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Tax Law and News

New Law Imposes Immediate Estate Basis and Reporting Requirements

August 7, 2015 (Last Modified: October 17, 2017) / Alistair M. Nevius, J.D., Journal of Accountancy
New Law Imposes Immediate Estate Basis and Reporting RequirementsOne tax law change recently made by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, P.L. 114-41, affects practitioners right away. Section 2004 of the act requires consistent reporting of basis between an estate and anyone...

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Tax Law and News

Tax Law Changes for 2015

August 3, 2015 (Last Modified: October 17, 2017) / Dorinda DeScherer
Tax Law Changes for 2015With Congress deadlocked over major tax changes, the biggest news for 2015 is what Congress didn’t do. While eleventh-hour legislation retroactively extended some expiring tax provisions for 2014, those extensions do not carry into 2015. So, absent another last-minute legislative...

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Tax Law and News

ID Theft Protection Services Provided After a Data Breach Are Not Taxable

August 3, 2015 (Last Modified: January 29, 2018) / Sally P. Schreiber, J.D., Journal of Accountancy
ID Theft Protection Services Provided After a Data Breach Are Not TaxableWhen victims of data breaches receive free identity protection services from an organization that suffered a data breach, the IRS will not assert that the value of those identity protection services is includible in the victim’s gross income, the Service...

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Tax Law and News

3 After-Tax Savings Programs with Tax Advantages

July 2, 2015 (Last Modified: October 17, 2017) / Sidney Kess, CPA Magazine
3 After-Tax Savings Programs with Tax AdvantagesUnder the current tax system, most savings programs, such as IRAs, are incentivized by tax deductions for contributions. However, there are three important savings vehicles, one of which is new, that do not hinge on deductions for contributions; they rely...

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Tax Law and News

Congress Passes Surface Transportation and Veterans Health Care Choice Improvement Act

April 21, 2015 (Last Modified: August 9, 2019) / Mike D'Avolio, CPA, JD
Congress Passes Surface Transportation and Veterans Health Care Choice Improvement ActOn July 31, 2015, President Obama signed into law H.R. 3236, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.” The bill includes the following tax provisions: Effective for taxable years beginning after Dec. 31, 2015: Partnerships...

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Tax Law and News

Centerpiece Provision of the ACA – The Premium Tax Credit

March 11, 2015 (Last Modified: October 17, 2017) / Mike D'Avolio, CPA, JD
Centerpiece Provision of the ACA – The Premium Tax CreditIf your clients or their family members meet certain criteria, they’ll be exempt from the Shared Responsibility Payment (Affordable Care Act penalty) and won’t have to obtain coverage. Depending on the type of exemption you are claiming, there are a...

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Client Relationships

Majority of CPAs Polled had Clients Victimized by Tax ID Theft

August 15, 2014 (Last Modified: October 17, 2017) / Paul Bonner, Journal of Accountancy
Majority of CPAs Polled had Clients Victimized by Tax ID TheftSixty-three percent of CPAs who answered the 2015 tax software survey conducted by The Tax Adviser and Journal of Accountancy said at least one of their clients was a victim of tax identity theft in the 2015 filing season. CPAs...

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