Individual income taxation

TOPICS / TAX

May 1, 2024

Tax Court has jurisdiction to hear taxpayers’ case

A notice of deficiency’s petition filing deadline controls despite, in an ‘obvious mistake,’ being more than a year after the notice’s mailing date.

April 8, 2024

Two home energy rebates not includible in gross income, IRS says

The IRS said it will not include the rebates provided under the Inflation Reduction Act of 2022 in individual purchasers’ gross income or in the cost basis of the property purchased.

April 1, 2024

Court’s inaccessibility extends taxpayers’ petition filing deadline

Although mailed after the 90- day deadline had expired, the petition was timely because it was filed within a 14-day extension provided under Sec. 7451(b)(1).

April 1, 2024

Foreign earned income and housing exclusion denied

Another worker at a U.S.–Australia joint defense facility fails to nullify a closing agreement waiver.

April 1, 2024

Tax Court petition is ruled untimely

When a private delivery service is used, it must be one the IRS has specifically identified to satisfy Sec. 7502, the Tax Court holds.

March 1, 2024

What kind of deduction is a hobby expense?

In a case of first impression for the Eleventh Circuit, the court affirmed a Tax Court holding that expenses of activities not engaged in for profit, i.e., hobbies, are allowable only as miscellaneous itemized deductions under Sec. 67(a).

February 16, 2024

On Form 1099-K delays, Werfel says IRS must protect taxpayer rights

IRS Commissioner Danny Werfel also discussed the employee retention credit and IRS funding when he appeared before the House Ways and Means Committee on Thursday.

February 7, 2024

Auto depreciation limitations increase

The IRS issued the 2024 depreciation limitations for passenger automobiles, including those for which bonus depreciation is applied.

February 1, 2024

House OKs $78B tax bill with changes to ERC and child tax credits

The bill, which now goes to the Senate, also delays amortization of research or experimental costs and restores tax breaks for companies from 2017’s Tax Cuts and Jobs Act.

February 1, 2024

Interest from past-due child support is includible in income

The Tax Court denied a taxpayer’s contention that the payments were excludable as child support.

February 1, 2024

Taxpayer lacks reasonable cause for CPA’s failure to e-file his returns

The Eleventh Circuit held that Boyle applies to e-filed returns.

January 29, 2024

Don’t wait on action on tax bill to file returns, IRS tells taxpayers

With tax season opened as of Monday, Commissioner Danny Werfel said the IRS will handle any necessary changes if a bill passes after returns are filed.

January 1, 2024

IRS’s referral to DOJ did not bar collection proceedings

The taxpayers’ pending installment plan proposal did not prevent the referral, the Second Circuit affirms.

January 1, 2024

Tax Court petition held untimely

The taxpayers’ foreign travel did not entitle them to a 150-day extended deadline, the Tax Court held.

December 20, 2023

Commercial clean vehicle credit safe harbor announced for 2024

The IRS announced a safe harbor for owners of commercial clean vehicles placed in service in 2024 that will allow them to take the credit without calculating the vehicle’s “incremental cost.”

December 14, 2023

Business standard mileage rate increases for 2024

The optional standard mileage rate for business use of a vehicle increased slightly from 2023. The new rate is effective Jan. 1.

December 1, 2023

The home mortgage interest deduction under the TCJA

How does the Tax Cuts and Jobs Act’s temporarily lower home acquisition indebtedness limit affect homeownership decisions?

November 9, 2023

IRS announces annual inflation adjustments for tax year 2024

The adjustments cover over 60 tax provisions and generally apply to tax returns that will be filed in 2025.

November 2, 2023

Inflation adjustments to retirement account limits issued for 2024

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

November 1, 2023