The IRS finalized regulations permitting taxpayers to deduct disaster losses in the prior tax year and removed the related temporary regulations that were issued in 2016.
Individual income taxation
The IRS ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer does not receive units of a new cryptocurrency, but does have gross income as a result of an airdrop of new cryptocurrency after a hard fork if the taxpayer receives units of the new cryptocurrency.
The bank deposit method supports an IRS underpayment assessment.
The IRS issued its annual notice specifying the special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.
The IRS issued a revenue procedure describing the requirements taxpayers have to meet to be a rental real estate business that qualifies for the safe harbor to be treated as a trade or business in order to qualify for the Sec. 199A qualified business income deduction.
The IRS issued final regulations governing hardship distributions from Sec. 401(k) plans, eliminating the requirements that participants obtain a loan from the plan if available and that suspend participants’ ability to make contributions to the plans for six months after taking a hardship distribution.
The IRS announced procedures to allow certain individuals who have renounced their U.S. citizenship to get into compliance with their US tax obligations and obtain relief for back taxes.
A divorced spouse could deduct her indirect repayment of an amount previously included in her and her former husband's jointly reported income.
Practitioners can help taxpayers avoid common miscues under the special rule of Sec. 152(e).
The IRS issued proposed rules that provide maximum automobile values for the cents-per-mile and fleet-average valuation rules used to determine the amount to include in an employee’s gross income for personal use of an employer-provided vehicle.
Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.
Optimal treatment under Sec. 199A eludes any one-size-fits-all solution.
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.
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.
A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.
The Tax Court also denies capital gain treatment but allows business deductions for a taxpayer's subsequent shooting activity.