Individual income taxation

TOPICS / TAX

February 1, 2022

Tax treatment of COVID-19 homeowner relief payments clarified

Payments are excluded from gross income; a safe harbor is provided for itemized deductions.

January 28, 2022

IRS: ‘Limited group’ getting erroneous Letters 6419

The Internal Revenue Service pushes back against suggestions that errors in the letters, which report to taxpayers their advance child tax credit payments for 2021, are widespread.

January 26, 2022

How nonfilers can claim 2021 tax credits

Procedures are available for individuals not otherwise required to file a return to claim three common tax credits.

January 19, 2022

IRS issues procedures for employee status determinations

Prior guidance on Tax Court jurisdiction over IRS determinations of employee vs. independent contractor status is modified and superseded.

January 14, 2022

FAQs address calculation and reconciliation of recovery rebate credit

Economic impact payments taxpayers received during the tax year must be netted against a tax credit on 2021 returns.

January 12, 2022

Updated FAQs address 2021 child tax credit and advance payments

FAQs on the Service’s website are updated for preparing 2021 returns.

January 11, 2022

Practitioners wary of IRS service lapses as tax season begins

Continuing problems in timely processing of returns and correspondence may threaten more headaches.

January 6, 2022

What’s new for 2022 in federal taxes

A law change and some regulations take effect while an array of provisions expire.

January 1, 2022

Like-kind exchanges of real property

New limits are considered for Sec. 1031 transactions.

January 1, 2022

Line items

SSA wage base increases for 2022 … IRS Chief Counsel outlines R&D credit refund requirements … 6-year limitation period applies to entire return

January 1, 2022

Alimony deduction allowed for health care premiums purchased with pretax wages

The Tax Court denies IRS arguments of a ‘double deduction.’

December 17, 2021

Standard mileage rates to go up in 2022

The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.

December 1, 2021

Line items

Private tax debt collection contracts awarded … New per diem travel rates … Regs. authorize collection of excess sick and family leave credits

November 16, 2021

Meal portion of per diem allowance can be treated as attributed to a restaurant

An IRS notice provides a special rule for the temporary 100% deduction.

November 15, 2021

New FAQs cover interplay of unemployment income exclusion and credits

The IRS advises on the effects on tax credits and the Free Application for Federal Student Aid and what taxpayers should do.

November 12, 2021

Changing ways of working call for changing employment and tax policy

Annette Nellen examines possible tax policy implications as more people shed tradition work roles and become “digital nomads.”

November 10, 2021

IRS issues inflation adjustments for 2022 returns

The IRS issued updated income tax brackets and other inflation-adjusted amounts under 62 Code sections, including a new standard deduction amount.

November 9, 2021

FAQ guidance on income change reporting for advance child tax credit

The IRS updated its FAQs to explain whether and how to report changes to projected 2021 income for taxpayers receiving advance child tax credit payments.

November 9, 2021

Tax treatment of COVID-19 homeowner relief payments clarified

A revenue procedure clarifies Homeowner Assistance Fund payments are excluded from gross income and gives a safe harbor for computing certain itemized deductions.

November 1, 2021

Imprisonment does not constitute reasonable cause

The reasonable-cause defense was denied even though the attorney of a jailed taxpayer had assured the taxpayer the returns were filed and taxes were paid.