Taxpayers who reasonably rely on FAQs posted by the Internal Revenue Service will have a reasonable-cause penalty defense under a new policy announced by the agency on Friday. The IRS will also keep original versions of FAQs on its site after it updates them.
Individual Income Taxation
The taxpayers did not properly claim an exemption, the court holds.
A taxpayer’s loss is disallowed based on the timing of a basis adjustment.
The allowances for determining deductions for lodging, meals, and incidental costs are slightly higher than before.
The AICPA recommended in a letter to Senate tax-writing leaders eight ways to improve the deduction for qualified business income under Sec. 199A.
Pandemic relief for 2021 also includes a temporary increase in the exclusion amount.
The IRS announced that is has added a new feature to its Child Tax Credit Update Portal to allow individuals to enter bank information so they can receive advance child tax credit payments by direct deposit.
Individuals working past age 65 who want to continue contributing to a health savings account need to carefully follow Medicare’s enrollment rules to avoid significant penalties.
The debtor's argument that a loan wasn't shown to have been used solely to pay higher education expenses is unavailing.
ARPA temporary measures are quantified in a revenue procedure.
The IRS explains which meals qualify for a temporary 100% expense deduction.
In the second installment of this year’s “Dirty Dozen” list of tax scams, the IRS warns taxpayers to be vigilant for fraudulent schemes in the form of emails, text or social media messages, and phone calls.
Hijacking of economic impact payments and unemployment checks are spotlighted in the IRS’s annual alert, which warns taxpayers of the most prevalent scams and schemes the Service has identified.
These new blockchain-created digital assets may be treated as intangibles for tax purposes, but a dearth of guidance leaves questions.
A new IRS online portal lets taxpayers unenroll from receiving advance payments of the 2021 child tax credit.
The US Supreme Court held that Texas and several other states lacked standing to sue over the constitutionality of the Sec. 5000A mandate that requires individuals to obtain minimum essential health coverage. The decision leaves the Affordable Care Act in place.
The IRS opened an online site that allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up to receive advance child tax credit (advance CTC) payments, which will begin July 15.
The IRS has posted two sets of FAQs that explain changes to the child and dependent care credit and to the sick and family leave credits made by the American Rescue Plan Act.
The Tax Court holds that the activity was a hobby of the taxpayer despite his farming experience.
The Tax Court estimates the taxpayer's losses exceeded his reported winnings.