Analyzing the new personal casualty loss tax rules
Targeted relief is undercut by new statutory limitations included in the Tax Cuts and Jobs Act.
Individual income taxation
Form 1040 to be shorter but with more schedules
The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines.
Draft 2019 Form W-4 and instructions posted
The IRS released a draft Form W-4, Employee’s Withholding Allowance Certificate, and its instructions, for individual taxpayers to use to determine their income tax withholding for 2019.
Short sale is considered one transaction
The Tax Court denies the taxpayers' claimed loss on the sale of their former home followed by an exclusion of cancellation-of-debt income.
IRA distribution to pay spousal support is taxable
The Tax Court holds that writing checks from funds distributed is not a transfer of an account interest incident to divorce.
Gravel mining income not exempt under Native American treaties
The Tax Court holds that the treaty provisions apply to tribes, not individuals.
Child tax credit now higher, more widely available
Middle-income taxpayers are more likely to have a greater benefit than before.
Due diligence in a sharing economy (Airbnb and Uber)
Annette Nellen, CPA, CGMA, Esq., chair of the AICPA Tax Executive Committee, outlines federal, state, and local tax obligations for clients involved in sharing economy activities.
Standard mileage rates, depreciation amounts updated
The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
IRS issues HSA contribution limits for 2019
The IRS issued the inflation-adjusted contribution limits for 2019 for health savings accounts.
Future-proof your tax practice by adding planning services
Consumers are seeking a primary point of contact to address the full scope of their financial needs.
How to treat virtual currency
Due diligence begins with one question you should be asking every client, according to Annette Nellen, CPA, CGMA, Esq.
IRS gives taxpayers relief from erroneous HSA contributions
The IRS announced it will allow taxpayers to treat $6,900 as the 2018 limit for deductible contributions to HSAs for individuals with family coverage.
IRS releases updated withholding calculator and 2018 Form W-4
The IRS has completed updating its online withholding calculator that individual taxpayers can use to determine how many withholding allowances they should claim for 2018.
Donation-based crowdfunding and nontaxable gifts
Amounts received from online funding appeals for charitable causes or individual relief may qualify for exclusion from taxable income.
Aiding employees after a disaster via Sec. 139
This little-known provision allows payments to be excludable from employees’ income and deductible by the employer.
Court grants IRS summons of Coinbase records
The Service's narrowed request seeking unreported virtual currency transactions was made in 'good faith.'
U.K. divorce decree payment was not alimony
Payment to the taxpayer's ex-wife was not alimony, as it would not have terminated upon her death under English law.
The AICPA and the ongoing tax reform process
AICPA tax policy experts discuss advocacy efforts related to the recent tax overhaul bill and the role member input will have on its implementation.
A portion of a lump-sum Social Security disability payment ruled includible in gross income
The Tax Court holds that a Sec. 86 election was not made and would not have reduced the tax liability.
