Individual income taxation

TOPICS / TAX

September 5, 2017

How to avoid costly tax traps with inherited IRAs

This article helps CPAs familiarize themselves with the rules surrounding inherited IRAs and the best ways to deal with these accounts.

September 1, 2017

Employee discount plans

Employers must follow complex rules to exclude employee discounts from taxable income.

August 1, 2017

Former Marine not entitled to exclude foreign earned income

The Tax Court holds the taxpayer’s election was untimely.

July 13, 2017

Revised Senate health bill would retain taxes on higher-income individuals

The health care bill released by Senate Republicans on Thursday would retain the Affordable Care Act’s 3.8% net investment tax and the 0.9% Medicare surtax.

May 1, 2017

Husband not entitled to married-filing-jointly status

The Tax Court refuses to invalidate a separate return filed by the taxpayer’s allegedly mentally ill wife.

May 1, 2017

Canceled debt is partially excludable

A married couple’s interest in their retirement plan was not an asset for purposes of the COD insolvency test.

April 26, 2017

Trump’s tax reform priorities unveiled

Key features include a large reduction in the corporate tax rate, fewer and lower tax brackets for individuals, and a repeal of the estate tax and the alternative minimum tax.

April 1, 2017

More on short-term rentals

See how to report income from Airbnb and similar “sharing economy” activities.

April 1, 2017

Mistaken IRA rollover creates problems for taxpayer

A taxpayer’s IRA distributions result in additional gross income, an early withdrawal penalty, and an accuracy-related penalty.

April 1, 2017

IRS permits same-sex couples to recalculate marital exclusion amounts

Recalculations of transfers not qualifying solely because of the Defense of Marriage Act are not restricted by the statute of limitation.

March 13, 2017

IRS takes down student financial aid data retrieval tool

The IRS announced that has taken down its tool for retrieving tax return data used to complete the Free Application for Federal Student Aid.

March 7, 2017

Proposed PPACA replacement bills contain many tax changes

The draft proposals to repeal the Affordable Care Act released by House Republicans would make many tax changes if enacted. Here’s a look at their impact on the tax code.

February 16, 2017

Failure to report health coverage will not cause tax return rejection

The IRS announced that it will not reject tax returns just because a taxpayer has not indicated on the return whether the taxpayer had health insurance, was exempt, or made a shared-responsibility payment under Sec. 5000A.

February 13, 2017

Reducing investment taxes in 2017

The start of a new year allows clients to take a fresh look at their investment strategy.

February 1, 2017

Sec. 457(f) plans get helpful guidance

Rules would clarify the types of arrangements that may be currently taxable even while payments are deferred.

February 1, 2017

Taxpayers’ valuation of land accepted; inability to establish basis limits casualty loss

Landowner’s experience qualifies his appraisal as competent even though he is not a professional.

January 19, 2017

IRS proposes changes to rules for dependents

The IRS proposed changes to various rules affecting dependents, including changing its position on when taxpayers count as “childless” for purposes of the earned income tax credit.

January 1, 2017

New rules allow more time to elect to take disaster loss in prior year

Hurricane and flooding prompt the relief measure.

January 1, 2017

Getting in shape for tax season

The annual marathon of forms, schedules, and worksheets is beginning once more. As CPAs and their staffs train and ready their equipment, they might add these reminders of what’s new and notable for 2016 returns.

December 16, 2016

Despite PATH Act, some tax provisions expire at end of 2016

The expiring provisions include tax incentives for individuals and businesses, as well as several energy provisions.

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.