Individual income taxation

TOPICS / TAX

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Controversial charitable donation rules withdrawn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

Filing season quick guide—tax year 2015

Download our annual quick guide, a PDF that contains dollar thresholds, tax tables, standard amounts, credits, and deductions to keep at your fingertips during tax season.

January 1, 2016

A day late, a dollar short

An otherwise “innocent spouse” could still be liable for penalties and interest.

January 1, 2016

Tax season launches

Despite another year of uncertainty about congressional passage of retroactive “extender” provisions, CPAs’ tax season can benefit from these tips and resources.

December 17, 2015

Standard mileage rates will go down in 2016

The IRS issued the standard mileage rates for business use of an automobile and for driving for medical or moving purposes for 2016.

December 16, 2015

Tax extender legislation introduced in Congress

The Consolidated Appropriations Act introduced in Congress on Wednesday would extend a large number of expired tax provisions.

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.

FROM THIS MONTH'S ISSUE

How a CPA beat burnout after strokes, depression

Get ready for tax season with the JofA’s annual filing season quick guide, an easy-to-use compilation of dollar thresholds, tax tables, standard amounts, credits, and deductions. Download and print for quick reference this tax season.