayers may make the accounting method change on their tax returns, without filing a Form 3115, Application for Change in Accounting Method. These procedures […]

The post IRS Simplifies, Streamlines Procedures for Changing Accounting Method to Comply with AFS Deadline for All Events Test (Rev. Proc. 2018-60) appeared first on Tax & Accounting Blog.


Senate, House Tax Staffers Doubt Success of GOP’s Tax, IRS Package

Senior tax staff on the Senate Finance and House Ways and Means Committees seem to doubt Republicans’ catch-all tax and IRS package’s chances of success. Whether the roadblock will come down to time or votes, the package currently faces an uphill battle in the Senate. House Ways and Means Committee Chairman Kevin Brady, R-Tex., unveiled […]

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Proposed Regulations Address Foreign Tax Credit and Tax Cut and Jobs Act Changes (NPRM REG-105600-18; IR-2018-235)

Highly anticipated foreign tax credit regulations have been issued that provide guidance on the significant changes made by the Tax Cuts and Jobs Act (P.L. 115-97) to the foreign tax credit rules. The proposed regulations address: (1) the allocation and apportionment of the deductions underCode Sec. 861 through Code Sec. 865 and adjustments to the […]

The post Proposed Regulations Address Foreign Tax Credit and Tax Cut and Jobs Act Changes (NPRM REG-105600-18; IR-2018-235) appeared first on Tax & Accounting Blog.


House GOP Catch-All Tax Package Likely Faces Uphill Battle in the Senate

House Republicans’ blazing, 297-page tax package of IRS reforms, tax extenders, disaster relief, retirement savings, and corrections to last year’s tax reform has received an icy reception from congressional Democrats. Although the ambitious and lengthy tax package contains several bipartisan proposals, Democrats appeared caught off guard by its release and have already begun voicing opposition. […]

The post House GOP Catch-All Tax Package Likely Faces Uphill Battle in the Senate appeared first on Tax & Accounting Blog.


Republicans Seek to Pass 297-Page Tax, IRS Package During Lame-Duck Session

The House is expected to vote this week on a 297-page tax and IRS oversight package. Generally, the broad legislative package addresses year-end tax extenders, retirement savings, disaster relief, IRS reform, and technical corrections to last year’s tax reform legislation, among other things. Additionally, the package contains elements of Republicans’ “Tax Reform 2.0” package approved […]

The post Republicans Seek to Pass 297-Page Tax, IRS Package During Lame-Duck Session appeared first on Tax & Accounting Blog.


Electing Out of Interest Deduction Limit and Switching to ADS Is Not an Accounting Method Change

A taxpayer that elects out of the  business interest deduction limits won’t need to file an accounting method change when switching to the MACRS alternative depreciation system (ADS), according to the IRS. During recent informal remarks, the IRS said it plans to allow electing farmers and real estate businesses to make the required switch to […]

The post Electing Out of Interest Deduction Limit and Switching to ADS Is Not an Accounting Method Change appeared first on Tax & Accounting Blog.


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