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TOPICS / TAX
Individual income taxation
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.
Unemployment compensation exclusion corrections led to 12 million refunds
Nearly 12 million taxpayers received refunds for 2020 through automatic corrections the IRS made because the American Rescue Plan Act added an exclusion for unemployment compensation after some taxpayers had already filed their returns.
Key tax and retirement provisions in the Secure 2.0 Act
The year-end appropriations act included the Secure 2.0 Act, which makes many changes to the retirement plan rules, including expanding automatic enrollment and increasing the starting age for required minimum distributions.
Taxpayer’s charitable deduction for artwork donation denied
An art dealer and collector lacked reasonable cause for failing to properly document a sculpture’s value, the Tax Court holds.
Line items
Final regulations adopt ‘family-friendly’ health care affordability test … IRS raises per diem standard rates for business travel … AICPA again critiques new IRS requirements for R&D credits … R&D credit claim transition period extended
‘Family support’ payments not deductible as alimony
The divorce instrument included a child-related contingency, the Tax Court holds.
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