Individuals

Olympic Tax Break Enacted

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

Final Regulations Amend Definitions of Marriage

The IRS finalized proposed rules issued last October amending the definitions of marriage and husband and wife after the Supreme Court’s decision in Obergefell v. Hodges, which legalized same-sex marriages.

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.

President’s Budget Proposes Many Tax Changes

In addition to a proposed spending blueprint for the government, President Barack Obama’s proposed FY 2017 federal budget contains a wide variety of tax law changes that would affect individuals and businesses.

Newsletter Articles

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Get your clients ready for tax season

With the extended 2017 tax filing season drawing to a close, now is the time to get your practice and your clients ready for the 2018 season.

PRACTICE MANAGEMENT

2016 Best Article Award

The winners of The Tax Adviser’s 2016 Best Article Award are Edward Schnee, CPA, Ph.D., and W. Eugene Seago, J.D., Ph.D., for their article, “Taxation of Worthless and Abandoned Partnership Interests.”