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.
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TOPICS / TAX
Individual income taxation
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.
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.
Mortgage interest deduction denied
Employer-provided housing was not on the business’s premises, the Tax Court finds.
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.
Digital documentation: Avoiding a business deduction disallowance
Common taxpayer lapses of substantiation can be remedied with a little awareness and versatile digital recordkeeping apps.
Contractor’s housing accommodation is taxable
Employer-provided housing was not on the business’s premises, the Tax Court finds.
Name, image, liability
Student-athletes may face unexpected tax
liabilities from compensation for their name,
image, or likeness now allowable under
NCAA rules.
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.
Emotional-distress settlement denied exclusion treatment
A university whistleblower’s damages did not address alleged physical injuries, the Tax Court concludes.
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.
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.
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.
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.
Taxpayers can exclude certain 2022 state payments from federal returns
Taxpayers who received certain general welfare or disaster relief payments or refunds in 2022 will not have to include them in income on their federal returns, the IRS announced on Friday.
Change allows more vehicles to qualify for the new clean vehicle tax credit
Treasury and the IRS said Friday the IRS will use the EPA Fuel Economy Labeling Standard in proposed regulations to define which vehicles are eligible for the Sec. 30D clean vehicle tax credits, enacted as part of the Inflation Reduction Act.
Taxpayers reminded about digital asset question and income reporting
The IRS also expanded and clarified the instructions for answering the question to help taxpayers answer it correctly. Taxpayers must answer the question even if they didn’t engage in activities involving digital assets, just as in the 2021 tax year.
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