Expenses & Deductions
This semiannual review covers changes made by the TCJA, cases and guidance involving hobby losses, qualifying as a real estate professional, innocent spouse relief, and other key topics affecting individuals.
The IRS issued guidance on how it intends to interpret the exemption amount in tax years 2018 through 2025 in determining who is a qualifying relative for purposes of the various Code provisions that refer to the definition of a dependent in Sec. 152.
The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.
The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
Four states have sued in U.S. district court, asking to invalidate the $10,000 limit on the deduction for state and local taxes enacted as part of last year’s tax overhaul.
This article addresses two common business expenses whose tax rules changed beginning Jan. 1, 2018.
Two Code provisions, Sec. 162 and Sec. 165, offer a potential deduction for a taxpayer who has property that has been damaged by a casualty.
This article examines the requirements and limitations taxpayers face when seeking benefits of significant education-related income tax provisions.
Taxpayers who receive income from fiscal-year passthrough entities need guidance on when to claim the new Sec. 199A deduction for qualified business income.
This article is a semiannual review of developments
in individual federal taxation, including issues of alimony, trade or business expenses, and recognition of loss.
The Tax Court found that in determining the deductibility of a lump-sum alimony payment, the laws of England applied where a taxpayer had married in New York but divorced in England.
Tax Court held that an individual was entitled to a bad debt deduction for loans he made to a business that subsequently went bankrupt.
The tax reform legislation that Congress will consider this week contains many provisions affecting individuals—and many changes from both the House and Senate bills.
The IRS issued the standard mileage rates for business, medical and moving expenses incurred in 2018.
In anticipation of the possible elimination or reduction of the state and local income tax deduction, some are suggesting that taxpayers should prepay their 2018 state taxes in 2017. Here’s why that probably won’t work.
The IRS issued its annual updates of per-diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1.
Spousal support is not automatically deductible to the payer and taxable to the recipient unless it meets particular requirements.
From new tax rates to fewer deductions, credits, and exclusions, the tax reform bill released by the House would have wide-ranging effects on the taxation of individuals.
A renowned scientist was not entitled to a bad debt deduction for advances he made to a health technology company because the advances were equity contributions rather than debt.
The IRS issued its annual updates of per-diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1.
Traps for the unwary: Tax Cuts and Jobs Act changes
Qualified business income deduction regs. and other guidance issued