Tax reform expert Tony Nitti discusses the latest developments affecting CPAs.
Individual income taxation
From new tax rates to fewer deductions, credits, and exclusions, the tax reform bill released by the House would have wide-ranging effects on the taxation of individuals.
The Tax Cuts and Jobs Act released by the House Ways and Means Committee incorporates many of the provisions listed in the Republicans’ September tax reform framework while providing new details.
Tax preparers must reckon with not only transfers for property but also for other virtual currencies.
This filing season will be the first time the IRS has enforced this requirement and will not accept tax returns that omit this information.
Republican leadership released a tax reform framework that calls for fewer individual tax brackets, a lower corporate tax rate, and elimination of many tax deductions.
The IRS issued its annual updates of per-diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1.
This article helps CPAs familiarize themselves with the rules surrounding inherited IRAs and the best ways to deal with these accounts.
Employers must follow complex rules to exclude employee discounts from taxable income.
The Tax Court holds the taxpayer's election was untimely.
The health care bill released by Senate Republicans on Thursday would retain the Affordable Care Act’s 3.8% net investment tax and the 0.9% Medicare surtax.
A married couple's interest in their retirement plan was not an asset for purposes of the COD insolvency test.
The Tax Court refuses to invalidate a separate return filed by the taxpayer's allegedly mentally ill wife.
Key features include a large reduction in the corporate tax rate, fewer and lower tax brackets for individuals, and a repeal of the estate tax and the alternative minimum tax.
See how to report income from Airbnb and similar “sharing economy” activities.
A taxpayer's IRA distributions result in additional gross income, an early withdrawal penalty, and an accuracy-related penalty.
Recalculations of transfers not qualifying solely because of the Defense of Marriage Act are not restricted by the statute of limitation.
The IRS announced that has taken down its tool for retrieving tax return data used to complete the Free Application for Federal Student Aid.
The draft proposals to repeal the Affordable Care Act released by House Republicans would make many tax changes if enacted. Here’s a look at their impact on the tax code.
The IRS announced that it will not reject tax returns just because a taxpayer has not indicated on the return whether the taxpayer had health insurance, was exempt, or made a shared-responsibility payment under Sec. 5000A.