Individual income taxation

TOPICS / TAX

September 1, 2023

Passive loss limitations on rental real estate

Taxpayers can recognize losses, but only in the circumstances discussed.

September 1, 2023

Surplus from home’s tax forfeiture sale must be returned to owner, Supreme Court holds

A Minnesota county’s retention of proceeds above the real property tax debt violated the Fifth Amendment’s Takings Clause.

August 31, 2023

Guidance issued on consequences of certain state payments after 2022

The IRS issued guidance on the treatment of refunds of state or local taxes and certain other payments made by states made to individuals in 2023 and future years, including spillover payments made in 2023 under 2022 programs covered by IRS News Release IR-2023-23.

August 7, 2023

IRS issues guidance on requirements for home energy audits

The IRS provides requirements for home energy audits for taxpayers that want to claim the energy efficient home improvement credit, which taxpayers can rely on until proposed regulations are issued.

July 12, 2023

Prop. regs. clarify tax treatment of certain health insurance payments

New proposed regulations clarify that accident or health insurance payments are not excludable from an employee’s income where the payments are made without regard to amount of medical expenses incurred by the employee under Sec. 213(d) and the premiums or contributions for coverage are paid on a pre-tax basis.

July 1, 2023

Taxpayer’s blog posts held admissible in innocent-spouse case

In a case of first impression, the Tax Court considered the evidence ‘newly discovered’ and ‘previously unavailable.’

June 1, 2023

Attorney’s racing activities fall short of the finish line

A taxpayer participated in auto races for personal enjoyment rather than to advertise his law practice, the Tax Court holds.

June 1, 2023

Qualified appraisal required for charitable contributions of cryptoassets

The exchange-reported value of digital assets does not substitute for the qualified appraisal required for a charitable contribution deduction; a reasonable-cause exception will not apply, the IRS Office of Chief Counsel advises.

May 16, 2023

Medicare’s tricky rules on HSAs after age 65

Individuals working past age 65 who want to continue contributing to a health savings account need to carefully follow Medicare’s enrollment rules to avoid significant penalties.

May 1, 2023

Mortgage interest deduction denied

Employer-provided housing was not on the business’s premises, the Tax Court finds.

May 1, 2023

Tax Court denies medical exception for early pension distribution

The taxpayer’s diabetes did not prevent him from engaging in substantial gainful activity, the court holds.

May 1, 2023

Digital documentation: Avoiding a business deduction disallowance

Common taxpayer lapses of substantiation can be remedied with a little awareness and versatile digital recordkeeping apps.

May 1, 2023

Contractor’s housing accommodation is taxable

Employer-provided housing was not on the business’s premises, the Tax Court finds.

March 30, 2023

Name, image, liability

Student-athletes may face unexpected tax
liabilities from compensation for their name,
image, or likeness now allowable under
NCAA rules.

March 30, 2023

Beneficiary IRAs: A guide to the RMD maze

Advisers can aid inheritors of individual retirement accounts to make optimal choices for their required minimum distributions.

March 30, 2023

Emotional-distress settlement denied exclusion treatment

A university whistleblower’s damages did not address alleged physical injuries, the Tax Court concludes.

March 30, 2023

Bank deposits analysis upheld

The Tax Court rejects a taxpayer’s claim that the IRS’s reconstruction of his income included nontaxable proceeds from a real estate sale.

March 1, 2023

Tax benefits denied for lack of profit motive

The Tenth Circuit upholds the Tax Court’s denial of depreciation and tax credits for a taxpayer’s investment in a solar energy tax shelter.

February 24, 2023

Taxpayers in disaster areas of 3 states have until Oct. 16 to file returns

Taxpayers in most of California and parts of Alabama and Georgia have had their tax filing and payment deadlines further extended to Oct. 16. The postponement covers a wide variety of returns and taxes.

February 21, 2023

AICPA recommends 12 digital asset FAQs for IRS to post online

The AICPA has suggested questions and answers the IRS could post to assist taxpayers and practitioners in answering the question about digital assets that appears on Form 1040.

FROM THIS MONTH'S ISSUE

Flip out with the latest Tech Q&A

The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.