Expenses & Deductions

Individual Tax Update

This article covers recent developments affecting taxation of individuals, including regulations, cases, and IRS guidance.

Health Savings Account Limits for 2017 Are Issued

The IRS issued the inflation-adjusted figures for the annual contribution limits for health savings accounts and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible plans.

Deducting Business Bad Debts

Planning that maximizes the business bad debt deduction can help minimize the taxpayer’s overall economic loss.

Casual Lender Not Allowed Bad Debt Deduction

A taxpayer who made high-interest loans to friends was not entitled to any bad debt deduction for a loan that went belly up because he did not prove that it was a business loan.

Directions in Individual Taxation

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.

Long-Haul Truck Driver Has No Tax Home

A long-haul truck driver who spent most of the time on the road did not have a tax home that would allow him to deduct his unreimbursed travel expenses because he was not away from home, the Tax Court held.

2015 Standard Mileage Rates Are Issued

Optional standard mileage rates for use of a vehicle have changed little for 2015, with the business use rate going up and the medical and moving rate going down.

Newsletter Articles

TECHNOLOGY

2018 tax software survey

Among CPA tax preparers, tax return preparation software generates often extensive and ardent discussion. To get through the rigors of tax season, they depend on their tax preparation software. Here’s how they rate the leading professional products.

DEDUCTIONS

Qualified business income deduction regs. and other guidance issued

The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.