Individual income taxation

TOPICS / TAX

October 1, 2018

New life for IRA qualified charitable distributions

The TCJA’s higher standard deduction makes before-tax giving more attractive.

October 1, 2018

Qualified business income deduction regs. proposed

‘Reliance’ regs., other guidance cover many questions about the TCJA’s 20% deduction for noncorporate entities.

September 26, 2018

IRS issues 2018–2019 per-diem rates

The IRS issued its annual update of the special per-diem rates for business travel away from home from Oct. 1, 2018, through Sept. 30, 2019.

September 1, 2018

Taxpayers denied insolvency exclusion of COD income

Cash held by a couple’s son as their nominee tipped their balance sheet to positive, the Tax Court holds.

September 1, 2018

Vacation home rentals and the TCJA

Allocation of certain expenses between personal and rental use may need to change under the law known as the Tax Cuts and Jobs Act.

September 1, 2018

Profit motive key in hobby loss cases

Tax Court cases evaluate the nine-factor test in Regs. Sec. 1.183-2 for determining when losses may be deducted.

August 28, 2018

Deemed personal exemption amount introduced for various tax benefits

The IRS issued guidance on how it intends to interpret the exemption amount in tax years 2018 through 2025 in determining who is a qualifying relative for purposes of the various Code provisions that refer to the definition of a dependent in Sec. 152.

August 8, 2018

Qualified business income deduction regs. proposed

The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.

July 30, 2018

Final rules govern adequate substantiation for charitable contributions

Final regulations address how taxpayers can comply with the requirements for adequate substantiation of charitable contributions of money or property.

July 12, 2018

AICPA: 2019 Form W-4 needs to be simplified

The AICPA’s Tax Executive Committee sent a letter to the IRS, urging the Service to simplify the proposed draft 2019 Form W-4, Employee’s Withholding Allowance Certificate.

July 1, 2018

Claiming child tax benefits for noncustodial parents

IRS guidance on the waiver of a dependency exemption remains significant with the newly enhanced child tax credit.

July 1, 2018

Analyzing the new personal casualty loss tax rules

Targeted relief is undercut by new statutory limitations included in the Tax Cuts and Jobs Act.

June 27, 2018

Form 1040 to be shorter but with more schedules

The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines.

June 8, 2018

Draft 2019 Form W-4 and instructions posted

The IRS released a draft Form W-4, Employee’s Withholding Allowance Certificate, and its instructions, for individual taxpayers to use to determine their income tax withholding for 2019.

June 1, 2018

Short sale is considered one transaction

The Tax Court denies the taxpayers’ claimed loss on the sale of their former home followed by an exclusion of cancellation-of-debt income.

June 1, 2018

Gravel mining income not exempt under Native American treaties

The Tax Court holds that the treaty provisions apply to tribes, not individuals.

June 1, 2018

Child tax credit now higher, more widely available

Middle-income taxpayers are more likely to have a greater benefit than before.

June 1, 2018

IRA distribution to pay spousal support is taxable

The Tax Court holds that writing checks from funds distributed is not a transfer of an account interest incident to divorce.

May 25, 2018

Standard mileage rates, depreciation amounts updated

The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.

May 10, 2018

IRS issues HSA contribution limits for 2019

The IRS issued the inflation-adjusted contribution limits for 2019 for health savings accounts.

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.