January 2025 - Journal of Accountancy
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Journal of Accountancy - Accounting, tax, auditing news
The Journal of Accountancy is the ultimate resource for today’s CPA, providing daily professional and regulatory updates, breaking news and videos.
Injunction lifted; FinCEN extends most BOI deadlines to Jan. 13
2024年12月23日 · The Fifth Circuit Court of Appeals on Monday granted a Justice Department motion to lift an injunction imposed by a district court ruling. Hours later, FinCEN announced, in light of the court decision, that the Jan. 1, 2025, reporting deadline was extended to Jan. 13 for most reporting companies.
IRS again delays effective date of $600 threshold for Form 1099-K …
2024年11月26日 · The delay, the third by the IRS for Form 1099-K reporting for third-party settlement organizations, will treat 2024 and 2025 as transition years.
Creating Joint Ownership: Avoiding the Tax Traps and Other Pitfalls
Many property owners add their children and other family members to the title of their property without thinking through the consequences. Many seem to favor joint tenancy—a convenient way to ensure that assets will ultimately pass to family members without the need for probate and other costs. Joint tenancy—commonly referred
dence relating to financial transactions. On the contrary, it is the writer's experience, shared by many others with similar investigative backgrounds, that .ill! criminal investi gators, at the Federal, state and local level, can and, when appropriate, should investigate financial leads and analyze financial transactions in the same competent and professional manner as demonstrated by …
Medicare’s tricky rules on HSAs after age 65
2021年7月1日 · Individuals working past age 65 who want to continue contributing to a health savings account need to carefully follow Medicare’s enrollment rules to avoid significant penalties.
Taxpayer advocate: Unprocessed ERC claims could total 1 million …
2024年11月12日 · The IRS could have about 1 million employee retention credit (ERC) claims remaining to process by the end of the year, the national taxpayer advocate said Tuesday at the AICPA & CIMA National Tax Conference. "That is a huge lift," Erin Collins said. "This is not a five-minute exercise." And the number likely will increase until April 15, the deadline for ERC …
The QBI deduction for rental real estate activity
2019年8月1日 · Is a rental real estate activity considered a trade or business for tax purposes, or merely an investment? This question has entered the spotlight with the qualified business income (QBI) final regulations issued this year (T.D. 9847). The 20% QBI deduction under Sec. 199A introduced by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, is available only for …
Keep or toss? A guide to CPA firm record retention
Develop a record-retention policy that follows prudent practice without turning into hoarding.