Social Security wage base, COLA set for 2023

The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2023 and a cost-of-living adjustment (COLA) for Social Security benefits. The COLA is 8.7%.

Current developments in taxation of individuals

This semiannual update covers recent federal tax developments involving individuals, highlighting noteworthy IRS guidance and decisions of the Tax Court and other courts, as well as tax changes made by legislation.

Making the Sec. 83(i) election

Sec. 83(i) allows a qualified employee to defer income inclusion from the exercise of a restricted stock unit or option of the qualified stock of a nonpublicly traded corporation for up to five years from the date of vesting.

Tax Court rules on property basis reduction timing

The Tax Court held that a taxpayer was required to reduce the bases of depreciable real properties to calculate the basis adjustment necessary for determining the amount of the QRPBI discharge that may be excluded from income.

Individual tax update

This semiannual update surveys recent federal tax developments involving individuals.

IRS refunding taxes overpaid on unemployment benefits

To help taxpayers who might otherwise have been required to file amended income tax returns, the IRS announced that it will automatically issue to eligible taxpayers refunds of income tax paid on 2020 unemployment benefits.

Tax Insider Articles


Business meal deductions after the TCJA

This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction.


Quirks spurred by COVID-19 tax relief

This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.