Individual income taxation

TOPICS / TAX

December 14, 2017

A 2017 federal tax deduction for prepaying anticipated 2018 state income taxes? Not likely!

In anticipation of the possible elimination or reduction of the state and local income tax deduction, some are suggesting that taxpayers should prepay their 2018 state taxes in 2017. Here’s why that probably won’t work.

December 2, 2017

Senate passes tax reform bill

In the early hours of Saturday morning, the U.S. Senate passed its version of the Tax Cuts and Jobs Act bill by a vote of 51–49.

December 1, 2017

Timing of a deemed distribution from loan default is upheld

The taxpayer is unable to persuade the Tax Court that the grace period on a loan from his Sec. 401(k) plan extended into the next tax year.

December 1, 2017

Couple must repay advance premium tax credit

A state exchange’s failure to revise the couple’s health insurance advance premium subsidy was not grounds to avoid its repayment.

November 27, 2017

Social Security Administration announces small increase in 2018 wage base

The Social Security Administration said that the maximum amount of wages subject to the 6.2% Social Security tax in 2018 will rise a little more than 1%, after a much larger increase last year.

November 17, 2017

Senate tax reform bill contains more changes

The version of the tax reform bill passed by the Senate Finance Committee holds several more changes affecting both individuals and businesses.

November 16, 2017

House passes tax reform bill

The U.S. House of Representatives passed its tax reform bill, on a 227–205 vote.

November 15, 2017

Senate Finance Committee modifies tax reform proposal

The revised chairman’s mark of the Senate tax reform bill contains many significant changes to the proposed legislation.

November 10, 2017

Tax reform: What CPAs need to know about the latest developments

Tax reform expert Tony Nitti discusses the latest developments affecting CPAs.

November 3, 2017

What the House tax bill holds for individuals

From new tax rates to fewer deductions, credits, and exclusions, the tax reform bill released by the House would have wide-ranging effects on the taxation of individuals.

November 2, 2017

Details of tax reform legislation revealed

The Tax Cuts and Jobs Act released by the House Ways and Means Committee incorporates many of the provisions listed in the Republicans’ September tax reform framework while providing new details.

November 1, 2017

Trading virtual currencies

Tax preparers must reckon with not only transfers for property but also for other virtual currencies.

October 16, 2017

IRS will enforce health coverage reporting on 2017 returns

This filing season will be the first time the IRS has enforced this requirement and will not accept tax returns that omit this information.

September 27, 2017

Republicans unveil tax reform framework

Republican leadership released a tax reform framework that calls for fewer individual tax brackets, a lower corporate tax rate, and elimination of many tax deductions.

September 26, 2017

IRS updates special per-diem rates for business travel

The IRS issued its annual updates of per-diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1.

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