Individual Income Tax Deductions

TOPICS / INDIVIDUALS

December 1, 2017

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.

November 3, 2017

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.

November 1, 2017

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.

September 26, 2017

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.

September 1, 2017

Individual taxation report

This article is a semiannual review of recent developments in the area of individual taxation.

September 1, 2017

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.

August 3, 2017

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.

August 1, 2017

Contributions to quasi-governmental public-private partnerships

This article describes the requirements for an organization to meet Sec. 115(1).

July 1, 2017

Contributions to HSAs

Deductible HSA contributions can be used to offset all forms of income.

April 1, 2017

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.

March 23, 2017

How to determine profit motive

This column examines two U.S. Tax Court cases addressing profit motive.

March 1, 2017

Current Developments in Taxation of Individuals

A number of recent significant developments affect
taxation of individuals.

January 19, 2017

IRS Proposes Changes to Rules for Dependents

The IRS proposed changes to various rules affecting dependents, including changing its position on when taxpayers count as “childless” for purposes of the earned income tax credit.

December 13, 2016

Standard Mileage Rates for 2017 Are Announced

The IRS issued the 2017 standard mileage rates for determining the deductible costs for operating a vehicle for business, medical, charitable or moving purposes.

December 1, 2016

IRS Agrees That Mortgage Interest Deduction Limit Applies on Per-Taxpayer Basis

Mortgage interest limitation is meant to apply on a “per-taxpayer” basis, rather than on a “per-residence” basis.

December 1, 2016

Tax Planning for Aging Clients: Medical Expense Deduction for Home Improvements

Many clients making modifications to make homes more accessible may qualify for valuable home improvement medical expense
deductions.

October 20, 2016

Form 8332 Challenges for Divorced Couples

When parents divorce without a meeting of the minds or a well-crafted agreement, issues can result as to who is entitled to the tax benefits from supporting their children.

October 1, 2016

IRS Proposes Rules for Reporting and Claiming Tuition Expenses

The IRS is proposing to amend the rules governing eligibility to claim a deduction or credit for eligible education expenses to conform them to recent legislative changes.

October 1, 2016

Tax Relief for Executive Compensation Clawbacks Under Proposed Dodd-Frank Rules

This article discusses difficult tax problems faced by executive officers whose compensation is clawed back and the limited availability of relief under Sec. 1341.

September 27, 2016

IRS Issues 2016–2017 Special Per-Diem Rates for Travel

The IRS issued its annual updates of per-diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home on or after Oct. 1.