The IRS issued per-diem rates for use in substantiating business expenses taxpayers incur while traveling away from home.
Advertisement
TOPICS / INDIVIDUALS
Deductions
Charities Would Be Permitted to Issue Information Returns to Donors
Charities will be allowed to file information returns instead of providing contemporaneous written acknowledgment of charitable donations under proposed regulations issued by the IRS.
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.
Ninth Circuit Holds Mortgage-Interest Deduction Applies on a Per-Taxpayer Basis
Unmarried co-owners of two qualified residences each qualified for mortgage-interest deductions on up to $1.1 million of acquisition indebtedness the Ninth Circuit Court of Appeals held.
Charitable Deduction Not Allowed for Conveyance of Land Preservation Easement
The Tax Court held that taxpayers were not entitled to a charitable deduction for conveying a land preservation easement on their farm to a county to secure the county’s permission to sell development rights related to the property to a third party.
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.
Maximizing Individuals’ Deductions for Startup Expenses
Sec. 195 allows taxpayers to deduct business startup costs that would be deductible under Sec. 162 if they were incurred in a trade or business.
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.
Employees Can Deduct Expenses for Local Lodging
Regulations the IRS issued finalize rules allowing employees to deduct certain expenses paid or incurred for local lodging as business expenses.
2014–2015 Per Diem Rates for Business-Related Travel
The IRS issued its annual update of special per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home in 2014 and 2015.
Final Regs. Allow Deduction for Local Lodging Expenses
Regulations finalize rules the IRS put into effect in 2012 allowing employees to deduct certain expenses paid or incurred for local lodging as business expenses.
Special Per Diem Rates Issued for 2014–2015 Travel Expenses
The IRS issued its annual update of special per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home in 2014 and 2015.
Simplified Home Office Deduction: When Does It Benefit Taxpayers?
Many taxpayers will adopt the IRS’s new simplified method of calculating home-office deductions, but there are certain instances where simpler may not be better.
TIGTA Finds $2.3 Billion Alimony Tax Gap
The discrepancies between alimony income reported by taxpayers and alimony deductions claimed resulted in $2.3 billion in excess deductions in 2010, TIGTA reported.
Automobile Depreciation Limits Issued for 2014
The IRS issued the 2014 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F.
Individual Taxation: Digest of Recent Developments: Part II
This is the second of a two-part article covering recent developments affecting taxation of individuals, including regulations, cases, and IRS guidance.
Gambler’s Luck Turns in Second Trip to Tax Court
A taxpayer who consistently lost money playing the slots at two casinos in California was found not to have an actual and honest profit objective and could not deduct her gambling losses on Schedule C.
Individual Taxation: Digest of Recent Developments: Part I
This article is Part I of a two-part article covering recent developments affecting taxation of individuals, including regulations, cases, and IRS guidance.
2014 Standard Mileage Rates Go Down
The optional standard mileage rates for use of a vehicle have gone down by one-half cent per mile for 2014.
employee benefits & pensions
Profits interests: The most tax-efficient equity grant to employees
By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.
