This article covers recent developments in the area of individual taxation arranged in Code section order.
Changes include new restrictions, penalties, and due diligence requirements for practitioners and affect the child tax credit, the American opportunity credit, and the EITC.
Understanding the limitations on the use of passive activity credits is a key element in providing sound tax advice to clients.
The Trade Preferences Extension Act of 2015, enacted on June 29, contains a few tax provisions in addition to the trade measures that were the focus of the bill.
This article covers recent developments in the area of individual taxation, including the treatment of support payments and IRA and qualified plan distributions, the Sec. 469 material participation rules, and the taxability of state economic development credits.
The Supreme Court upheld the availability of premium tax credits under the PPACA when they are provided through health exchanges run by the federal government.
Taxpayers can claim a residential energy-efficient property (REEP) tax credit for 30% of the cost of eligible solar water heaters, solar electricity property, fuel cell property, small wind energy property, and geothermal heat pump property (Sec. 25D).
IRS will provide automatic penalty relief for premium tax credit underpayments.
A taxpayer who meets certain requirements can claim the credit for expenses associated with geothermal heat pump property.
The IRS issued regulations and revenue procedures addressing how to calculate the Sec. 36B premium tax credit, including how the credit is calculated in conjunction with the Sec. 162(l) deduction for health insurance premiums of self-employed individuals.
On the same day, the D.C. Circuit and Fourth Circuit Courts of Appeals issued decisions on whether Regs. Sec. 1.36B-2(a)(1), which authorizes a premium tax credit for insurance purchased on health insurance exchanges established by the federal government, is a valid regulation.
IRS final regulations provide guidance on how small employers determine full-time-equivalent employees and average annual wages, how to calculate the credit, and what is a "qualifying arrangement" for purposes of the credit.
The IRS issued regulations and revenue procedures addressing how to calculate the Sec. 36B premium tax credit.
Two federal appellate courts issued conflicting decisions regarding the availability of the Sec. 36B premium tax credit for taxpayers who purchase health insurance on exchanges set up by the federal government.
Victims of domestic violence who are afraid or unable to contact their spouse to file a joint return may be able to claim the Sec. 36B health insurance premium tax credit using new procedures announced by the IRS.
This is the second of a two-part article covering recent developments affecting taxation of individuals, including regulations, cases, and IRS guidance.
Victims of domestic violence who are afraid or unable to contact their spouse to file a joint return may be able to claim the Sec. 36B premium tax credit using procedures announced by the IRS.
This article is Part I of a two-part article covering recent developments affecting taxation of individuals, including regulations, cases, and IRS guidance.
The federal district court for the District of Columbia held that the Sec. 36B premium tax credit is available to taxpayers who purchase health insurance through the 34 state health care exchanges that are run by the federal government.
Wednesday’s deal to fund the federal government through Jan. 15 and to extend the federal government’s borrowing authority through Feb. 7 in the end contained only one tax provision, making a minor change to 2010’s health care legislation.