Individual income taxation

TOPICS / TAX

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.

October 15, 2021

IRS addresses taxpayer reliance on FAQs, will save copies of old FAQs

Taxpayers who reasonably rely on FAQs posted by the Internal Revenue Service will have a reasonable-cause penalty defense under a new policy announced by the agency on Friday. The IRS will also keep original versions of FAQs on its site after it updates them.

October 1, 2021

Basis reduction required in year of debt discharge

A taxpayer’s loss is disallowed based on the timing of a basis adjustment.

October 1, 2021

Refund of minister’s self-employment taxes denied

The taxpayers did not properly claim an exemption, the court holds.

September 3, 2021

IRS updates business travel per-diem rates

The allowances for determining deductions for lodging, meals, and incidental costs are slightly higher than before.

August 26, 2021

AICPA recommends QBI improvements

The AICPA recommended in a letter to Senate tax-writing leaders eight ways to improve the deduction for qualified business income under Sec. 199A.

August 1, 2021

Dependent care assistance unused balances are excluded from income

Pandemic relief for 2021 also includes a temporary increase in the exclusion amount.

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