How to avoid costly tax traps with inherited IRAs
This article helps CPAs familiarize themselves with the rules surrounding inherited IRAs and the best ways to deal with these accounts.
Individual income taxation
Employee discount plans
Employers must follow complex rules to exclude employee discounts from taxable income.
Former Marine not entitled to exclude foreign earned income
The Tax Court holds the taxpayer's election was untimely.
Revised Senate health bill would retain taxes on higher-income individuals
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.
Husband not entitled to married-filing-jointly status
The Tax Court refuses to invalidate a separate return filed by the taxpayer's allegedly mentally ill wife.
Canceled debt is partially excludable
A married couple's interest in their retirement plan was not an asset for purposes of the COD insolvency test.
Trump’s tax reform priorities unveiled
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.
Mistaken IRA rollover creates problems for taxpayer
A taxpayer's IRA distributions result in additional gross income, an early withdrawal penalty, and an accuracy-related penalty.
IRS permits same-sex couples to recalculate marital exclusion amounts
Recalculations of transfers not qualifying solely because of the Defense of Marriage Act are not restricted by the statute of limitation.
More on short-term rentals
See how to report income from Airbnb and similar “sharing economy” activities.
IRS takes down student financial aid data retrieval tool
The IRS announced that has taken down its tool for retrieving tax return data used to complete the Free Application for Federal Student Aid.
Proposed PPACA replacement bills contain many tax changes
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.
Failure to report health coverage will not cause tax return rejection
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.
Reducing investment taxes in 2017
The start of a new year allows clients to take a fresh look at their investment strategy.
Taxpayers’ valuation of land accepted; inability to establish basis limits casualty loss
Landowner's experience qualifies his appraisal as competent even though he is not a professional.
Sec. 457(f) plans get helpful guidance
Rules would clarify the types of arrangements that may be currently taxable even while payments are deferred.
IRS proposes changes to rules for dependents
The IRS proposed changes to various rules affecting dependents, including changing its position on when taxpayers count as “childless” for purposes of the earned income tax credit.
Getting in shape for tax season
The annual marathon of forms, schedules, and worksheets is beginning once more. As CPAs and their staffs train and ready their equipment, they might add these reminders of what’s new and notable for 2016 returns.
New rules allow more time to elect to take disaster loss in prior year
Hurricane and flooding prompt the relief measure.
Despite PATH Act, some tax provisions expire at end of 2016
The expiring provisions include tax incentives for individuals and businesses, as well as several energy provisions.
