Publication 15-T Introduces Employers to Tax Withholding Changes for Wages on...
New IRS Publication 15-T, Federal Income Tax Withholding Methods, provides employer procedures for withholding for wages on revised Form W-4. The IRS has released a draft version of the publication to...
View ArticleAuthor’s “Brand Income” is Business Income Subject to Self-Employment Tax
All of a novelist’s publishing income was self-employment income from her writing business, rather than “brand income” attributable to her name and likeness. The Tax Court concluded that her brand was...
View ArticleCCH Axcess™ iQ Honored as Finalist in 2019 CPA Practice Advisor Technology...
Game-changing technology for a rapidly changing industry Wolters Kluwer announced that its CCH Axcess™ iQ solution was honored as a finalist in the 2019 CPA Practice Advisor Technology Innovation...
View ArticleSection 267A Deduction Disallowance: “Disregarded Payments”
A U.S. taxpayer that deducts a “disregarded payment” of interest or royalties to a related person may find its deduction disallowed under IRC §267A. Under proposed Treasury regulations, “disregarded...
View ArticleArizona Retroactively Conforms to Tax Cuts and Jobs Act
Arizona retroactively conformed to income tax changes made by the Tax Cuts and Jobs Act. A bill signed by the governor on May 31, 2019, incorporated the federal law for the 2018 tax year. The bill also...
View ArticleIndividual Coverage and Excepted Benefit Health Reimbursement Arrangements
Starting in 2020, employers that qualify can set up “individual coverage” health reimbursement arrangements (HRAs). Employers will also be able to set up “excepted benefit HRAs.” HRAs have a long...
View ArticleFASB Proposes to Improve Guidance on Distinguishing Liabilities from Equity
The FASB has issued an exposure draft proposing to improve guidance on distinguishing liabilities from equity, including convertible instruments. Stakeholders are asked to review and provide comment on...
View ArticleBack-to-School Shoppers Find Tax Relief in Sales Tax Holidays
Sales tax holidays are back!…in some states As summer winds down, parents across the country are shifting their thoughts from lazy summer days to the back-to-school shopping frenzy. This August,...
View ArticleWhat Fuels Gas Taxes?
A lifeline to new infrastructure? Gas taxes have often been considered something of an integrated ‘user fee’ to pay for construction and repair of US roads, bridges, and interstate highways. As the...
View ArticleCan States Tax Income From Out-of-State Trusts?
The U.S. Supreme Court ruled in North Carolina Department of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust that states cannot tax the income of out-of-state trusts based only on in-state...
View ArticleHow Corporate Capital Gains and Losses Are Reported and Taxed
Capital gains and losses of corporations are subject to special reporting, computation, and carryover rules that do not apply to other types of corporate income and loss. Therefore, it is important for...
View ArticleState Tax Treatment of Corporate Capital Gains and Losses
Most states tax corporate capital gains and losses in the same manner as under federal law. But several states differ on the deductibility of capital losses and loss carrybacks. How Are Corporate...
View ArticleUse new tax events to help grow revenue and increase client satisfaction
The accelerating pace of regulatory change can leave tax and accounting professionals overwhelmed as well as confused about how to best to serve clients. However, the solution lies in the wealth of...
View Article“Audit Talks – LIVE” Virtual Conference Helps Auditors Take Advantage of the...
Top of mind topics for auditors today During a recent two-day “Audit Talks – LIVE” virtual conference, experts from the Tax & Accounting division of Wolters Kluwer were joined by speakers from the...
View ArticleForm 1099-NEC Revived for Separate Reporting of Nonemployee Compensation
Form 1099-NEC, Nonemployee Compensation, is expected to return in 2020 after a 38-year absence. Taxpayers will use the form to report certain payments currently reported on Form 1099-MISC,...
View ArticleRevised Draft Form W-4 Acknowledges Privacy Concerns, but Remains Complex
The IRS has revised its controversial draft of the 2020 Form W-4, Employee’s Withholding Allowance Certificate. When first released, the form faced controversy over: complexity; and privacy...
View ArticleSECURE Act Would Eliminate Stretch IRAs
The SECURE Act as passed by the House of Representatives would replace the 5-year distribution rule for inherited IRAs with a 10-year rule. It would also eliminate “stretch IRAs.” If passed by the...
View ArticleIRS Releases Draft 2019 Form 1040 with Fewer Schedules and New Form 1040-SR
The IRS released a new draft of Form 1040, U.S. Individual Income Tax Return, for the 2019 tax year that reduces the schedules in the 2018 version. The IRS also released a draft a new Form 1040-SR,...
View ArticleFive new CCH Axcess iQ events prompt new service opportunities for your firm
With the increasing commoditization of compliance services, fewer people think they need a tax professional simply to prepare a return. Added to this, DIY tax software and gig-economy tax preparation...
View ArticleWolters Kluwer Tax & Accounting Explores the Taxpayer First Act
The Taxpayer First Act legislation and its implications Enacted on July 1, 2019, the Taxpayer First Act is considered the most significant tax legislation focused on Internal Revenue Service (IRS)...
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