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.
The IRS issued the 2016 inflation-adjusted amounts for the maximum vehicle values for purposes of determining the amount that is included in employees’ income for personal use of an employer-provided vehicle.
The IRS announced that it is withdrawing proposed regulations released last September that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations.
The IRS warned that identity protection personal identification number (IP PIN) notices it has recently sent to victims of identity theft refer to the wrong tax year.
The law now allows taxpayers who receive coverage from a health insurance exchange to claim the Sec. 35 credit through 2015, but prohibits it after 2015.
The IRS issued the standard mileage rates for business use of an automobile and for driving for medical or moving purposes for 2016.
The Consolidated Appropriations Act introduced in Congress on Wednesday would extend a large number of expired tax provisions.
The highway funding bill passed by Congress includes provisions that will allow the government to revoke the passports of seriously delinquent tax debtors and will require the IRS to use third-party debt collectors.
The IRS announced that students who attended schools owned by Corinthian Colleges Inc. and whose debt is discharged under certain Department of Education programs will not have to recognize income on the discharged debt.
Among the changes are expanded rules on when the requesting spouse can be relieved of liability for penalties and interest.
The IRS announced that it will amend the definitions of “spouse,” “husband and wife,” and “marriage” in regulations to reflect the Supreme Court’s holdings in Obergefell and Windsor.
The IRS issued the annual inflation adjustments for 2016 for more than 50 tax provisions as well as the 2016 tax rate tables for individuals and estates and trusts.
The IRS issued per-diem rates for use in substantiating business expenses taxpayers incur while traveling away from home.
Charities will be allowed to file information returns instead of providing contemporaneous written acknowledgment of charitable donations under proposed regulations issued by the IRS.
Final regulations issued on Friday clarify the tax treatment of certain terminations of qualified hedging transactions under Sec. 988.
The announcement applies to anyone whose personal information may have been compromised in a data breach, including customers, employees, and others.
Unmarried co-owners of two qualified residences each qualified for mortgage-interest deductions on up to $1.1 million of acquisition indebtedness the Ninth Circuit Court of Appeals held.