Individual income taxation

TOPICS / TAX

October 17, 2022

Understand the tax consequences of remote work

CPAs can play crucial roles in helping navigate the evolving landscape as state tax authorities ramp up efforts to source additional revenue from out-of-state workers and the companies they work for.

October 13, 2022

Social Security wage base, COLA set for 2023

The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2023 and a cost-of-living adjustment (COLA) for Social Security benefits. The COLA is 8.7%.

October 11, 2022

Final regulations adopt ‘family-friendly’ health care affordability test

Previous regulations had based the affordability of employer-offered coverage for family members on the cost of an employee’s self-only coverage.

September 26, 2022

IRS raises per diem standard rates for business travel

Under Notice 2022-44, the high-low method rates will be slightly higher and the list of high-cost localities in the continental United States is revised, both effective Oct. 1.

September 1, 2022

Innocent-spouse relief unavailable for TFRP, Tax Court holds

Relief is only available for income tax liabilities on a joint return.

September 1, 2022

Damages limited in IRS’s willful violation of bankruptcy discharge

The IRS failed to take proper precautions to abate a couple’s discharged tax debt, a bankruptcy court holds, but it denies attorneys’ fees.

August 29, 2022

AICPA recommends changing cryptoasset question

In a comment letter to the IRS, the AICPA recommended changes and clarifications regarding the tax treatment of cryptoassets or “virtual currency.”

August 17, 2022

Guidance on clean vehicle tax credit

The IRS explained the new requirement that a car’s or truck’s final assembly occurred in North America to qualify for the tax credit on the purchase of clean-running vehicles.

August 1, 2022

Tax Court: IRS counsel may reject administrative innocent-spouse approval

In denying relief, the court finds that the Office of Chief Counsel’s litigating position is independent of its request for a determination by a specialized unit.

July 1, 2022

Tax debt from late return is held discharged

A bankruptcy court holds that the taxpayers’ return was an honest and reasonable attempt to comply with the tax law.

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.