Individual Income Tax

TOPICS / INDIVIDUALS

September 1, 2018

Personal casualty losses from natural disasters

This article discusses calculating and reporting the deduction for losses related to residential property and other nonbusiness property from natural disasters for federal tax purposes.

September 1, 2018

Recent developments in individual taxation

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.

August 1, 2018

Tuition waiver benefit related to past employment includible in 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.

August 1, 2018

Basis issues in cryptocurrency

For investors, cryptocurrency will be regarded as a capital asset, so a key component of correctly determining the tax treatment of a cryptocurrency investment will be establishing its basis.

August 1, 2018

The receipt and redemption of rewards program points: Tax and reporting implications

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.

August 1, 2018

Interest recharacterization rules for ‘self-charged interest’

Interest recharacterization rules under Regs. Sec.
1.1411-4(g)(5) can minimize clients’ exposure to the net investment income tax.

July 1, 2018

Reality check: Virtual currency and its tax ramifications

This article describes a few key aspects of virtual currency phenomena, their tax ramifications, and what tax practitioners need to know about them.

June 1, 2018

Tax treatment of individual owners of bitcoin and other virtual currencies held for personal use or investment

Tax preparers will need to be proactive in helping their clients identify and report any potentially taxable transactions.

May 1, 2018

Qualified equity grants: A welcome alternative for startup companies

The Tax Cuts and Jobs Act provides an alternative designed to help ease the burden on employees receiving stock.

May 1, 2018

Gravel mined on Seneca land is not exempt from tax

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.

May 1, 2018

Counterintuitive tax planning: Increasing taxable scholarship income to reduce taxes

This article discusses the potential benefit of choosing to include scholarships or grants in income.

March 8, 2018

The physical presence test for excluding foreign earned income

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.

March 1, 2018

Individual taxation: Report of recent developments

This article is a semiannual review of developments
in individual federal taxation, including issues of alimony, trade or business expenses, and recognition of loss.

February 1, 2018

No gain on the extension of a prepaid forward contract

This item summarizes the current law and discusses
the facts and analysis in a recent case.

January 11, 2018

IRS closer to obtaining virtual currency records

The IRS continues to press for greater tax compliance in the virtual currency arena.

January 1, 2018

Court rules mortgage broker is not real estate professional, passive activity rules apply

The IRS and taxpayers have struggled with what constitutes a real property trade or business.

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