Individual income taxation

TOPICS / TAX

December 1, 2015

Gain recognized from repossession of principal residence

The repossession of a taxpayer’s former principal residence more than one year after its sale triggered the recognition of previously excluded gain.

November 19, 2015

Proposed regulations provide more detailed rules governing innocent spouse relief

Among the changes are expanded rules on when the requesting spouse can be relieved of liability for penalties and interest.

November 2, 2015

Here’s how to fix problems caused by late and amended Forms 1099

Brokerage firms’ practice of issuing late and amended Forms 1099 is causing many taxpayers provide data to preparers later than in prior years to avoid having to file amended returns

November 1, 2015

Mortgage debt limit applied per taxpayer

The debt limitation for the home mortgage interest deduction should be calculated on a per-taxpayer basis rather than a per-residence basis, the Ninth Circuit holds.

October 22, 2015

Tax regulations to be amended to reflect Obergefell and Windsor decisions

The IRS announced that it will amend the definitions of “spouse,” “husband and wife,” and “marriage” in regulations to reflect the Supreme Court’s holdings in Obergefell and Windsor.

October 21, 2015

IRS issues 2016 inflation adjustments and tax tables

The IRS issued the annual inflation adjustments for 2016 for more than 50 tax provisions as well as the 2016 tax rate tables for individuals and estates and trusts.

October 19, 2015

Why new tax return due date changes are important

This article examines why the tax return due date change was needed and what it means for practitioners.

October 15, 2015

2016 Social Security wage base is released

The good news for workers is that there will also be no increase in the amount of wages subject to Social Security taxes (old age, survivor, and disability insurance).

October 1, 2015

Estimated tax issues for divorcing couples

Problems can arise when taxpayers try to properly allocate estimated tax payments.

October 1, 2015

Property-related litigation costs held includible in home office deduction

The IRS failed to show that combating ‘running wild’ dogs, mold, and noise was exclusively a personal expense.

October 1, 2015

Crowdfunding and income taxes

See how to address this increasingly common source of income with tax clients.

September 16, 2015

Special per-diem rates issued for 2015–2016 travel

The IRS issued per-diem rates for use in substantiating business expenses taxpayers incur while traveling away from home.

September 1, 2015

Head-of-household return may be amended to married filing jointly after a petition to Tax Court

An appellate decision overturns the Tax Court on meaning of ‘separate return.’

August 13, 2015

Identity theft protection services provided after a data breach are not taxable

The announcement applies to anyone whose personal information may have been compromised in a data breach, including customers, employees, and others.

August 10, 2015

Ninth Circuit holds mortgage-interest deduction applies on a per-taxpayer basis

Unmarried co-owners of two qualified residences each qualified for mortgage-interest deductions on up to $1.1 million of acquisition indebtedness the Ninth Circuit Court of Appeals held.

August 1, 2015

Moved south but still taxed up north

Retirees often move to the southern United States to take advantage of lower taxes, but they should know how their former state of residence will treat them if they leave any property behind.

August 1, 2015

Sec. 179 and the repair regs.

Applying the two together may provide a larger overall deduction.

August 1, 2015

No COD income from loans

Expiration of state limitation period on loan collection wasn’t conclusive of debt discharge.

August 1, 2015

Intent to rent

Taxpayers will not be able to deduct expenses and losses related to a former personal residence if the facts and circumstances fail to show the conversion was for income-producing purposes.

July 13, 2015

Emerging tax issues cause due-diligence problems

Speaking at an IRS Nationwide Forum in Fort Washington, Md., the deputy director of the IRS Office of Professional Responsibility warned practitioners that they should exercise due diligence when advising clients on emerging tax issues.