AICPA Tax Advisor

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Latest News from The Tax Adviser
Updated: 1 hour 47 min ago

Draft instructions for partnership capital account reporting released

Thu, 2020-10-22 18:41
The IRS released draft instructions for Form 1065, U.S. Return of Partnership Income, to calculate partner capital accounts using the tax-basis method.
Categories: Accounting & Taxes

Unclaimed property distributions allowed as self-certified rollovers

Mon, 2020-10-19 16:28
The IRS issued guidance adding state unclaimed property fund distributions to the list of reasons that taxpayers may self-certify that they missed the 60-day deadline to roll over funds to a qualified retirement plan.
Categories: Accounting & Taxes

FBAR deadline extended to Oct. 31 after confusion

Mon, 2020-10-19 10:27
After a misworded posting caused confusion about the 2020 deadline to file FBARs (i.e., FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)), Treasury’s Financial Crimes Enforcement Network has extended the deadline to Oct. 31.
Categories: Accounting & Taxes

Inflation-adjusted limit for 2021 HRAs issued

Fri, 2020-10-16 14:25
The IRS issued the 2021 limit for excepted benefit health reimbursement arrangements using the Chained Consumer Price Index for All Urban Consumers inflation-adjustment method.
Categories: Accounting & Taxes

FBAR deadline is extended

Thu, 2020-10-15 13:55
Treasury’s Financial Crimes Enforcement Network announced that this year’s deadline to e-file FinCEN Form 114, Report of Foreign Bank and Financial Accounts, on the Bank Secrecy Act E-Filing System has been extended.
Categories: Accounting & Taxes

2021 Social Security wage base announced

Wed, 2020-10-14 11:00
The Social Security Administration announced that the maximum amount of wages subject to the old age, survivors, and disability insurance tax will increase to $142,800 in 2021 from $137,700 in 2020.
Categories: Accounting & Taxes

Consolidated group NOL rules are finalized

Tue, 2020-10-13 15:24
The IRS finalized regulations governing the treatment of net operating losses by consolidated groups after recent legislation changed the rules.
Categories: Accounting & Taxes

Several states provide one-month filing relief for corporate deadlines

Mon, 2020-10-12 17:02
With the Oct. 15 corporate tax filing deadline looming and the global pandemic still affecting taxpayers and practitioners, several states have provided one-month filing relief for their corporate Oct. 15 deadlines.
Categories: Accounting & Taxes

Rules govern withholding on transfers of partnership interests and ECI

Thu, 2020-10-08 16:41
The IRS finalized proposed regulations on withholding from transfers of partnership interests to foreign persons and the definition of effectively connected income for those purposes.
Categories: Accounting & Taxes

With Oct. 15 looming, some practitioners face daunting challenges

Wed, 2020-10-07 13:58
Tax practitioners have expressed concerns that they will not be able to meet upcoming Oct. 15 tax filing deadline for a variety of reasons related to the global pandemic.
Categories: Accounting & Taxes

Nonfilers have until Nov. 21 to apply for economic impact payment

Tue, 2020-10-06 13:46
The IRS announced that it was extending the deadline from Oct. 15 to Nov. 21 at midnight for certain individuals to enter their information on the Non-Filers: Enter Payment Info Here tool on the IRS website to receive the $1,200 stimulus payment due to individual taxpayers.
Categories: Accounting & Taxes

Health coverage reporting deadline extended

Mon, 2020-10-05 11:36
The IRS extended the due date for furnishing Form 1095-B and 1095-C health care coverage information returns to individuals from Jan. 31, 2021, to March 2, 2021. The date for filing them with IRS has not been extended.
Categories: Accounting & Taxes

ABLE account final rules provide wide-ranging guidance

Fri, 2020-10-02 11:28
Eligible individuals with disabilities received guidance from the IRS on the rules regarding ABLE accounts. Tax-favored ABLE accounts allow eligible individuals to save money to meet qualified disability expenses.
Categories: Accounting & Taxes

IRS releases final rules on business meals and entertainment

Thu, 2020-10-01 19:14
The IRS finalized rules implementing provisions of the law known as the Tax Cuts and Jobs Act, disallowing deductions for most business entertainment expenses and distinguishing them from business food and beverage expenses that remain deductible.
Categories: Accounting & Taxes

Employers get guidance on income tax withholding from wages

Thu, 2020-10-01 16:17
The IRS issued final regulations providing guidance on withholding federal income tax from employees’ wages under changes enacted in the Tax Cuts and Jobs Act.
Categories: Accounting & Taxes

Foreign tax credit allocation and apportionment rules finalized

Wed, 2020-09-30 14:13
The IRS issued final and proposed regulations covering a wide variety of issues involving deductions and credits for foreign taxes.
Categories: Accounting & Taxes

Small business accounting regulations and tax shelter implications

Mon, 2020-09-28 11:17
New simplified accounting rules for small businesses do not apply to tax shelters — and the definition of a tax shelter can cause problems for businesses with large deductions or losses during a tax year.
Categories: Accounting & Taxes

Returns affected by e-filing outage will be timely if filed by Sept. 17

Fri, 2020-09-25 09:46
For tax returns with a Sept. 15 due date that were affected by an e-filing software outage, the IRS will treat a return and any elections that were filed with that return as timely filed if the taxpayer successfully e-filed the return and any elections by Sept. 17, 2020.
Categories: Accounting & Taxes

Lenders will not file Form 1099-C for forgiven PPP loans

Tue, 2020-09-22 17:00
The IRS issued guidance telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee statement to the borrower when a Paycheck Protection Program loan is forgiven.
Categories: Accounting & Taxes

Final regs. outline trust and estate expenses still deductible under TCJA

Tue, 2020-09-22 15:50
The IRS issued final regulations for distinguishing trusts’ and estates’ allowable deductions from miscellaneous itemized deductions currently suspended by the law known as the Tax Cuts and Jobs Act.
Categories: Accounting & Taxes


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