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Journal Of Accountancy News
Latest News from Journal Of Accountancy

How the CARES Act has affected business valuation
Legislation designed to help businesses during the coronavirus pandemic has created new issues for CPAs and other valuation specialists to consider. New AICPA FAQs address these valuation concerns.
Protecting seniors from COVID-19 fraud
CPAs can help thwart bad actors from cashing in on seniors during the global pandemic.
House passes bill that would relax PPP forgiveness requirements
The US House passed a bill that would relax some of the requirements that Paycheck Protection Program fund recipients need to fulfill to qualify for forgiveness from their loans.
E-filing of Form 1040-X coming this summer
The IRS announced that taxpayers will be able to electronically file Forms 1040-X, Amended U.S. Individual Income Tax Return, later this summer.
$10 billion from PPP pledged to lenders to underserved communities
Paycheck Protection Program Round 2 funding worth $10 billion is being set aside for Community Development Financial Institutions, which work with underserved communities.
Social Security fraud boosted by COVID-19 fears
CPAs can spread the word on the newest version of a longtime fraud ploy.
Final regs. address reporting by tax-exempt organizations
The IRS finalized regulations permitting tax-exempt organizations other than Sec. 501(c)(3) orgs. to omit the names of substantial donors when filing Forms 990.
UAA Model Rule changes proposed in support of CPA Evolution
The Uniform Accountancy Act Model Rules would be changed to support CPA Evolution under an exposure draft issued by the National Association of State Boards of Accountancy.
When planning for a natural disaster, don’t forget about your finances
Margaret Poster, CPA, shares advice for making sure your finances are in shape in the event of a disaster.
COSO provides new guidance on risk appetite
The Committee of Sponsoring Organizations of the Treadway Commission has published new guidance on risk appetite and its critical links with strategy and decision-making.
Premium tax credit unaffected by personal exemption decrease to zero
The IRS issued proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction under Sec. 151 to zero.
PPP forgiveness guidance issued as Congress mulls changes
The SBA and Department of Treasury issued a pair of new interim final rules Friday for the Paycheck Protection Program. Meanwhile, bills in Congress could make major changes to two of the PPP’s most significant rules. Votes could come as early as this week.
IAASB addresses pandemic issues in audit practice alert
The International Auditing and Assurance Standards Board highlighted key areas of focus for auditor reporting related to the coronavirus pandemic in an audit staff practice alert.
What to do with your stimulus check
Many Americans will receive stimulus money to help them weather the pandemic, but what they do with that money will depend on whether they need it right away or can afford to set some aside. CPA financial planners offer advice on how to make the best use of stimulus funds.
SEC amends disclosure rules for acquisitions and disposals
The SEC voted to amend its rules and forms for disclosing financial information about acquired or disposed businesses.

Federal Tax Headlines – Tax & Accounting Blog

Recent Cases Clarify Penalty Supervisory Approval Requirement

In 2017, court decisions gave penalty relief to certain taxpayers. Since then, the courts have clarified the scope of these decisions.  Second Circuit Sets the Standard Under Code Sec. 6751(b) , certain penalties require that the immediate supervisor of the individual making the determination, or designated higher level official, personally approve “the initial determination of such assessment.” The approval must be in writing. However, Congress did not define what constitutes “the initial determination […]

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Taxpayer Implications Regarding Coronavirus: Examining Congressional Response to COVID-19

U.S. Congress acts to help businesses and individuals As the spread of the Coronavirus COVID-19 starts to have a greater impact on the economy, U.S. Congress is taking some initial action to help businesses and individuals. The U.S. House of Representatives has passed bi-partisan legislation to address paid sick and family leave, including tax credits […]

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UBIA Limits Section 199A Deduction: What is UBIA & How Does it Work?

UBIA is the basis in a partnership’s property, and it can work to limit a partner’s section 199A deduction. If a partner recently bought their partnership interest, the partner may find their section 199A deduction limited by a percentage of both: UBIA, and wages. This limitation will be relevant to taxpayers or partners who own […]

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SECURE Act Changes for Employers and Retirement Plans

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed in December 2019. Many of its changes are already affecting employers and plan sponsors. Some of these changes are discussed here. Small Business Tax Credits for Retirement Plans Increased The SECURE Act increases credits for small businesses with retirement plans. A small business […]

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2020 Whole Ball of Tax: Your ‘Go-To’ Tax Season Resource

Annual collection of resources aid the preparer and taxpayer alike The annual 2020 Whole Ball of Tax (WBOT) from Wolters Kluwer Tax & Accounting is now available to help journalists, reporters, and media in general better understand the nuances of the 2020 tax filing season. Filled with valuable information, WBOT is a comprehensive collection of […]

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IRS Beefs Up Resources for Gig Economy Workers and Platforms

The IRS has some new resources for taxpayers navigating the gig economy. These include: a recent Gig Economy webinar, and a new Gig Economy Tax Center page on the IRS website. IRS Gig Economy Webinar The IRS presented a webinar on the gig economy on February 20. The session was aimed at gig workers, businesses, […]

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SECURE Act: IRA Contributions and Charitable Distributions by 70+ Somethings

The SECURE Act ended the prohibition against IRA contributions after age 70½.  It also preserved the ability to make qualified charitable distributions (QCDs) at age 70½ even though the required minimum distribution age was bumped to 72.  Should post-70½-somethings start making IRA contributions?  Should those age 70½ and 71 stop making QCDs?   Retiree Earners IRA […]

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How to Elect the Allocable Parental Tax for Kiddie Tax Calculation in 2018 or 2019

The IRS has provided guidance on the election to calculate the kiddie tax for 2018 and 2019 using the child’s allocable parental tax instead of the tax rates for trusts and estates. The election is generally made on the taxpayer’s return or by attaching a statement to the return. A taxpayer can choose whichever method […]

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Exempt Organization Electronic Filing Requirements Expanded

The 2020 tax season expands  electronic filing requirements for exempt organizations. The Taxpayer First Act requires tax exempt organizations to electronically file information returns and related forms. The new law affects tax exempt organizations in tax years beginning after July 1, 2019. Taxpayers may receive transitional relief for certain forms as discussed below in form-by-form […]

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IRS Finalizes Form 8997, Form 8949 and Schedule D for Reporting QOF Investments

Taxpayers must report their investments in Qualified Opportunity Funds (QOF) on new IRS Form 8997, Initial and Annual Statement of Qualified Opportunity Fund (QOF) Investments. Individuals who dispose of any QOF investments during the year must also report the gain or loss on Form 8949, Sales and Other Dispositions of Capital Assets; and on Schedule […]

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