This semiannual update on current developments in the area of individual taxation includes a number of cases on material participation, hobby losses, charitable contributions, the Sec. 199A regulations, and several other important areas.
Economic benefits from an S corporation’s payment of a premium on a life insurance policy were not includible in the shareholder/employee’s income.
Employer reimbursements made in 2018 of qualified moving expenses incurred prior to 2018 in connection with a move that occurred prior to Jan. 1, 2018, may be excluded from employees’ wages and gross income despite the suspension of the exclusion for tax years 2018 through 2025.
The IRS issued guidance outlining how to determine the amount of parking expense that is nondeductible under Sec. 274(a)(4) when employers provide parking for their employees.
The IRS issued initial guidance on the application of Sec. 83(i), which allows certain employees to defer recognition of income attributable to the receipt or vesting of qualified stock.
The new "repatriation tax" under the TCJA may cause individual partners and shareholders of flowthrough entities to obtain a deferred tax rate benefit by making this election.
A jury award of tort damages plus interest was ordinary income, and the interest award was subject to self-employment tax.
This semiannual review covers changes made by the TCJA, cases and guidance involving hobby losses, qualifying as a real estate professional, innocent spouse relief, and other key topics affecting individuals.
The taxation of frequent flyer miles and other points taxpayers receive from rewards programs is a vexing problem, involving questions of timing, amount, and reporting of income.
A laid-off university employee was not retired or disabled, therefore his use of tuition waivers that were part of his severance package resulted in taxable income to him.
The Tax Cuts and Jobs Act provides an alternative designed to help ease the burden on employees receiving stock.
This article discusses the potential benefit of choosing to include scholarships or grants in income.
Income from selling gravel mined on Seneca Nation land was not exempt from tax under two treaties between the United States and the Seneca Nation.
Under Sec. 911, a U.S. citizen whose tax home is in one or more foreign countries, who spends enough there, can exclude a certain amount of foreign earned income.
This article is a semiannual review of developments in individual federal taxation, including issues of alimony, trade or business expenses, and recognition of loss.
The IRS continues to press for greater tax compliance in the virtual currency arena.
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.
A taxpayer’s military disability retirement income was ruled excludable from his gross income.
This article is a semiannual review of recent developments in the area of individual taxation.
The loans may be recharacterized as compensation, which can trigger unexpected income and payroll taxes for the doctor.