The AICPA’s Tax Executive Committee sent a letter to the IRS, urging the Service to simplify the proposed draft 2019 Form W-4, Employee’s Withholding Allowance Certificate.
Individual Income Taxation
IRS guidance on the waiver of a dependency exemption remains significant with the newly enhanced child tax credit.
Targeted relief is undercut by new statutory limitations included in the Tax Cuts and Jobs Act.
The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines.
The IRS released a draft Form W-4, Employee’s Withholding Allowance Certificate, and its instructions, for individual taxpayers to use to determine their income tax withholding for 2019.
The Tax Court denies the taxpayers' claimed loss on the sale of their former home followed by an exclusion of cancellation-of-debt income.
The Tax Court holds that writing checks from funds distributed is not a transfer of an account interest incident to divorce.
The Tax Court holds that the treaty provisions apply to tribes, not individuals.
Middle-income taxpayers are more likely to have a greater benefit than before.
Annette Nellen, CPA, CGMA, Esq., chair of the AICPA Tax Executive Committee, outlines federal, state, and local tax obligations for clients involved in sharing economy activities.
The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
The IRS issued the inflation-adjusted contribution limits for 2019 for health savings accounts.
Consumers are seeking a primary point of contact to address the full scope of their financial needs.
Due diligence begins with one question you should be asking every client, according to Annette Nellen, CPA, CGMA, Esq.
The IRS announced it will allow taxpayers to treat $6,900 as the 2018 limit for deductible contributions to HSAs for individuals with family coverage.
The IRS has completed updating its online withholding calculator that individual taxpayers can use to determine how many withholding allowances they should claim for 2018.
Amounts received from online funding appeals for charitable causes or individual relief may qualify for exclusion from taxable income.
This little-known provision allows payments to be excludable from employees’ income and deductible by the employer.
The Service's narrowed request seeking unreported virtual currency transactions was made in 'good faith.'
Payment to the taxpayer's ex-wife was not alimony, as it would not have terminated upon her death under English law.