A law change and some regulations take effect while an array of provisions expire.
Individual income taxation
The Tax Court denies IRS arguments of a ‘double deduction.’
SSA wage base increases for 2022 ... IRS Chief Counsel outlines R&D credit refund requirements ... 6-year limitation period applies to entire return
New limits are considered for Sec. 1031 transactions.
The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.
Private tax debt collection contracts awarded ... New per diem travel rates ... Regs. authorize collection of excess sick and family leave credits
An IRS notice provides a special rule for the temporary 100% deduction.
The IRS advises on the effects on tax credits and the Free Application for Federal Student Aid and what taxpayers should do.
Annette Nellen examines possible tax policy implications as more people shed tradition work roles and become “digital nomads.”
The IRS issued updated income tax brackets and other inflation-adjusted amounts under 62 Code sections, including a new standard deduction amount.
The IRS updated its FAQs to explain whether and how to report changes to projected 2021 income for taxpayers receiving advance child tax credit payments.
A revenue procedure clarifies Homeowner Assistance Fund payments are excluded from gross income and gives a safe harbor for computing certain itemized deductions.
The reasonable-cause defense was denied even though the attorney of a jailed taxpayer had assured the taxpayer the returns were filed and taxes were paid.
Taxpayers who reasonably rely on FAQs posted by the Internal Revenue Service will have a reasonable-cause penalty defense under a new policy announced by the agency on Friday. The IRS will also keep original versions of FAQs on its site after it updates them.
The taxpayers did not properly claim an exemption, the court holds.
A taxpayer’s loss is disallowed based on the timing of a basis adjustment.
The allowances for determining deductions for lodging, meals, and incidental costs are slightly higher than before.
The AICPA recommended in a letter to Senate tax-writing leaders eight ways to improve the deduction for qualified business income under Sec. 199A.
Pandemic relief for 2021 also includes a temporary increase in the exclusion amount.
The IRS announced that is has added a new feature to its Child Tax Credit Update Portal to allow individuals to enter bank information so they can receive advance child tax credit payments by direct deposit.