The taxpayers’ pending installment plan proposal did not prevent the referral, the Second Circuit affirms.
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TOPICS / TAX
Individual income taxation
Tax Court petition held untimely
The taxpayers’ foreign travel did not entitle them to a 150-day extended deadline, the Tax Court held.
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.”
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.
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?
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.
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.
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.
Falling used car prices warrant a second look at Sec. 25E incentives
New credit makes purchasing a used clean vehicle more attractive.
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.
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.
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.
Passive loss limitations on rental real estate
Taxpayers can recognize losses, but only in the circumstances discussed.
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.
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.
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.
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.
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.’
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.
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.
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