E-News - February 19, 2019 - Safe Harbor: Accounting for Qualifying Passenger Automobiles, Returns Per PTIN, Expansion to All PTIN Holders and more

by MICPA | Feb 19, 2019   ()

Safe Harbor: Accounting for Qualifying Passenger Automobiles
The Treasury Department and the IRS issued guidance on a safe harbor method for determining depreciation deductions for passenger automobiles that qualify for the 100-percent additional first-year depreciation deduction and that are subject to the depreciation limitations for passenger automobiles.
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Returns Per PTIN, Expansion to All PTIN Holders
Beginning Feb. 25, the IRS will expand the availability of “Returns Per PTIN” information in the PTIN system to all preparer tax identification number (PTIN) holders. PTIN holders must process a minimum of 50 returns under their PTIN in the current year for data to be displayed. The PTIN system will only include Form 1040 series returns. The IRS provides a sample screen of the Returns Per PTIN information.
Sample Screen

Proposed Bonus Depreciation Regs Provide Answers, Create Questions
Among changes to bonus depreciation rules is an increase in the deduction percentage to 100 percent and the addition of used property as qualifying for the deduction. The Tax Adviser explores how the proposed regulations define the provisions but create new questions.
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Online Resources Help Business Taxpayers Learn More About Tax Reform
The IRS offers several videos to help business taxpayers learn more about tax reform on such topics as the qualified business income deduction and tax reform basics for employers.
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Taxpayer Advocate Releases Annual Report to Congress
The National Taxpayer Advocate released the 2018 Annual Report to Congress. The report describes significant challenges arising from the recent government shutdown, and recommends Congress provide the IRS with multi-year funding to replace its core 1960s-era information technology systems.
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FASB Addresses Deferred Revenue in Business Combinations
The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) and Invitation to Comment (ITC) on the recognition and measurement of deferred revenue in business combinations. The comment deadline is April 30.
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IAASB Proposals Aim to Enhance Engagement Quality Reviews
The International Auditing and Assurance Standards Board has proposed rules designed to ensure engagement quality reviews maintain effectiveness. Comments are due by July 1. This Journal of Accountancy article outlines the proposed changes.
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Managing Legal Issues while Implementing Neurodiversity Programs
As more companies implement neurodiversity programs in the workplace, they must ensure compliance with the Americans with Disabilities Act and other regulations. Forbes looks at how to manage legal issues during the recruitment process and after employees have been hired.
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How a CPA Can KonMari Client Finances
The current Marie Kondo craze encourages people to clean up their houses, but what about their finances? An AICPA blog offers three ways CPAs can keep their clients accountable with familiar Kondo tactics.
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Step Into the Leadership Role You Were Made For
Be one of 38 young leaders selected to attend the AICPA Leadership Academy. It’s a one-of-a-kind, four-day immersive leadership program focusing on strategy, life/work balance, the CPA profession and career self-examination. Apply for the 2019 class before the May 31 deadline.
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How to Take Breaks When You’ve Got Too Much to Do
The moment your head starts operating in chaos mode is the moment you need to pause and reset. Fast Company’s tips on how to take breaks the right way may help you escape the spiral of constant busyness.
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Resource for CPA Exam Candidates: Private Facebook Group
A closed Facebook group called CPA Exam Candidates Forum offers an opportunity to connect with a community of individuals from all over the world who are going through the same successes (and struggles…). Need advice? Have questions?

Source: MICPA
Source: MICPA

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