The Tax Cuts and Jobs Act of 2017 greatly increased the availability of the child tax credit. Find out the definition of dependent for those purposes and for taking advantage of “surviving spouse” status.
Individual income taxation
The Tax Court declines to expand 'other casualty' beyond one sustained with respect to tangible property.
Reversing a district court, the Seventh Circuit upholds the Sec. 107 housing exclusion for 'ministers of the gospel.'
The IRS revised its maximum-vehicle-value rule for personal use of an employer-provided vehicle for 2019 for both the cents-per-mile rule and the fleet-average-valuation rule.
The regulations define the term “substantially all,” the definition of which was reserved in the earlier proposed regulations issued in October 2018.
The IRS announced that it is lowering from 85% to 80% the amount taxpayers are required to have paid in order to escape an underpayment of estimated income tax penalty for 2018.
The Tax Court also denies capital gain treatment but allows business deductions for a taxpayer's subsequent shooting activity.
A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.
For the first time this tax season, many taxpayers will be claiming the Sec. 199A deduction, which provides a deduction for 20% of qualified business income.
The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.
The relief applies to individuals whose tax withheld and estimated tax payments equal at least 85% of the tax shown on their 2018 tax return.
The IRS announced that its Free File program, which provides free electronic filing options to moderate-income taxpayers, opened Jan. 11 and will operate through Oct. 15.
An altered landscape awaits CPA preparers and their clients.
Download our annual quick guide, a tax season reference highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.
Advance guidance clarifies that the TCJA's disallowance of deductions for entertainment, amusement, or recreation does not address business meals.
Objective evidence indicates donors' intent was to provide compensation, the Tax Court holds.
The IRS released guidance on the standard mileage rate for business, medical and certain moving expenses incurred in 2019.
The taxpayer's subsequent knowledge of the embezzlement prevents relief for a second tax year.
Despite the repeal of an itemized deduction for foreign real property taxes, some benefit may still be available to certain U.S. taxpayers living and working overseas.
The Court of Federal Claims holds that actions and failure to inquire into reporting requirements for a foreign account by a taxpayer who had made a 'quiet disclosure' showed willfulness.