Qualified business income deduction regs. proposed
The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.
Individual income taxation
Final rules govern adequate substantiation for charitable contributions
Final regulations address how taxpayers can comply with the requirements for adequate substantiation of charitable contributions of money or property.
AICPA: 2019 Form W-4 needs to be simplified
The AICPA’s Tax Executive Committee sent a letter to the IRS, urging the Service to simplify the proposed draft 2019 Form W-4, Employee’s Withholding Allowance Certificate.
Analyzing the new personal casualty loss tax rules
Targeted relief is undercut by new statutory limitations included in the Tax Cuts and Jobs Act.
Claiming child tax benefits for noncustodial parents
IRS guidance on the waiver of a dependency exemption remains significant with the newly enhanced child tax credit.
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.
Gravel mining income not exempt under Native American treaties
The Tax Court holds that the treaty provisions apply to tribes, not individuals.
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.
Child tax credit now higher, more widely available
Middle-income taxpayers are more likely to have a greater benefit than before.
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.
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.
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.
