Individual income taxation

TOPICS / TAX

July 1, 2016

Rules change for ITINs and tax credits

The PATH Act of 2015 established new limitations on filing for certain credits.

June 16, 2016

FAQs explain the wrongful incarceration exclusion

A new law allows taxpayers to exclude from income money they receive to compensate them for being wrongfully incarcerated and to claim refunds for earlier tax years if they included such damages in income.

May 31, 2016

What you need to know to help clients with an IRS ETP agreement

Here are 12 things you need to know about extension-to-pay agreements that can help clients who need more time to pay their tax bill.

May 25, 2016

Mary Kay sales consultant’s retirement payments subject to self-employment tax

The Eleventh Circuit Court of Appeals held that payments a retired Mary Kay sales consultant received from the cosmetics company were subject to self-employment taxes because they were payments of deferred compensation.

May 1, 2016

Installment sale marked to market before taxpayer’s expatriation

The Tax Court upholds a 2008 law’s retroactive application and denies a treaty exemption.

April 29, 2016

IRS releases 2017 health savings account limits

The IRS issued the inflation-adjusted figures for calendar year 2017 for the annual contribution limits for health savings accounts.

April 6, 2016

Taxpayers can now pay federal tax at participating retail stores

A new program allows individuals who owe federal income taxes to pay in cash at 7-Eleven stores in 34 states.

April 1, 2016

Damages awarded to taxpayers for IRS violation of bankruptcy stay

Sovereign immunity is not a protection, a bankruptcy court holds.

April 1, 2016

FBAR compliance

Heightened tax compliance efforts worldwide make this a good time to review the complicated rules that apply to reporting foreign accounts on FinCEN Form 114, Report of Foreign Bank and Financial Accounts, commonly known as FBAR.

April 1, 2016

$50,000 in tax debt can ground travelers

New law denies or revokes passports for “seriously delinquent” accounts over $50,000.

March 1, 2016

Form 1099-C and COD income: Key timing issues

Issuance of Form 1099-C does not necessarily require income inclusion in the same year.

February 29, 2016

15 things you need to know when clients owe taxes to the IRS

Clients who owe need advice and potentially an alternative to paying the entire balance at once.

February 9, 2016

President’s budget proposes many tax changes

In addition to a proposed spending blueprint for the government, President Barack Obama’s proposed FY 2017 federal budget contains a wide variety of tax law changes that would affect individuals and businesses.

February 1, 2016

How to report clients’ fantasy football winnings

There is little if any authority for the proper reporting on tax returns.

February 1, 2016

Congress extends expired tax provisions and makes some permanent

Some tax breaks are extended for two years, some for five, and a few are made permanent in Congress’s annual year-end extenders legislation. (Plus: An updated version of the JofA’s annual quick guide
PDF that includes changes related to the legislation.)

January 19, 2016

What CPAs need to know about new PPACA forms

This filing season, certain employers, as well as providers of minimum essential coverage, will have to meet significant information-reporting requirements.

January 7, 2016

Controversial charitable donation rules withdrawn

The IRS announced that it is withdrawing proposed regulations released last September that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations.

January 1, 2016