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TOPICS / TAX
Individual income taxation
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.)
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.
Controversial charitable donation rules withdrawn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.
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.
A day late, a dollar short
An otherwise “innocent spouse” could still be liable for penalties and interest.
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.
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.
Tax extender legislation introduced in Congress
The Consolidated Appropriations Act introduced in Congress on Wednesday would extend a large number of expired tax provisions.
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.
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.
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
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.
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.
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.
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.
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).
Estimated tax issues for divorcing couples
Problems can arise when taxpayers try to properly allocate estimated tax payments.
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.
Crowdfunding and income taxes
See how to address this increasingly common source of income with tax clients.
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