Individual income taxation

TOPICS / TAX

March 1, 2019

Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.

March 1, 2019

Salesman’s termination payment held not for goodwill

The Tax Court also denies capital gain treatment but allows business deductions for a taxpayer’s subsequent shooting activity.

February 1, 2019

Sec. 199A: Regulations shed light on QBI deduction

For the first time this tax season, many taxpayers will be claiming the Sec. 199A deduction, which provides a deduction for 20% of qualified business income.

January 22, 2019

Qualified business income deduction regs. and other guidance issued

The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.

January 17, 2019

Some individual taxpayers get relief from underpayment penalty

The relief applies to individuals whose tax withheld and estimated tax payments equal at least 85% of the tax shown on their 2018 tax return.

January 11, 2019

IRS announces Free File launch

The IRS announced that its Free File program, which provides free electronic filing options to moderate-income taxpayers, opened Jan. 11 and will operate through Oct. 15.

January 1, 2019

Meals continue to be deductible under IRS guidance

Advance guidance clarifies that the TCJA’s disallowance of deductions for entertainment, amusement, or recreation does not address business meals.

January 1, 2019

Church members’ donations to minister are denied gift treatment

Objective evidence indicates donors’ intent was to provide compensation, the Tax Court holds.

January 1, 2019

Tackling TCJA changes this tax season

An altered landscape awaits CPA preparers and their clients.

January 1, 2019

Filing season quick guide — tax year 2018

Download our annual quick guide, a tax season reference highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.

December 14, 2018

2019 standard mileage rates announced

The IRS released guidance on the standard mileage rate for business, medical and certain moving expenses incurred in 2019.

December 1, 2018

Tax Court grants innocent spouse relief from taxes on embezzled funds

The taxpayer’s subsequent knowledge of the embezzlement prevents relief for a second tax year.

December 1, 2018

Schoolteacher’s failure to file FBAR results in $800,000 penalty

The Court of Federal Claims holds that actions and failure to inquire into reporting requirements for a foreign account by a taxpayer who had made a ‘quiet disclosure’ showed willfulness.

December 1, 2018

The TCJA and foreign real property taxes

Despite the repeal of an itemized deduction for foreign real property taxes, some benefit may still be available to certain U.S. taxpayers living and working overseas.

November 6, 2018

Social Security wage base set for 2019

The Social Security Administration said that the amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax for 2019 will be $132,900, increased from 2018’s maximum of $128,400.

November 1, 2018

Final rules govern adequate substantiation for charitable contributions

The regulations also contain new definitions of qualified appraisals and qualified appraisers for noncash contributions.

November 1, 2018

Understanding the new kiddie tax

The Tax Cuts and Jobs Act made significant changes to the kiddie tax. See how the tax is determined under the new rules.

November 1, 2018

Understanding the new kiddie tax: Additional examples

Examples of how the tax owed for children subject to the kiddie tax can change from 2017 to 2018.

October 18, 2018

How the suspension of personal exemptions affects health-care-related provisions

IRS guidance clarifies what it means to claim a personal exemption deduction.

October 3, 2018

Meals continue to be deductible under new IRS guidance

The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.

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.