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TOPICS / INDIVIDUALS

Deductions

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.

Substantiating Expenses: All or Nothing

Without proper substantiation, no deduction is allowed for a Sec. 274(d) expense, even if the court believes that a legitimate expenditure was made.

TAX PRACTICE MANAGEMENT

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2025 tax software survey

AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.

Tax Clinic

IRS generally eliminates 5% safe harbor for determining beginning of construction for wind and solar projects

IRS proposes using NAICS to determine lines of business for certain fringe benefit exclusions

IRS rules that community trust and affiliated nonprofit corporation can file a single Form 990

Prop. regs. issued on new qualified tips deduction

IRS rules for first time that REIT’s income from markup on electricity from EV charging stations is rents from real property