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.
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.
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 issued its annual revenue procedure containing inflation-adjusted amounts for the 2017 tax year, affecting over 50 Code provisions, as well as the new tax rate tables for individuals and estates and trusts.
The SSA announced that the maximum amount of earnings subject to the Social Security tax will increase by more than 7% in 2017, after remaining flat in 2016.
The IRS issued regulations giving taxpayers in federally declared disaster areas more time to elect to take a disaster loss on their prior year’s federal income tax return.
Legislation excluding prize money earned by Olympians and Paralympians from gross income was signed into law.
The IRS issued its annual updates of per-diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home on or after Oct. 1.
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.
The IRS is proposing to amend the rules governing eligibility to claim a deduction or credit for eligible education expenses to conform them to recent legislative changes.
The IRS finalized proposed regulations issued last year intended to make it easier for taxpayers to file their returns electronically by no longer requiring taxpayers making a Sec. 83(b) election to include a copy of the election statement with their tax return.
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.
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.
The IRS issued a ruling explaining when a taxpayer can exclude cancellation-of-debt income for debt forgiven in connection with property held in a real property trade or business.
The Eleventh Circuit Court of Appeals held that payments a retired Mary Kay sales consultant received from the cosmetics company were subject to self-employment taxes because they were payments of deferred compensation.
The IRS issued the inflation-adjusted figures for calendar year 2017 for the annual contribution limits for health savings accounts.
Provisions of the Protecting Americans From Tax Hikes Act of 2015 changed the tax treatment of dispositions of investments in real property by foreign taxpayers.
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.