Individual income taxation

TOPICS / TAX

October 2, 2020

ABLE account final rules provide wide-ranging guidance

Eligible individuals with disabilities received guidance from the IRS on the rules regarding ABLE accounts. Tax-favored ABLE accounts allow eligible individuals to save money to meet qualified disability expenses.

October 1, 2020

IRS releases final rules on business meals and entertainment

The IRS finalized rules implementing provisions of the law known as the Tax Cuts and Jobs Act, P.L. 115-97, disallowing deductions for most business entertainment expenses and distinguishing them from business food and beverage expenses that remain deductible.

October 1, 2020

Employers get guidance on income tax withholding from wages

The IRS issued final regulations providing guidance on withholding federal income tax from employees’ wages under changes enacted in the Tax Cuts and Jobs Act.

October 1, 2020

Tax consequences of data breaches and identity theft

Losses are not likely deductible by individuals through 2025, but the receipt of free identity protection services may be nontaxable.

October 1, 2020

Like-kind exchanges are now clearer

Proposed regulations address post-TCJA Sec. 1031 transactions.

October 1, 2020

Time to consider a Roth conversion

A qualified rollover contribution to a Roth IRA or an in-plan rollover to a designated Roth account, known as a Roth conversion, can be attractive for CPA advisers’ clients because it provides a higher net present value of cash flow from their retirement savings, benefiting themselves or their beneficiaries.

September 16, 2020

Premium tax credit unaffected by zeroing of personal exemptions

The IRS makes clear in final regulations that the health care premium tax credit calculation is unaffected by the personal exemption decrease to zero.

September 16, 2020

Final regulations define ‘qualifying relative’

The IRS finalized proposed regulations defining “qualifying relative” for tax years 2018–2025, in which the personal exemption amount is zero.

September 11, 2020

IRS issues 2020–2021 per-diem rates

The IRS issued the 2020-2021 per-diem rates for business travelers who incur expenses while traveling away from home.

September 9, 2020

IRS issues guidance on COVID-19 testing coverage

The IRS said that COVID-19 testing and diagnostics are not minimum essential coverage under a government-sponsored program and therefore do not disqualify taxpayers from taking the Sec. 36B premium tax credit or Medicaid.

September 1, 2020

Recent developments for municipal bond investors

Munis remain as popular as ever, but states’ fiscal woes from COVID-19 and other trends could alter the investing landscape.

September 1, 2020

The new charitable deduction for nonitemizers

A one-time deduction of up to $300 can be taken directly on individual returns.

August 28, 2020

Guidance issued on payroll tax deferral

The IRS issued guidance on the payroll tax deferral ordered by President Donald Trump on Aug. 8. The notice requires employers to withhold deferred taxes during the period from Jan. 1 to April 30, 2021.

August 20, 2020

Implementing the payroll tax deferral

We explore the range of issues that Treasury and the IRS face as they implement this order and what it all could mean for employers and employees.

August 18, 2020

IRS begins accepting e-filing of amended individual tax returns

The IRS said it had launched its eagerly awaited program to accept Forms 1040-X, Amended U.S. Individual Income Tax Return, electronically.

August 13, 2020

AICPA requests guidance on payroll tax deferral

The AICPA has asked Treasury and the IRS for guidance on the recently announced executive order that defers some employee payroll taxes that would be due between Sept. 1 and Dec. 31.

August 10, 2020

Final regs. issued on payments to charitable organizations

The IRS issued additional final regulations on payments made to charitable organizations in lieu of state and local tax credits.

August 10, 2020

Executive action delays workers’ payroll tax payments

President Donald Trump issued presidential memorandum to defer the withholding, deposit, and payment of certain payroll taxes paid from Sept. 1 through Dec. 31, 2020.

July 17, 2020

IRS updates annual Dirty Dozen tax schemes for 2020

The IRS issued its top 12 “Dirty Dozen” tax scams, warning people to be vigilant to avoid these schemes all year round. New to the list is the “offer in compromise mills.”

July 8, 2020

2020 depreciation limits for cars and trucks are issued

The IRS issued the 2020 limits on depreciation deductions for cars and trucks first placed in service in 2020 and the income inclusion amounts for passenger automobiles first leased in 2020.