Individual income taxation

TOPICS / TAX

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

Fishing charter activity not engaged in for profit

The taxpayer did not show that his fishing was more than a retirement hobby, the Tax Court holds.

November 1, 2023

Falling used car prices warrant a second look at Sec. 25E incentives

New credit makes purchasing a used clean vehicle more attractive.

October 1, 2023

Gambling losses not deductible as business expenses

Tax Court holds that the taxpayers’ gambling was not an activity engaged in for profit under Sec. 183.

October 1, 2023

No loss deduction from drastic drop in digital asset’s value

Although the asset’s value on an exchange was less than 1 cent, it was not worthless, the IRS Office of Chief Counsel advised.

September 25, 2023

Special per diem rate for business travel rises

Starting Oct 1, 2023, the special per diem rates taxpayers may use to substantiate ordinary and necessary business expenses for travel away from home will go up, the IRS announced.

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.