Gross Income

Olympic Tax Break Enacted

Legislation excluding prize money earned by Olympians and Paralympians from gross income was signed into law.

Individual Tax Update

This article covers recent developments affecting taxation of individuals, including regulations, cases, and IRS guidance.

IRS Issues Sec. 409A Proposed Regulations

The IRS issued proposed regulations under Sec. 409A, which provides that if certain requirements are not met, amounts deferred under a nonqualified deferred compensation plan are currently includible in gross income.

FAQs Explain the Wrongful Incarceration Exclusion

A new law allows taxpayers to exclude from income money they receive to compensate them for being wrongfully incarcerated and to claim refunds for earlier tax years if they included such damages in income.

Tax Court No Help for Opportunist Girlfriend

Rescission doctrine did not allow a taxpayer to exclude from income $400,000 she received under a fraudulently induced agreement with her elderly boyfriend that she was later forced to repay.

Newsletter Articles

SPONSORED REPORT

Year-End Tax Planning and What’s New for 2016

A look at year-end tax planning strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.

PRACTICE MANAGEMENT

CPAs Contend With Tax ID Theft

Tax-related identity theft fraud remains a widespread problem that is often difficult for victims and their tax preparers to correct.