Married Couple Denied Dependency Exemption and Tax Credits
The Tax Court, in a summary opinion, denied a married couple child tax credits and dependency deductions for three children. …
Thomson Reuters Tax & Accounting News
Treasury Department Publishes List of Boycott Countries
The U.S. Treasury Department has published a current list of countries that may require participation in, or cooperation with, an …
Plethora of New FASB Rules Spurring Job Growth in Accounting Profession, Study Claims
By Denise Lugo The number of U.S. jobs for accountants, auditors, and financial specialists will continue to climb over the …
U.S. Accounting Rulemakers Faced with Tough Decisions over Credit Loss Rules
By Denise Lugo The FASB will vote on October 16, 2019, about whether to finalize an August proposal that aims …
IRS Proposes Reliance Regs on Contribution Limits to ABLE Accounts
The IRS has proposed reliance regs under Code Sec. 529A that provide guidance on the amended contribution limits applicable to …
Big Four Accounting Firms Ask FASB to Provide Disclosure and Classification Rules for Supplier Finance Arrangements
By Denise Lugo Deloitte & Touche LLP, Ernst & Young LLP, KPMG LLP and PricewaterhouseCoopers LLP have jointly asked the …
2020 Form W-4 to Be Released in November
During an October 3 IRS payroll industry telephone conference call, the IRS announced that it will issue the final version …
Bipartisan Group of Senators Introduces Bill to Expand Dodd-Frank Whistleblower Protections
By Bill Flook A bipartisan group of senators has introduced legislation to expand Dodd-Frank Act protections for whistleblower to those …
Draft 2019 Forms 1065, 1120-S, and Schedules K-1 Released
The IRS has released drafts of the 2019 Form 1065 (U.S. Return of Partnership Income), its Schedule K-1 (Partner’s Share …
IRS Grants Relief to U.S. Persons Who Own Stock in Certain Foreign Corporations
In Rev Proc 2019-40, 2019-43 IRB, the IRS has provided relief to certain U.S. persons that own stock in certain …
Federal Court Dismisses States’ Challenge to SALT Deduction Cap
A federal district court has dismissed four states’ constitutional challenge to the state and local tax (SALT) deduction cap enacted …
Thomson Reuters Professionals Honored as 2019 20 Under 40 CPA Practice Advisor Influencers
Thomson Reuters professionals Swati Garodia, Calvin Leong, and Kara Peterson have been named CPA Practice Advisor magazine’s 20 Under 40 …
IRS Updates Enrolled Agent Rules and Procedures
The IRS has updated its enrolled agent (EA) news webpage with information about the new EA logo, enrollment renewal, and …
Appeals Court: Refund Claim Untimely, No Tolling for Financial Disability
The First Circuit Court of Appeals has affirmed a district court’s dismissal of an estate’s untimely refund claim (Stauffer, (CA …
IRS Finalizes 199A Rental Real Estate Safe Harbor
In a Revenue Procedure and accompanying News Release (Rev Proc 2019-38, 2019-42 IRB; IR 2019-158, 9/24/2019), IRS has finalized a …
IRS Details Post-Chevron Deference Standards
In Chief Counsel Notice 2019-006, the Treasury Department and IRS set out the level of deference it will ask the …
Final Regs Modify, Clarify 401(k) Hardship Distribution Rules
The IRS has issued final regulations that amend the rules for hardship distributions from a Code Sec. 401(k) plan. The …
Senate Committee Approves Budget Increase for IRS
The Senate Appropriations Committee on Sept. 19 voted to advance the FY2020 Financial Services and General Government Appropriations Act, which …