Individual income taxation

TOPICS / TAX

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.

May 7, 2018

Future-proof your tax practice by adding planning services

Consumers are seeking a primary point of contact to address the full scope of their financial needs.

April 26, 2018

IRS gives taxpayers relief from erroneous HSA contributions

The IRS announced it will allow taxpayers to treat $6,900 as the 2018 limit for deductible contributions to HSAs for individuals with family coverage.

March 1, 2018

IRS releases updated withholding calculator and 2018 Form W-4

The IRS has completed updating its online withholding calculator that individual taxpayers can use to determine how many withholding allowances they should claim for 2018.

March 1, 2018

Donation-based crowdfunding and nontaxable gifts

Amounts received from online funding appeals for charitable causes or individual relief may qualify for exclusion from taxable income.

March 1, 2018

The AICPA and the ongoing tax reform process

AICPA tax policy experts discuss advocacy efforts related to the recent tax overhaul bill and the role member input will have on its implementation.

March 1, 2018

A portion of a lump-sum Social Security disability payment ruled includible in gross income

The Tax Court holds that a Sec. 86 election was not made and would not have reduced the tax liability.

March 1, 2018

U.K. divorce decree payment was not alimony

Payment to the taxpayer’s ex-wife was not alimony, as it would not have terminated upon her death under English law.

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