Tax news and information - Journal of Accountancy
WEBSep 6, 2024 · The IRS moved the moratorium date forward into early 2024. Also, it announced sending disallowance letters to some businesses with invalid claims and plans for payments to others. The latest tax news and insights from the Journal of Accountancy, the ultimate resource for today’s CPA.
Tax, accounting, auditing news - Journal of Accountancy
WEBSep 20, 2024 · The IRS said that crowdfunding distributions may be included in the gross income of the person receiving them, depending on the facts and circumstances of the distributions. Next 20. The latest news from the Journal of Accountancy, covering accounting, financial reporting, auditing, taxation, financial planning, technology, and more.
Tax news and information - Journal of Accountancy
WEBAug 1, 2024 · An AICPA leader analyzes recent news related to employee retention credit claims and beneficial ownership information reporting requirements. She also explains why member sentiment about IRS performance during tax filing season is not in alignment with IRS data. Read the Q&A or listen to the podcast episode. July 11, 2024.
Journal of Accountancy - Accounting, tax, auditing news
WEBHow to add the JofA to your Apple News app. This quick guide walks you through the process of adding the Journal of Accountancy as a favorite news source in the News app from Apple. The Journal of Accountancy is the ultimate resource for today’s CPA, providing daily professional and regulatory updates, breaking news and videos.
What’s new for 2022 in federal taxes - Journal of Accountancy
WEBJan 6, 2022 · Former Sec. 174 (b) (1), which applies to tax years beginning before Jan. 1, 2022, allowed a taxpayer that did not currently expense these costs to defer their recognition to a pro rata period of at least 60 months that the taxpayer could select, "beginning with the month in which the taxpayer first realizes benefits from such …
Don’t wait on action on tax bill to file returns, IRS tells taxpayers
WEBJan 29, 2024 · A major change would occur if Congress approved a more expansive child tax credit, as is included in a tax bill that the House Ways and Means Committee approved in a 40–3 vote last week. For the Sec. 24 child tax credit, the proposal would increase the maximum refundable amount per child to $1,800 in tax year 2023, up from the current …
Congress enacts tax and climate bill - Journal of Accountancy
WEBAug 12, 2022 · Congress enacts tax and climate bill. By Paul Bonner. August 12, 2022. Updated: August 17, 2022. TOPICS. The U.S. House of Representatives on Friday approved the Inflation Reduction Act, H.R. 5376, reflecting the Senate's substitution of the original bill with a package of tax credits encouraging conservation and cleaner sources …
Individual income taxation - Journal of Accountancy
WEBAug 30, 2024 · The Tax Court rebuffs the taxpayer’s argument that the Sec. 4973 tax is actually a penalty. Two home energy rebates not includible in gross income, IRS says The IRS said it will not include the rebates provided under the Inflation Reduction Act of 2022 in individual purchasers’ gross income or in the cost basis of the property purchased.
Many tax provisions appear in year-end coronavirus relief bill
WEBDec 22, 2020 · Pandemic relief. The bill provides a refundable tax credit in the amount of $600 per eligible family member by adding a new Sec. 6428A to the Code. The credit is $600 per taxpayer ($1,200 for married taxpayers filing jointly), in addition to $600 per qualifying child. The credit phases out starting at $75,000 of modified adjusted gross …
Taxpayer advocate: IRS again fails tax pros with PPS call answer rate
WEBJan 10, 2024 · Hold times were 13 minutes and 16 minutes, respectively. The PPS line metrics were still better than what Collins provided in her 2022 report, when she said the telephone service for tax professionals reached an all-time low. Of the 12.7 million calls to the PPS line, the IRS answered 2 million — or 16% — with an average hold time of 25 ...