Individual income taxation

TOPICS / TAX

December 1, 2024

Writing and research activities not engaged in for profit

The Tax Court disallows a taxpayer’s claimed expense deductions.

November 21, 2024

IRS will accept duplicate dependent returns submitted with an IP PIN

Beginning with the 2025 filing season, the IRS will accept Forms 1040, 1040-NR and 1040-SS even if a dependent has already been claimed on a previously filed return if the primary taxpayer on the second return includes a valid identity protection personal identification number.

November 11, 2024

CRFB leader: Tax policy may not be a Trump administration high priority

The head of the nonpartisan Committee for a Responsible Federal Budget told the AICPA & CIMA National Tax Conference that extending the Tax Cuts and Jobs Act would add $5 trillion to the national debt.

November 1, 2024

Inflation adjustments to retirement account limits issued for 2024

The IRS announced inflation-adjusted limits on benefits and contributions for various retirement accounts on Friday, including maximum contribution amounts for 401(k) plans and traditional and Roth IRAs.

November 1, 2024

New and enhanced energy tax credits for individuals

Help clients save money on green vehicles and home energy upgrades.

November 1, 2024

The IRS did not abuse its discretion in sustaining levy

The taxpayer did not challenge her tax liability in a CDP hearing, the Tax Court holds.

October 22, 2024

Annual inflation adjustments announced for tax year 2025

The IRS on Tuesday provided its annual inflation adjustments for over 60 tax provisions in tax year 2025, including increases in the standard deduction for married couples and single individuals.

October 11, 2024

Social Security wage base announced for 2025

The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2025. The cost-of-living adjustment for Social Security benefits for 2024 is slightly lower than last year’s COLA.

October 1, 2024

Lack of facts precludes equitable tolling of 30-day filing deadline

The Tax Court dismissed a taxpayer’s petition due to a missed filing deadline and lack of any facts that would entitle him to equitable tolling of the deadline.

September 23, 2024

IRS increases special per diem rate for business travel

The special per diem rates that a taxpayer uses in travel and business expenses will be higher starting Oct. 1, as provided by the IRS.

September 13, 2024

Proposed regs. would exclude tribal general welfare benefits from income

The first proposed regulations under Sec. 139E set out the requirements for excluding Indian tribal general welfare benefits from income.

September 1, 2024

Cryptoasset ‘staking’ challenge dismissed as moot after government’s concession

Sixth Circuit affirms district court’s holding that the taxpayer’s refusal to cash a refund check did not keep the controversy alive in his case.

September 1, 2024

Taxation of influencers: Gifts with strings attached?

Individuals promoting retail brands to their online audience may need to report taxable compensation for any benefit received.

September 1, 2024

Tax Court lacks jurisdiction because notice of deficiency was invalid

The court held that the notice was not sent
to the taxpayer’s last known address.

August 30, 2024

Fact sheet addresses taxability of crowdfunding distributions

The IRS said that crowdfunding distributions may be included in the gross income of the person receiving them, depending on the facts and circumstances of the distributions.

August 1, 2024

Third Circuit rules taxpayer’s claim is not moot

The IRS’s setoffs of tax prepayments were invalid, the appellate court holds, remanding the case to the Tax Court.

July 1, 2024

Second Circuit lacks jurisdiction in small tax case

Sec. 7463(b) forecloses a review of the Tax Court’s dismissal, the appellate court holds.

June 1, 2024

Criminally forfeited IRA distribution was constructively received and taxable

The Tax Court denies an incarcerated taxpayer’s arguments to the contrary.

May 8, 2024

Foreign trust transactions and large gifts addressed in proposed regs.

The proposed regulations implement Secs. 643(i), 679, 6039F, 6048, and 6677, which were added or modified to prevent efforts by U.S. taxpayers to use foreign trusts and offshore arrangements to avoid U.S. taxes.

May 1, 2024