A new PATH Act provision excludes certain damages, awards, and restitution from gross income; the normal refund limitation period is waived through Dec. 19.
Individual income taxation
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.
A new law allows taxpayers to exclude from income money they receive to compensate them for being wrongfully incarcerated and to claim refunds for earlier tax years if they included such damages in income.
Here are 12 things you need to know about extension-to-pay agreements that can help clients who need more time to pay their tax bill.
The Eleventh Circuit Court of Appeals held that payments a retired Mary Kay sales consultant received from the cosmetics company were subject to self-employment taxes because they were payments of deferred compensation.
The Tax Court upholds a 2008 law's retroactive application and denies a treaty exemption.
The IRS issued the inflation-adjusted figures for calendar year 2017 for the annual contribution limits for health savings accounts.
A new program allows individuals who owe federal income taxes to pay in cash at 7-Eleven stores in 34 states.
New law denies or revokes passports for “seriously delinquent” accounts over $50,000.
Heightened tax compliance efforts worldwide make this a good time to review the complicated rules that apply to reporting foreign accounts on FinCEN Form 114, Report of Foreign Bank and Financial Accounts, commonly known as FBAR.
Sovereign immunity is not a protection, a bankruptcy court holds.
Issuance of Form 1099-C does not necessarily require income inclusion in the same year.
Clients who owe need advice and potentially an alternative to paying the entire balance at once.
In addition to a proposed spending blueprint for the government, President Barack Obama’s proposed FY 2017 federal budget contains a wide variety of tax law changes that would affect individuals and businesses.
Some tax breaks are extended for two years, some for five, and a few are made permanent in Congress’s annual year-end extenders legislation. (Plus: An updated version of the JofA’s annual quick guide PDF that includes changes related to the legislation.)
There is little if any authority for the proper reporting on tax returns.