Gross Income

Individual Tax Report

This article covers recent developments in individual taxation. The items are arranged in Code section order.

IRS Illustrates Employee Reimbursement Plans

The IRS has described four situations where employers have recharacterized taxable wages as nontaxable business expense reimbursements and has ruled on whether these arrangements satisfy the business connection requirement of the accountable plan rules.

Who Can or Must File a Form 1099-C?

With taxpayers and businesses defaulting on credit and loans, tax advisers may consider whether their clients should issue a Form 1099-C for a bad debt.

Prop. Regs. Provide Guidance on Meals and Entertainment Expenditures

Proposed regulations clarify the definition of a reimbursement or other expense allowance arrangement and provide guidance on the applicability of the Sec. 274(e)(3) exception under various circumstances including employer/employee, two-party, and multiparty arrangements.

Newsletter Articles

SPONSORED REPORT

States look to unclaimed property for revenue

State audits of abandoned and unclaimed property (AUP) have exploded in recent years. This report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.

DEDUCTIONS

Understanding the new Sec. 199A business income deduction

The new deduction allows certain business owners to keep pace with the significant corporate tax cut provided by the Tax Cuts and Jobs Act.