The IRS issued guidance on how it will treat individual income tax returns that do not indicate whether the taxpayers had health insurance coverage.
Individual Income Taxation
Tax-loss harvesting offers the potential for significantly increased after-tax returns.
This item explores the underlying federal income tax issues that accompany disregarded entities acting as borrowers in lending transactions.
Changes provided in the PATH Act allow a much larger pool of potential credits than had been previously available.
The new exam will increase emphasis on the higher levels of Bloom’s Taxonomy, such as analysis and application, and reduce emphasis on remembering and understanding.
The IRS finalized a proposed rule eliminating the three-year testing period for determining when debt was discharged for cancellation of debt information reporting purposes.
The IRS has launched an online tool that allows individuals to check their tax account balances online.
The IRS proposed changes to various rules affecting dependents, including changing its position on when taxpayers count as “childless” for purposes of the earned income tax credit.
The IRS released its annual notice containing the 2017 inflation-adjusted amounts for the maximum vehicle values to determine the amount that is included in employees’ income for personal use of an employer-provided vehicle.
The United States Appreciation for Olympians and Paralympians Act of 2016 excludes the value of medals or prize money received from the United States Olympic Committee.
The wife of a partial owner of a corporation that owned a restaurant signed payroll checks yet was determined to be not a responsible person for purposes of the Sec. 6672 trust fund penalty.
Tax Court held that royalties received by an S corporation under a license agreement are taxable as ordinary income to the S corporation’s individual shareholder.
This item discusses rules for carryovers, knowing how they affect taxpayers, and being prepared to discuss potential tax saving opportunities.
IRS issued the annual inflation adjustments for 2017 for more than 50 tax provisions as well as the 2017 tax rate tables for individuals and estates and trusts.
Veterans with combat-related injuries will get relief from improperly withheld taxes under legislation signed into law by President Barack Obama.
The expiring provisions include tax incentives for individuals and businesses, as well as several energy provisions.
The IRS issued the 2017 standard mileage rates for determining the deductible costs for operating a vehicle for business, medical, charitable or moving purposes.
Mortgage interest limitation is meant to apply on a “per-taxpayer” basis, rather than on a “per-residence” basis.
Many clients making modifications to make homes more accessible may qualify for valuable home improvement medical expense deductions.
The IRS will treat a QTIP election as valid in certain situations, including where an executor of an estate makes a portability election to transfer the decedent’s unused applicable exclusion amount.