The IRS issued its annual updates of per-diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1.
Individual Income Taxation
This article helps CPAs familiarize themselves with the rules surrounding inherited IRAs and the best ways to deal with these accounts.
Employers must follow complex rules to exclude employee discounts from taxable income.
The Tax Court holds the taxpayer's election was untimely.
The health care bill released by Senate Republicans on Thursday would retain the Affordable Care Act’s 3.8% net investment tax and the 0.9% Medicare surtax.
A married couple's interest in their retirement plan was not an asset for purposes of the COD insolvency test.
The Tax Court refuses to invalidate a separate return filed by the taxpayer's allegedly mentally ill wife.
Key features include a large reduction in the corporate tax rate, fewer and lower tax brackets for individuals, and a repeal of the estate tax and the alternative minimum tax.
See how to report income from Airbnb and similar “sharing economy” activities.
A taxpayer's IRA distributions result in additional gross income, an early withdrawal penalty, and an accuracy-related penalty.
Recalculations of transfers not qualifying solely because of the Defense of Marriage Act are not restricted by the statute of limitation.
The IRS announced that has taken down its tool for retrieving tax return data used to complete the Free Application for Federal Student Aid.
The draft proposals to repeal the Affordable Care Act released by House Republicans would make many tax changes if enacted. Here’s a look at their impact on the tax code.
The IRS announced that it will not reject tax returns just because a taxpayer has not indicated on the return whether the taxpayer had health insurance, was exempt, or made a shared-responsibility payment under Sec. 5000A.
The start of a new year allows clients to take a fresh look at their investment strategy.
Landowner's experience qualifies his appraisal as competent even though he is not a professional.
Rules would clarify the types of arrangements that may be currently taxable even while payments are deferred.
The IRS proposed changes to various rules affecting dependents, including changing its position on when taxpayers count as “childless” for purposes of the earned income tax credit.
Hurricane and flooding prompt the relief measure.
The annual marathon of forms, schedules, and worksheets is beginning once more. As CPAs and their staffs train and ready their equipment, they might add these reminders of what’s new and notable for 2016 returns.