The annual marathon of forms, schedules, and worksheets is beginning once more. As CPAs and their staffs train and ready their equipment, they might add these reminders of what’s new and notable for 2016 returns.
Individual income taxation
Hurricane and flooding prompt the relief measure.
The expiring provisions include tax incentives for individuals and businesses, as well as several energy provisions.
The IRS issued the 2017 standard mileage rates for determining the deductible costs for operating a vehicle for business, medical, charitable or moving purposes.
Residency and signature authority are key factors.
Clients renting out their properties need to know a few key rules.
The IRS finalized a proposed rule eliminating the three-year testing period for determining when debt was discharged for cancellation of debt information reporting purposes.
Federal and state credits and employer-provided care may help reduce the high cost of child care.
The IRS issued its annual revenue procedure containing inflation-adjusted amounts for the 2017 tax year, affecting over 50 Code provisions, as well as the new tax rate tables for individuals and estates and trusts.
The SSA announced that the maximum amount of earnings subject to the Social Security tax will increase by more than 7% in 2017, after remaining flat in 2016.
Legislation excluding prize money earned by Olympians and Paralympians from gross income was signed into law.
Professional status allows deduction of ordinary and necessary business expenses.
The IRS issued its annual updates of per-diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home on or after Oct. 1.
The IRS finalized proposed rules issued last October amending the definitions of marriage and husband and wife after the Supreme Court’s decision in Obergefell v. Hodges, which legalized same-sex marriages.
A new PATH Act provision excludes certain damages, awards, and restitution from gross income; the normal refund limitation period is waived through Dec. 19.
The IRS is proposing to amend the rules governing eligibility to claim a deduction or credit for eligible education expenses to conform them to recent legislative changes.
The IRS streamlines the process for taxpayers to avoid including discharged student loans in gross income.
The Tax Court holds that payments from the 92-year-old were not a loan or a gift.
The metal was not held for sale in the ordinary course of a trade or business, and income from its sale is not self-employment income.
The PATH Act of 2015 established new limitations on filing for certain credits.