Individual income taxation

TOPICS / TAX

May 1, 2025

HSA inflation-adjusted maximum contribution amounts for 2026 announced

Rev. Proc. 2025-19 also includes the revised maximum amount that may be made newly available for excepted-benefit health reimbursement arrangements.

May 1, 2025

The home sale gain exclusion in today’s market

With the recent surge in home prices, it’s time for advisers to brush up on this valuable tax exclusion.

May 1, 2025

Tax Court petition deadline not tolled by identity theft claim

Equitable tolling did not apply in the taxpayers’ case because they failed to establish that the identity theft had prevented them from timely filing their Tax Court petition.

April 1, 2025

Deduction for theft loss and legal fees denied

The taxpayer failed to substantiate that a theft occurred or, if it did, its tax year of discovery for his investments in an alleged Ponzi scheme.

April 1, 2025

Taxpayer’s frivolous argument is once again denied

The Tax Court imposes a $25,000 frivolous-position penalty for persistent omission of wage and rental income.

March 18, 2025

Higher threshold for Form 1099-K reporting among AICPA priorities

In a letter to congressional finance leaders, the AICPA listed increasing the threshold to $10,000 as one of its priorities.

March 1, 2025

Frozen digital asset rewards constitute gross income

Digital asset rewards from staking and other activities constitute income in the year of receipt, irrespective of whether the account is later frozen, the IRS Chief Counsel’s office determined.

February 12, 2025

Lower auto depreciation limits issued for first time in at least 3 years

The IRS issued the 2025 depreciation limitations for passenger vehicles, including those for which bonus depreciation is applied.

February 1, 2025

Frivolous-tax-return penalty sustained

The Tax Court found all requirements of Sec. 6702(a) were met regarding the taxpayer’s zero-wage and -income return.

February 1, 2025

FBAR penalties are not extinguished upon taxpayer’s death

FBAR penalties accrue on the date the FBAR form is due, not the date the penalty is assessed, a district court held.

January 17, 2025

Final regs address taxes on gifts to taxpayers from ex-U.S. citizens, residents

The final regulations implement Sec. 2801, added to the Code in 2008, and follow up on proposed regulations issued 10 years ago.

January 3, 2025

Alternative methods allowed for identification of digital assets

The IRS provided temporary relief that permits eligible taxpayers to use alternative methods to make adequate identification of digital asset units sold, disposed of, or transferred in 2025.

December 19, 2024

Business standard mileage rate increases for 2025

The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 70 cents per mile driven, up 3 cents from 2024.

December 19, 2024

Applicability date set for required minimum distribution regulations

Treasury and the IRS announced that certain portions of future regulations finalizing the proposed regulations for required minimum distributions will apply beginning in the 2026 distribution calendar year.

December 17, 2024

IRS amends rules for computing the premium tax credit

The IRS released final regulations that amend the definition of “coverage month” and amend other rules in existing income tax regulations for computing the premium tax credit.

December 1, 2024

Writing and research activities not engaged in for profit

The Tax Court disallows a taxpayer’s claimed expense deductions.

November 21, 2024

IRS will accept duplicate dependent returns submitted with an IP PIN

Beginning with the 2025 filing season, the IRS will accept Forms 1040, 1040-NR and 1040-SS even if a dependent has already been claimed on a previously filed return if the primary taxpayer on the second return includes a valid identity protection personal identification number.

November 11, 2024

CRFB leader: Tax policy may not be a Trump administration high priority

The head of the nonpartisan Committee for a Responsible Federal Budget told the AICPA & CIMA National Tax Conference that extending the Tax Cuts and Jobs Act would add $5 trillion to the national debt.

November 1, 2024

Inflation adjustments to retirement account limits issued for 2024

The IRS announced inflation-adjusted limits on benefits and contributions for various retirement accounts on Friday, including maximum contribution amounts for 401(k) plans and traditional and Roth IRAs.

November 1, 2024

New and enhanced energy tax credits for individuals

Help clients save money on green vehicles and home energy upgrades.

FROM THIS MONTH'S ISSUE

Flip out with the latest Tech Q&A

The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.