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.
Individual Income Taxation
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.
When a qualified retirement plan account holds employer stock, a retirement plan participant could save thousands of dollars with proper planning.
Careful and thoughtful advanced planning can result in substantial tax savings.
This item addresses issues regarding the treatment of both taxable and nontaxable income, taxability of housing options, filing considerations, and the impact of the Servicemembers Civil Relief Act.
This item focuses on the pitfalls and potential opportunities to consider in the illiquid marital estate arena.
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.
Proper planning may allow this tax to be deferred, reduced, or, in some cases, avoided completely.
Tax Court ruled that couple could deduct passive losses from their rental real estate activities because they met the real estate professional and material participation rules.