Credits
The IRS said it would not require taxpayers who received excess advance premium tax credits for 2020 to file Form 8962, Premium Tax Credit, after the American Rescue Plan Act retroactively exempted those amounts from being taxed.
Certified historic buildings continue to qualify for a credit equal to 20% of QREs, but now the credit must be claimed ratably over a five-year period.
This article looks at recent academic research of interest to tax practitioners.
The stimulus bill passed by the House contains many tax provisions, including a new round of economic stimulus payments, tax credits for COBRA continuation coverage, and expansions of the child tax credit, the earned income credit, and the child and dependent care credit.
Tax preparers can help taxpayers claim the recovery rebate on 2020 returns.
The IRS provided guidance regarding limitations on the deductibility of charitable contributions made in exchange for state and local tax credits.
This item discusses IRS regulations on rehabilitation credits for historic buildings.
This article examines planning issues when a student is a young child whose parents are saving for college and when the student is a young adult paying for college.
The IRS makes clear in final regulations that the health care premium tax credit calculation is unaffected by the personal exemption decrease to zero.
This semiannual update of recent developments in the area of individual taxation includes cases on conservation easements, discharge of student loan debt, net operating loss deductions, and real estate professional status.
The CARES Act enacted a recovery rebate tax credit to help individual taxpayers through the economic disruption caused by the coronavirus pandemic. This article discusses strategies to lower a taxpayer’s 2020 AGI to avoid a phaseout of the credit and other strategies for maximizing the credit a taxpayer receives.
The IRS issued proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction under Sec. 151 to zero.
The IRS issued a new form and instructions for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic.
The IRS issued long-promised proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction under Sec. 151 to zero.
The IRS issued a new form and instructions for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic.
The IRS has issued guidance on these payments, which it calls “economic impact payments,” and says they generally will be direct-deposited to most qualifying taxpayers’ bank accounts in the next three weeks without taxpayers having to do anything.
This article is a semiannual review of recent developments in individual federal taxation, covering cases, rulings, and guidance on a variety of topics.
To determine the IRS’s likely treatment, an analysis is necessary of two Code sections that address energy credits: Sec. 25D and Sec. 48.
This article provides an overview of the rules defining a dependent and addresses the issue of a child’s receipt of Supplemental Security Income.
This semiannual update on current developments in the area of individual taxation includes a number of cases on material participation, hobby losses, charitable contributions, the Sec. 199A regulations, and several other important areas.
