Individual income taxation

TOPICS / TAX

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

Guidance issued on payments to charitable organizations

The IRS issued additional rules on the treatment of deductions for charitable contributions in lieu of state and local taxes, an area in which it has already issued final regulations and other guidance.

December 2, 2019

Deadline for health care information statements extended

As it does every year, the IRS extended the due date to furnish certain health care information statements to individual taxpayers to March 2, 2020.

December 1, 2019

Safe harbor allows QBI deduction for rental real estate businesses

An earlier notice’s proposed rules are finalized with revisions and clarifications.

November 26, 2019

Per-diem method clarified in light of TCJA changes

The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling using the per-diem rates.

November 15, 2019

Use of standard mileage rate, other rules are updated for TCJA

The IRS updated its rules concerning the use of standard mileage rates and to reflect the current suspension of miscellaneous itemized deductions and moving expense deductions.

FROM THIS MONTH'S ISSUE

How a CPA beat burnout after strokes, depression

Randy Crabtree, CPA, suffered two strokes in four days and struggled with his mental health for years before he learned to recognize, address, and prevent chronic stress. Learn from his insights on how CPAs can avoid professional burnout.