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.
This article covers recent significant developments affecting taxation of individuals, including legislative changes, cases, regulations, and other IRS guidance.
For 2009 and 2010, the American opportunity tax credit provides increased credit amounts for higher education expenses. This article discusses how taxpayers can best take advantage of the credit.
The Worker, Homeownership, and Business Assistance Act of 2009 contains a handful of tax provisions. These include changes to the first-time homebuyers’ credit, increased NOL carrybacks for small businesses, and mandatory e-filing for most tax return preparers.
The American Recovery and Reinvestment Act includes an expansion of the Hope scholarship credit that will provide additional support to many American families that have members attending post-secondary educational institutions. The expanded credit, called the American opportunity tax credit, modifies the existing Hope credit for tax years 2009 and 2010.
This article covers recent significant developments affecting taxation of individuals, including cases, IRS guidance, and legislative changes.
The IRS released a notice defining the terms “unemployed veteran” and “disconnected youth” for purposes of the Sec. 51 work opportunity tax credit.
The IRS has released a notice that defines the terms “unemployed veteran” and “disconnected youth” for purposes of the Sec. 51 work opportunity tax credit.
The IRS has provided guidance to manufacturers and consumers on satisfying the requirements of the residential energy-efficient property credit.
The IRS has issued Notice 2009-12, explaining how the Sec. 36 first-time homebuyer credit should be allocated between unmarried taxpayers who buy a principal residence together.
On July 30, 2008, the president signed into law the Housing Assistance Tax Act of 2008, containing tax provisions affecting homeowners and first-time homebuyers, as well as changes to the rules governing the low-income housing credit, tax-exempt bonds, and the alternative minimum tax (AMT).
This article covers recent developments affecting taxation of individuals, including legislation, regulations, and IRS guidance.
Effective for 2006, Congress provided a credit for alternative motor vehicles in an effort to reduce U.S. reliance on fossil fuels and imported oil.
Sec. 21 was enacted to provide families with a tax benefit to help them stay in the workplace—a nonrefundable child and dependent care tax credit for employment-related expenses for the care of certain qualifying individuals.
Editor: Michael D. Koppel, CPA, PFS Should a person’s imprisonment be considered a temporary absence from home for purposes of the residency requirement for the earned income credit (EIC)? The Tax Court recently held that a taxpayer’s jail confinement after her arrest but before her conviction was a temporary absence
The Service has issued final regulations on the Sec. 21 credit for child and dependent expenses (TD 9354). The final regulations adopt, with changes, proposed regulations that were released in May 2006 (REG-139059-02). The final regulations apply to tax years ending after August 14, 2007. Sec. 21 allows a credit
Editor: Kevin F. Reilly, J.D., CPA The work opportunity tax credit (WOTC) has been in existence for years; however, the Small Business and Work Oppor-tunity Tax Act of 2007, P.L. 110-28 (SBWOTA), expanded the definition of some of the target groups, creating tax incentives that will affect more clients than
Editor: Joel E. Ackerman, CPA, MST A growing number of individual taxpayers have been subject to tax under the alternative minimum tax (AMT). Sec. 53(a) provides a minimum tax credit (MTC) for AMT paid in prior years that was attributable to deferral adjustments. The MTC is carried forward to offset
Credits arising from passive activities are allowable only to the extent a shareholder’s regular tax liability is attributable to passive activities for the year. The tax attributable to passive activities is the difference between the: Shareholder’s regular tax liability under Sec. 26(b) based on all income (disregarding credits), and Regular