Author Archives: admin

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IRS expands relief from underpayment penalty

The IRS announced that it is lowering from 85% to 80% the amount taxpayers are required to have paid in order to escape an underpayment of estimated income tax penalty for 2018.
Source: Tax News
Read More here – IRS expands relief from underpayment penalty


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IRS expands relief from underpayment penalty

The IRS announced that it is lowering from 85% to 80% the amount taxpayers are required to have paid in order to escape an underpayment of estimated income tax penalty for 2018.
Source: JOA News
Read More here – IRS expands relief from underpayment penalty


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Proposed rules issued for information reporting for life insurance contract transactions

The IRS proposed regulations under Sec. 6050Y, which governs reporting obligations for reportable policy sales of life insurance contracts and payments of reportable death benefits.
Source: Tax News
Read More here – Proposed rules issued for information reporting for life insurance contract transactions


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Proposed rules issued for information reporting for life insurance contract transactions

The IRS proposed regulations under Sec. 6050Y, which governs reporting obligations for reportable policy sales of life insurance contracts and payments of reportable death benefits.
Source: JOA News
Read More here – Proposed rules issued for information reporting for life insurance contract transactions


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IRS reevaluating active trade or business requirement for spinoffs

The IRS announced that it is reviewing its approach to the active trade or business requirement that must be met for a five-year period for a business to qualify for a tax-free spinoff under Sec. 355 and, as a result, is suspending two revenue rulings, Rev. Ruls. 57-464 and 57-492, in which it previously ruled on the topic.
Source: Tax News
Read More here – IRS reevaluating active trade or business requirement for spinoffs


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FASB modifies definition of ‘collections’

New rules issued by the FASB align its definition of “collections” with that used by the American Alliance of Museums’ Code of Ethics for Museums.
Source: JOA News
Read More here – FASB modifies definition of ‘collections’


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News quiz: Economic outlook gets an update

Reports in February and March took stock of finance executives’ economic outlook and their challenges in implementing an important new accounting standard. See how much you remember from the news with this short quiz.
Source: JOA News
Read More here – News quiz: Economic outlook gets an update


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IRS’s Dirty Dozen scams — 2019 edition

The IRS highlighted the 12 abusive tax schemes it wants taxpayers and tax practitioners to be on the alert for this year. Phishing and scam phone calls were the biggest repeat offenders.
Source: Tax News
Read More here – IRS’s Dirty Dozen scams — 2019 edition


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IRS’s Dirty Dozen scams — 2019 edition

The IRS highlighted the 12 abusive tax schemes it wants taxpayers and tax practitioners to be on the alert for this year. Phishing and scam phone calls were the biggest repeat offenders.
Source: JOA News
Read More here – IRS’s Dirty Dozen scams — 2019 edition


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PCAOB staff provides insight on critical audit matters

The auditor’s report is undergoing its biggest change in 70 years, and the Public Company Accounting Oversight Board staff is providing guidance to assist in implementation.
Source: JOA News
Read More here – PCAOB staff provides insight on critical audit matters