Casualty losses and expenditures under Sec. 162 or 165
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.
Expenses & Deductions
Current U.S. tax incentives for higher education expenses
This article examines the requirements and limitations taxpayers face when seeking benefits of significant education-related income tax provisions.
The Sec. 199A qualified business income deduction and fiscal years
Taxpayers who receive income from fiscal-year passthrough entities need guidance on when to claim the new Sec. 199A deduction for qualified business income.
Individual taxation: Report of recent developments
This article is a semiannual review of developments in individual federal taxation, including issues of alimony, trade or business expenses, and recognition of loss.
English law applies in dispute over lump-sum alimony payment
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.
Individual entitled to bad debt deduction for loss on loans to business
Tax Court held that an individual was entitled to a bad debt deduction for loans he made to a business that subsequently went bankrupt.
What the tax reform bill means for individuals
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.
IRS issues 2018 standard mileage rates
The IRS issued the standard mileage rates for business, medical and moving expenses incurred in 2018.
A 2017 federal tax deduction for prepaying anticipated 2018 state income taxes? Not likely!
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.
Special per-diem rates for business travel are issued
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.
Adventures in alimony: No guaranteed tax deductions
Spousal support is not automatically deductible to the payer and taxable to the recipient unless it meets particular requirements.
What the House tax bill holds for individuals
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.
Cash advances fail to meet bona fide debt criteria
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.
IRS updates special per-diem rates for business travel
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.
Individual taxation report
This article is a semiannual review of recent developments in the area of individual taxation.
Tax Court allows full meal deduction for NHL team’s away games
Pregame meals provided to Boston Bruins players and personnel before away games qualify as a de minimis fringe benefit.
Reliance on tax software does not let taxpayer off the hook
A recent Tax Court case provides a cautionary tale for taxpayers who rely on do-it-yourself tax preparation software.
Contributions to HSAs
Deductible HSA contributions can be used to offset all forms of income.
Tax issues for nontraditional households
This article explores the income tax issues that arise from owning or living in a home with a person other than a spouse.
How to determine profit motive
This column examines two U.S. Tax Court cases addressing profit motive.
