The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.
Individual Income Taxation
On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts.
If taxpayers disagree with an IRS audit, they have 30 days to prepare an IRS protest. Find out how to win at IRS Appeals.
Download and print this tax season reference highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.
The final regulations allow more time to make the election.
Payments to a pastor did not qualify to be excluded from income as a parsonage allowance or as nontaxable gifts.
Annette Nellen, Esq., CPA, CGMA, walks us through four recent decisions by the U.S. Tax Court to show how the precise application of a word or phrase can make a world of difference.
The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs).
The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims.
The Fifth Circuit held that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero.
The IRS issued additional rules on the treatment of deductions for charitable contributions in lieu of state and local taxes, an area in which it has already issued final regulations and other guidance.
As it does every year, the IRS extended the due date to furnish certain health care information statements to individual taxpayers to March 2, 2020.
An earlier notice's proposed rules are finalized with revisions and clarifications.
The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling using the per-diem rates.
The IRS updated its rules concerning the use of standard mileage rates and to reflect the current suspension of miscellaneous itemized deductions and moving expense deductions.
A recent law change invites new strategies.
The difference resulted in $248 million of tax underreporting.
The IRS finalized regulations permitting taxpayers to deduct disaster losses in the prior tax year and removed the related temporary regulations that were issued in 2016.
The IRS ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer does not receive units of a new cryptocurrency, but does have gross income as a result of an airdrop of new cryptocurrency after a hard fork if the taxpayer receives units of the new cryptocurrency.
The bank deposit method supports an IRS underpayment assessment.