Individual income taxation

TOPICS / TAX

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Controversial charitable donation rules withdrawn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.

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.

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.