Individual income taxation

TOPICS / TAX

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.

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.

FROM THIS MONTH'S ISSUE

4 ways solo practitioners can stand out

Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.