Individual income taxation

TOPICS / TAX

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.

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.