Individual income taxation

TOPICS / TAX

June 27, 2022

Regs. proposed for present value of estate deductions

Administrative expenses and claims against estates allowable under Sec. 2053 beyond a three-year grace period would be discounted for current deduction, under proposed rules issued by the IRS.

June 23, 2022

IRS extends e-filing to more 1040-series amended returns

Nonresident alien amended returns and those for Puerto Rico residents are added; superseding returns can be designated.

June 10, 2022

Midyear IRS mileage rate increase follows precedent, recent pleas

Last week’s bump was the third midyear increase in the past 14 years, and it came after members of Congress wrote to the IRS about rising fuel prices.

June 9, 2022

Standard mileage rate to increase for last half of 2022

Acknowledging recent sharp increases in gasoline prices, the IRS announced a rare midyear increase in the standard mileage rate, starting July 1.

June 7, 2022

‘OIC mills’ and ‘ghost’ preparers in ‘Dirty Dozen’

Sketchy operations target tax debtors for offers in compromise, and preparers who remain anonymous on returns generally have something to hide, the IRS says in its ongoing series.

June 6, 2022

More ‘Dirty Dozen’: Tax refund theft and fake charity appeals

The IRS continued its annual series, highlighting threats to ordinary taxpayers from would-be thieves.

June 1, 2022

Abusive CRATs and Maltese IRAs among ‘Dirty Dozen’ tax scams

The first installment of the Internal Revenue Service’s annual feature focuses on four abusive transactions and arrangements.

June 1, 2022

Changes to Form 1099-K

Recent changes in reporting requirements will lead to mistakes, but taxpayers should not ignore them.

June 1, 2022

Tax advice for clients who day-trade stocks

Communicate the benefits of the mark-to-market election.

May 23, 2022

IRS mostly correct on recovery rebate credits, TIGTA says

The IRS administered the recovery rebate credit correctly for all but 0.7% of returns in the 2021 filing season, the Treasury Inspector General for Tax Administration found.

May 9, 2022

Procedures for Puerto Rico residents to claim a 2021 child tax credit

The IRS provides two simplified filing methods for bona fide residents of Puerto Rico to claim the child tax credit.

May 1, 2022

Adopting a child: Tax planning considerations

Parents pursuing an adoption can use a CPA’s advice.

May 1, 2022

Eleventh Circuit: Judicial extinguishment proceeds formula invalid

The IRS’s interpretation of a conservation easement rule is struck down.

April 18, 2022

SALT cap challenge is denied Supreme Court review

The $10,000 limitation on deducting state and local taxes stands after the Supreme Court refused to review a long-running lawsuit by New York and three other states.

April 1, 2022

Mortgage interest credit aids first-time homebuyers

The subsidy improves affordability for lower-income families.

April 1, 2022

Losses from millionaire’s donkey breeding allowed

A taxpayer convinces the Tax Court he entered into the activity for profit despite not making one and having substantial other income.

March 29, 2022

Billionaire minimum tax could pose difficulties

The proposal in President Joe Biden’s fiscal 2023 budget to impose a 20% minimum tax on certain high-wealth individuals is seen as likely to raise thorny issues and likely even constitutional challenges.

March 28, 2022

Biden proposes higher corporate tax rate, 20% billionaire minimum tax

Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.

March 22, 2022

Individual taxpayers must answer cryptoasset question, IRS notes

Front and center on Form 1040 is whether taxpayers had a virtual currency transaction.

March 10, 2022

New, lower Form 1099-K threshold prompts cautions, criticisms

The new, lower $600 reporting threshold for reporting credit card and cash payment app transactions will likely lead to problems for taxpayers and payment settlement entities, the Taxpayer Advocate Service warns.

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AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.