Tax Season Resources for CPAs

tax season resources for accounting professionals

This page is provided to you by the Tax Section, Personal Financial Planning Section, and Private Companies Practice Section as your central hub for resources, updates, and news that you need during filing season. Bookmark this page and check back often for updates to help you on the journey to a successful tax season.

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IRS Computer Crash Prompts Deadline Extension, The Tax Adviser, April 17, 2018
After the IRS’s Modernized e-File and Direct Pay systems were not in operation for most of the day on Tuesday, the IRS extended the filing and payment deadline for 2017 individual tax returns until midnight on Wednesday, April 18.

How to Calculate Sec. 965 Amounts and Elections Available to Taxpayers, IRS Publication 5292, April 6, 2018
The IRS Publication 5292 is now available and reflects changes made by the Tax Cuts and Jobs Act. Also included is a Questions and Answers about Reporting Related to Section 965 on 2017 Tax Returns.

IRS Guidance Addresses Limitations on Business Interest Expense, The Tax Adviser, March 14, 2018
The IRS has issued initial guidance on the new rules governing the deductibility of business interest in Sec. 163(j), as amended by the Tax Cuts and Jobs Act of 2017.

Offshore Voluntary Disclosure Program to end in September, The Tax Adviser, March 14, 2018
The IRS announced that it is closing the 2014 Offshore Voluntary Disclosure Program (OVDP) on Sept. 28, 2018.

Businesses affected by winter storms get extra time to file for extensions, The Tax Adviser, March 13, 2018
The extension to March 20 applies to business taxpayers affected by the two recent winter storms, Quinn and Skylar, that primarily hit the Northeast and Mid-Atlantic United States.

IRS issues new tax rate tables, inflation adjustments for 2018, The Tax Adviser, March 5, 2018
The IRS announced the new lower tax brackets for 2018 and a number of other new items affected by P.L. 115-97, known as the Tax Cuts and Jobs Act.

Longer carried interest holding period includes S corporations, The Tax Adviser, March 1, 2018
The IRS announced that the new three-year holding period for carried interests applies to S corporations as well as partnerships.

IRS releases updated withholding calculator and 2018 Form W-4, The Tax Adviser, March 1, 2018
The IRS has completed updating its online withholding calculator that individual taxpayers can use to determine how many withholding allowances they should claim for 2018.

IRS announces 2018 pension contribution limits under tax reform act, The Tax Adviser, Feb. 6, 2018
The IRS revealed that the recalculated 2018 pension contribution limits are unchanged from the numbers issued before the tax reform bill was enacted.

FinCEN announces filing deadline for 2017 FBARs, The Tax Adviser, Feb. 5, 2018
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued its annual reminder of the due date for filing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

IRS issues more guidance on withholding rules for new tax law, The Tax Adviser, Jan. 29, 2018
The IRS issued Notice 2018-14 to provide more guidance on the withholding rules that were changed by P.L. 115-97, known as the Tax Cuts and Jobs Act.

Practitioners need immediate guidance on tax reform act, AICPA says, The Tax Adviser, Jan. 29, 2018
Thirty-nine areas in the recent tax overhaul act require immediate guidance, the AICPA told the IRS and Treasury.

Government funding bill postpones some health care taxes, The Tax Adviser, Jan. 23, 2018
The continuing resolution to fund the government through Feb. 8 also delays the so-called Cadillac tax on high-cost health plans for an additional two years beyond 2019.

What to expect from the IRS during the government shutdown, The Tax Adviser, Jan. 20, 2018
The shutdown of the federal government comes just nine days before the scheduled start of tax season. Here’s a look at how the IRS may be affected.

FASB proposes corporate reporting change related to new tax law, The Tax Adviser, Jan. 18, 2018
FASB proposed a new standard that is intended to help organizations reclassify certain income effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.

New tax withholding tables are issued, The Tax Adviser, Jan. 11, 2018
The IRS issued new tax withholding tables for 2018 to be used to implement the changes to the tax law enacted last month.

IRS asking for taxpayer representatives’ personal information, The Tax Adviser, Jan. 9, 2018
The IRS is now asking taxpayer representatives who call the agency to provide their Social Security number and date of birth to confirm their identity.

IRS announces when filing season will start, The Tax Adviser, Jan. 4, 2018
The IRS announced that this year’s filing season will begin about a week later than last year’s filing season.

Final rules govern election out of centralized partnership audits, The Tax Adviser, Jan. 4, 2018
The IRS finalized the rules for determining whether partnerships are eligible to elect out of the centralized audit procedures enacted in 2015, which apply to partnerships this year.

SEC permits reasonable estimates in corporate tax reporting, The Tax Adviser, Jan. 4, 2018
Companies may initially have difficulty determining the effects of the new federal tax law on their income tax reporting.

Charting a new tax season, Journal of Accountancy, Jan. 1, 2018
Get ready for tax season with helpful filing season information and a look at what's new this year.

IRS Issues Guidance on Transition Tax on Foreign Earnings, irs.gov, Dec. 29, 2017 
Preliminary guidance for determining amounts included in gross income by a United States shareholder under Sec. 951(a)(1) by reason of IRC 965 as amended

Prepaid Real Property Taxes May Be Deductible in 2017 if Assessed and Paid in 2017, irs.gov, Dec. 27, 2017
The Internal Revenue Service advised tax professionals and taxpayers that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances

Withholding for 2018, irs.gov, Dec. 26, 2017 
IRS withholding guidance to be issued in Jan. and will be designed to work with existing Form W-4s. 

How tax overhaul would change business taxesThe Tax Adviser, Dec. 20, 2017
The tax reform bill that Congress is expected to vote on this week contains numerous changes that will affect businesses large and small.

What the tax reform bill means for individualsThe Tax Adviser, Dec. 20, 2017
The tax reform legislation that Congress will consider this week contains many provisions affecting individuals—and many changes from both the House and Senate bills.

IRS issues 2018 standard mileage ratesThe Tax Adviser, Dec. 14, 2017
The IRS issued the standard mileage rates for business, medical and moving expenses incurred in 2018.

A 2017 federal tax deduction for prepaying anticipated 2018 state income taxes? Not likely!The Tax Adviser, Dec. 14, 2017
In anticipation of the possible elimination or reduction of the state and local income tax deduction, some are suggesting that taxpayers should prepay their 2018 state taxes in 2017. Here’s why that probably won’t work.

Social Security Administration announces small increase in 2018 wage baseThe Tax Adviser, Nov. 27, 2017
The SSA said that the maximum amount of wages subject to the 6.2% Social Security tax in 2018 will rise a little more than 1%, after a much larger increase last year.

IRS announces delay in re-launching e-ServicesThe Tax Adviser, Oct. 27, 2017
The IRS had planned to launch by the end of the month its updated Secure Access site, which will require using a two-factor authentication process.

IRS issues 2018 inflation-adjusted tax tables and many other tax provisionsThe Tax Adviser, Oct. 19, 2017
The IRS issued the annual revenue procedure that updates the almost 60 tax provisions that must be adjusted for inflation each year.

2018 pension plan contribution limits are announced, The Tax Adviser, Oct. 19, 2017
The IRS released the inflation-adjusted amounts that apply to pension and 401(k) plans for 2018.

IRS will enforce health coverage reporting on 2017 returnsThe Tax Adviser, Oct. 16, 2017
This filing season will be the first time the IRS has enforced this requirement and will not accept tax returns that omit this information.

Find more news and updates at The Tax Adviser

Reviewed February 7, 2018