Salesman’s termination payment held not for goodwill
The Tax Court also denies capital gain treatment but allows business deductions for a taxpayer's subsequent shooting activity.
Individual Income Taxation
Maximizing the higher education tax credits
A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.
Sec. 199A: Regulations shed light on QBI deduction
For the first time this tax season, many taxpayers will be claiming the Sec. 199A deduction, which provides a deduction for 20% of qualified business income.
Qualified business income deduction regs. and other guidance issued
The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.
Some individual taxpayers get relief from underpayment penalty
The relief applies to individuals whose tax withheld and estimated tax payments equal at least 85% of the tax shown on their 2018 tax return.
IRS announces Free File launch
The IRS announced that its Free File program, which provides free electronic filing options to moderate-income taxpayers, opened Jan. 11 and will operate through Oct. 15.
Tackling TCJA changes this tax season
An altered landscape awaits CPA preparers and their clients.
Filing season quick guide — tax year 2018
Download our annual quick guide, a tax season reference highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.
Meals continue to be deductible under IRS guidance
Advance guidance clarifies that the TCJA's disallowance of deductions for entertainment, amusement, or recreation does not address business meals.
Church members’ donations to minister are denied gift treatment
Objective evidence indicates donors' intent was to provide compensation, the Tax Court holds.
2019 standard mileage rates announced
The IRS released guidance on the standard mileage rate for business, medical and certain moving expenses incurred in 2019.
Tax Court grants innocent spouse relief from taxes on embezzled funds
The taxpayer's subsequent knowledge of the embezzlement prevents relief for a second tax year.
The TCJA and foreign real property taxes
Despite the repeal of an itemized deduction for foreign real property taxes, some benefit may still be available to certain U.S. taxpayers living and working overseas.
Schoolteacher’s failure to file FBAR results in $800,000 penalty
The Court of Federal Claims holds that actions and failure to inquire into reporting requirements for a foreign account by a taxpayer who had made a 'quiet disclosure' showed willfulness.
Social Security wage base set for 2019
The Social Security Administration said that the amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax for 2019 will be $132,900, increased from 2018’s maximum of $128,400.
Final rules govern adequate substantiation for charitable contributions
The regulations also contain new definitions of qualified appraisals and qualified appraisers for noncash contributions.
Understanding the new kiddie tax: Additional examples
Examples of how the tax owed for children subject to the kiddie tax can change from 2017 to 2018.
Understanding the new kiddie tax
The Tax Cuts and Jobs Act made significant changes to the kiddie tax. See how the tax is determined under the new rules.
How the suspension of personal exemptions affects health-care-related provisions
IRS guidance clarifies what it means to claim a personal exemption deduction.
Meals continue to be deductible under new IRS guidance
The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.
