A district court allows a taxpayer relief under Section 530 of the Revenue Act of 1978.
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TOPICS
Tax
Post-retirement payments are subject to self-employment tax
The Tax Court’s finding that the pay was nonqualified deferred compensation is upheld on appeal.
Special depreciation: 3 choices present new options
Recent changes have given taxpayers three attractive options for taking deductions in the year property is placed in service, rather than having to depreciate the property over many years.
In-home caregivers: Answers to tax and nontax questions
As it becomes increasingly common for people to employ caregivers in their homes, it’s important to ensure that all laws are followed, from tax to immigration to labor.
Security Summit touts improvements in its first year
Submissions of IRS identity theft affidavits and related correspondence are down by nearly half.
Compensation is held reasonable and a management fee deduction allowed
The Tax Court regards the hypothetical-investor test as supporting the taxpayer’s expert.
Electing the benefits of partial dispositions
A taxpayer could lose the benefits of a partial-disposition election if it fails to perform the required compliance.
Line items
Tax Court allows D.C. snow day extension for petition filing … Wellness rewards and premiums not excludable from employees’ income … IRS notes general principles of crowdfunding income
FAQs explain the wrongful incarceration exclusion
A new PATH Act provision excludes certain damages, awards, and restitution from gross income; the normal refund limitation period is waived through Dec. 19.
Risk management: Worth its SALT
These tips will help practitioners manage the professional liability risks stemming from state and local tax issues.
IRS fails to notify victims and Social Security Administration of identity theft cases
A report from the TIGTA found that the IRS had not notified victims or the Social Security Administration of many cases it detected of employment-related identity theft.
New procedures for amending returns to claim PATH Act depreciation changes
To help taxpayers take advantage of retroactive changes enacted late last year affecting Sec. 179 property and bonus depreciation, the IRS issued rules for filing returns to take advantage of these deductions.
Due-diligence hazards for tax practitioners: The list keeps growing
From rental property expenses to worker classification to offers in compromise, the list of areas where tax practitioners must exercise due diligence keeps growing.
IRS allows self-certification for late rollovers of retirement plan funds
The IRS issued a procedure permitting taxpayers, in certain circumstances, to give an IRA trustee or retirement plan administrator a certification statement to treat a rollover as timely even if the taxpayer failed to complete the rollover within 60 days after a distribution.
New user fees proposed for IRS installment agreements
The IRS is proposing to charge a variety of fees, based on whether the taxpayer uses the online application process and/or pays by direct debit.
IRS issues guidance on PATH Act ITIN renewals
Individuals whose individual taxpayer identification numbers (ITINs) will expire this year under new Code provisions may renew them starting in October.
IRS issues temporary regulations on early elections of new partnership audit procedures
The IRS issued rules regarding the time, manner, and form for partnerships to make the election to apply the recently enacted unified partnership audit rules for certain years before Jan. 1, 2018.
Second Circuit holds taxpayer not subject to IRS summons
The court held that the taxpayer was protected by the Fifth Amendment privilege against self-incrimination.
Proposed regs. govern reporting and claiming qualified tuition and related expenses
The IRS is proposing to amend the rules governing eligibility to claim a deduction or credit for eligible education expenses to conform them to recent legislative changes.
Line items
TIGTA: Improper hobby losses often overlooked … Treasury cracks IRS impersonation phone scams … Automatic method changes updated
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