Individual income taxation

TOPICS / TAX

March 17, 2020

Treasury secretary announces 90-day delay in tax payment deadline

Treasury Secretary Steven Mnuchin announced that individuals and businesses can delay their tax payments for 90 days due to the coronavirus pandemic.

March 1, 2020

Year-end government spending bill contains many tax provisions

Certain health care taxes are repealed, IRAs are revamped, and disaster relief and other provisions are extended.

March 1, 2020

Tax Court holds cutting horse activity had a profit motive

The factors of Regs. Sec. 1.183-2(b),along with the taxpayer’s goals, actions, and testimony, supported the court’s holding.

February 24, 2020

Proposed regs. issued on meal and entertainment expense deductions

The IRS issued proposed rules clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274.

February 18, 2020

No need to report some transactions in video game currency, IRS says

Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.

February 12, 2020

IRS proposes rules to update income tax withholding, revises Form W-4

The IRS proposed new regulations for withholding on individuals’ wages to reflect the statutory changes in the law known as the Tax Cuts and Jobs Act, including the elimination of the personal exemption.

February 1, 2020

Use of standard mileage rate, other rules updated for TCJA

Modifications address the period during which miscellaneous itemized deductions are suspended.

January 16, 2020

More taxpayers qualify for student loan COD relief

The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.

January 2, 2020

IRS issues 2020 standard mileage rates

On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts.

January 1, 2020

Taxpayers may deduct casualty losses in prior years

The final regulations allow more time to make the election.

January 1, 2020

Writing to win tax appeals

If taxpayers disagree with an IRS audit, they have 30 days to prepare an IRS protest. Find out how to win at IRS Appeals.

January 1, 2020

‘Gifts’ to clergy may be remuneration

Payments to a pastor did not qualify to be excluded from income as a parsonage allowance or as nontaxable gifts.

January 1, 2020

Filing season quick guide — tax year 2019

Download and print this tax season reference highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.

December 23, 2019

Humpty Dumpty meets the tax code

Annette Nellen, Esq., CPA, CGMA, walks us through four recent decisions by the U.S. Tax Court to show how the precise application of a word or phrase can make a world of difference.

December 20, 2019

Qualified opportunity zone regs. finalized

The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs).

December 19, 2019

Year-end government spending bill contains many tax provisions

The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims.

December 19, 2019

5th Circuit invalidates health care law’s individual mandate

The Fifth Circuit held that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero.

December 16, 2019

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.