Individual income taxation

TOPICS / TAX

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.

December 13, 2016

Standard mileage rates for 2017 are announced

The IRS issued the 2017 standard mileage rates for determining the deductible costs for operating a vehicle for business, medical, charitable or moving purposes.

December 1, 2016

Filing considerations for active duty military

Residency and signature authority are key factors.

December 1, 2016

Short-term rentals, the sharing economy, and tax

Clients renting out their properties need to know a few key rules.

November 10, 2016

Final rules remove 3-year nonpayment testing period for COD reporting

The IRS finalized a proposed rule eliminating the three-year testing period for determining when debt was discharged for cancellation of debt information reporting purposes.

November 1, 2016

Tax help for working parents

Federal and state credits and employer-provided care may help reduce the high cost of child care.

October 25, 2016

IRS issues 2017 inflation adjustments for many tax provisions

The IRS issued its annual revenue procedure containing inflation-adjusted amounts for the 2017 tax year, affecting over 50 Code provisions, as well as the new tax rate tables for individuals and estates and trusts.

October 19, 2016

Social Security Administration announces large increase in 2017 wage base

The SSA announced that the maximum amount of earnings subject to the Social Security tax will increase by more than 7% in 2017, after remaining flat in 2016.

October 10, 2016

Olympic tax break enacted

Legislation excluding prize money earned by Olympians and Paralympians from gross income was signed into law.

October 1, 2016

Tax issues for professional gamblers

Professional status allows deduction of ordinary and necessary business expenses.

September 27, 2016

IRS issues 2016–2017 special per-diem rates for travel

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

September 1, 2016

Final regulations amend definitions of marriage

The IRS finalized proposed rules issued last October amending the definitions of marriage and husband and wife after the Supreme Court’s decision in Obergefell v. Hodges, which legalized same-sex marriages.

September 1, 2016

FAQs explain the wrongful incarceration exclusion

A new PATH Act provision excludes certain damages, awards, and restitution from gross income; the normal refund limitation period is waived through Dec. 19.

August 1, 2016

Proposed regs. govern reporting and claiming qualified tuition and related expenses

The IRS is proposing to amend the rules governing eligibility to claim a deduction or credit for eligible education expenses to conform them to recent legislative changes.

August 1, 2016