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.
The IRS issued proposed regulations for determining whether an eligible employer-sponsored health plan provides minimum value for purposes of the Sec. 36B health insurance premium tax credit.
The IRS issued two notices defining minimum essential coverage for purposes of the Sec. 36B premium tax credit and providing relief from the shared-responsibility penalty under Sec. 5000A for individuals covered by non-calendar year plans.
This article covers recent developments in individual taxation. The items are arranged in Code section order.
This article covers recent developments affecting individual taxation.
The emergence of online marketplaces and auction houses has provided a single point of contact for both sellers and buyers, making sales and purchases of transferable state tax credits more common.
The IRS issued final regulations governing the Sec. 36B health insurance premium tax credit enacted by 2010’s health care legislation.
This article covers recent developments affecting individual taxation. The items are arranged in Code section order
The Tax Court held that a married couple’s old house, which they continued to use while trying to sell it, qualified as a principal residence, and therefore they did not meet the timing requirement to qualify for a first-time homebuyer credit when they purchased a new house.
This article covers developments from the past year affecting taxation of individuals, including last year’s tax relief, health care, and small business legislation, regulations, cases, and IRS guidance.
The president signed into law the Three Percent Withholding Repeal and Job Creation Act.
Treasury has proposed revisions to the new market tax credit regulations to make the program more attractive to investors in non–real estate businesses in low-income communities.
The tax compliance of international students is now a more critical issue because of the partially refundable nature of the American opportunity tax credit.
The IRS released proposed regulations implementing the health insurance premium tax credit, which is effective starting in 2014.
The IRS announced that it is having problems processing tax returns that involve repayment of the Sec. 36 first-time homebuyer credit for 2008 home purchases.
The IRS issued interim guidance September 29 on the child adoption credit and income exclusion for employer reimbursements of adoption expenses, as expanded by the Patient Protection and Affordable Care Act.
The Homebuyer Assistance and Improvement Act extends the closing date deadline to qualify for the first-time homebuyer credit from June 30, 2010, to September 30, 2010.
The Homebuyer Assistance and Improvement Act of 2010 extends the closing date deadline to qualify for the first-time homebuyer credit under Sec. 36 to September 30, 2010.
An array of tax benefits are available to taxpayers, including income exclusions for educational assistance, scholarships, and distributions from qualified tuition plans and educational IRAs, as well as credits for tuition and certain education-related expenses and a deduction for tuition payments.
The Office of Chief Counsel (OCC) advised that the Sec. 6111 general interest rules applicable to overpayments of tax apply to the first-time homebuyer credit.