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October 15 Becoming Day of Dread for Accountants

For Americans who couldn’t figure out how to pay their taxes in April after Republicans overhauled the tax code, there is a new day of dread for accountants: Oct. 15. That’s the filing deadline for individuals and corporations that asked the Internal Revenue Service for a six-month extension to submit their tax documents. Accountants say they’ve seen a surge in clients needing extra time to finish filings for their 2018 income, the first year subject to new rates and regulations following the 2017 tax law. About 15 million individual taxpayers filed for an extension this year, according to the IRS, compared with about 10 million people in previous years. The new law included several...

IRS Granting Farmers Drought-related Break

WASHINGTON — Farmers and ranchers who were forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales, according to the Internal Revenue Service.

The farmer or rancher must be in an applicable region. This is a county designated as eligible for federal assistance plus counties contiguous to that county. The relief generally applies to capital gains realized by eligible farmers and ranchers on sales of livestock held for draft, dairy or breeding purposes. Sales of other livestock, such as those raised for slaughter or held for sporting purposes, or poultry, are not eligible.

To qualify, the...

IRS relief provides drought-stricken farmers more time to replace livestock

WASHINGTON — Farmers and ranchers who were forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales, according to the Internal Revenue Service.

The farmer or rancher must be in an applicable region. This is a county designated as eligible for federal assistance plus counties contiguous to that county. The relief generally applies to capital gains realized by eligible farmers and ranchers on sales of livestock held for draft, dairy or breeding purposes. Sales of other livestock, such as those raised for slaughter or held for sporting purposes, or poultry, are not eligible.

To qualify, the...

WASHINGTON — The Treasury Department and the Internal Revenue Service today released final regulations (PDF) and additional ...

Although it is a difficult business climate right now, Neikirk, Mahoney & Smith are dedicated to bringing up-to-date news focused on the accounting sector to ease your hardships, such as with new standards such as the new lease accounting standard being implemented. LeaseQuery took a survey and the results were considerably under anticipated: 67 percent reported actual difficulty which nearly doubled 37 percent whom anticipated difficulty.

The Financial Accounting Standards Board has proposed a postponed deadline to take effective January 2021, which would give businesses one-year extension...
Taxpayers have now had close to a year to evaluate the new provisions of the Tax Cuts and Jobs Act. However, they have had much less time to look at proposed regulations interpreting those provisions and are still awaiting some proposed regulations and any final regulations.
There...
The new revenue recognition standard doesn’t only affect publicly traded corporations and large privately held companies. It could have an impact on small businesses, particularly if they hope to obtain bank loans next year.
Some small businesses may find that because of the...
Tax reform’s dizzying array of changes seemed to confuse preparers, lawmakers and the IRS alike. But amid all the new laws, which one stands out to clients?
As with the Tax Cuts and Jobs Act itself, answers can vary widely.
...
The Internal Revenue Service released guidance Wednesday on the business expense deduction for meals and entertainment in the wake of the Tax Cuts and Jobs Act, which was supposed to eliminate deductions for expenses pertaining to activities generally considered entertainment, amusement or recreation.
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Although the White House now acknowledges that Republicans will not be able to pass a second round of tax cuts before the midterm elections, House Speaker Paul Ryan has promised a vote on so-called Tax Reform 2.0 before then. But even if the politics are unsettled, the policy shouldn’t be.
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