Income
Filing rules for businesses owned by spouses contain several exceptions to the partnership filing rules, and this article discusses when the exceptions apply, how to implement them, and if they are worth the effort to elect.
An ‘outstanding practice’ combines personal financial planning with tax compliance to help clients maximize charitable deductions, provide solutions for difficult financial situations, avoid
capital gains tax, and create a family legacy.
This semiannual update of recent developments in the area of individual taxation includes cases on hobby losses, innocent-spouse relief, material participation in a business, discharge of indebtedness, and self-employment tax, as well as IRS guidance on charitable deductions, cryptocurrency, and other topics.
Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.
To facilitate the transition away from IBORs and minimize the resulting market disruption, the IRS
issued the proposed regulations with an aim of reducing associated tax uncertainty and taxpayer burden.
The IRS ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer does not receive units of a new cryptocurrency, but does have gross income as a result of an airdrop of new cryptocurrency after a hard fork if the taxpayer receives units of the new cryptocurrency.
The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs).
The QOZ program will generally require year-end action on the part of the fund managers.
Sec. 1400Z-2 offers three ways for a taxpayer to benefit from investing directly or via a passthrough entity in a qualified opportunity zone.
This article discusses what assets are treated as collectibles subject to the 28% rate, the netting process for collectibles gains and losses, how gains on the sale of collectibles are taxed, and practical strategies that taxpayers can use to lessen the impact of the 28% rate.
The Tax Court held that a taxpayer had materially participated in his business located in Chicago, despite
residing in Florida for the majority of several tax years.
Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.
The IRS issued proposed rules that provide maximum automobile values for the cents-per-mile and fleet-average valuation rules used to determine the amount to include in an employee’s gross income for personal use of an employer-provided vehicle.
Are gifts to clergy taxable income for federal income tax purposes? The answer involves a careful consideration of the surrounding circumstances.
The IRS ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer does not receive units of a new cryptocurrency, but does have gross income as a result of an airdrop of new cryptocurrency after a hard fork if the taxpayer receives units of the new cryptocurrency.
Because of a change in the TCJA, disposal of personal property and its exchange with other personal property of like kind is now a taxable event.
This article is a semiannual review of recent developments in individual federal taxation, covering cases, rulings, and guidance on a variety of topics.
Under new Sec. 163(j), business interest expense deductions are limited, and a business interest expense that is disallowed in the current year is
carried forward to the succeeding tax year.
The IRS issued proposed rules that provide maximum automobile values for the cents-per-mile and fleet-average valuation rules used to determine the amount to include in an employee’s gross income for personal use of an employer-provided vehicle.
This article provides an overview of the rules for determining the 180-day period to qualify for the full benefits of a qualified opportunity zone investment.
