Individual Income Tax

TOPICS / INDIVIDUALS

August 17, 2017

Tax treatment of loans from hospitals to newly recruited physicians

The loans may be recharacterized as compensation, which can trigger unexpected income and payroll taxes for the doctor.

April 1, 2017

Tax issues for nontraditional households

This article explores the income tax issues that arise from owning or living in a home with a person other than a spouse.

March 1, 2017

Current Developments in Taxation of Individuals

A number of recent significant developments affect
taxation of individuals.

March 1, 2017

Navigating the Real Estate Professional Rules

This article lays out the steps for determining whether a taxpayer qualifies as a real estate professional.

March 1, 2017

Tax Court Takes a Scalpel to Surgeon’s Passive Loss Deductions

Court rejected doctor’s deduction of passive activity losses carried forward from the years when he treated
the interest as a nonpassive activity.

February 16, 2017

Reexamining tax-loss harvesting: Better results through enhanced understanding

Tax-loss harvesting offers the potential for significantly increased after-tax returns.

February 1, 2017

Recourse vs. Nonrecourse Indebtedness: Implications for Disregarded Entities Under Sec. 108

This item explores the underlying federal income tax issues that accompany disregarded entities acting as
borrowers in lending transactions.

February 1, 2017

COD Reporting No Longer Triggered by Three-Year Nonpayment Period

The IRS finalized a proposed rule eliminating the three-year testing period for determining when debt was discharged for cancellation of debt information reporting purposes.

January 9, 2017

Inflation Adjustments for 2017 Issued for Employer-Provided Vehicles

The IRS released its annual notice containing the 2017 inflation-adjusted amounts for the maximum vehicle values to determine the amount that is included in employees’ income for personal use of an employer-provided vehicle.

January 1, 2017

Prize Money Exempt From Federal Tax

The United States Appreciation for Olympians and
Paralympians Act of 2016 excludes the value of medals or prize money received from the United States Olympic Committee.

January 1, 2017

Royalties on Pharmaceutical Technology Taxable as Ordinary Income, Tax Court Holds

Tax Court held that royalties received by an S corporation under a license agreement are taxable as ordinary income to the S corporation’s individual shareholder.

November 10, 2016

Final Rules Remove 3-Year Nonpayment Testing Period for COD Reporting

The IRS finalized a proposed rule eliminating the three-year testing period for determining when debt was discharged for cancellation of debt information reporting purposes.

November 1, 2016

Payments Under State’s In-Home Supportive Care Programs Can Be Excluded From Gross Income

The IRS ruled payments made under a state’s
in-home supportive care programs should be treated as difficulty-of-care payments excludable from the gross income of the care provider.

November 1, 2016

Tax Court Rules in Favor of Taxpayers in Passive Activity Loss Case

Tax Court ruled that couple could deduct passive losses from their rental real estate activities because they met the real estate professional
and material participation rules.

November 1, 2016

Net Investment Income Tax: How Does It Affect You?

Proper planning may allow this tax to be deferred, reduced, or, in some cases, avoided completely.

October 13, 2016

New Rules Allow More Time to Elect to Take Disaster Loss in Prior Year

The IRS issued regulations giving taxpayers in federally declared disaster areas more time to elect to take a disaster loss on their prior year’s federal income tax return.

October 10, 2016

Olympic Tax Break Enacted

Legislation excluding prize money earned by Olympians and Paralympians from gross income was signed into law.

October 1, 2016

Tax Relief for Executive Compensation Clawbacks Under Proposed Dodd-Frank Rules

This article discusses difficult tax problems faced by executive officers whose compensation is clawed back and the limited availability of relief under Sec. 1341.

October 1, 2016

Taxation of Gambling

Forms W-2G do not necessarily capture all of a taxpayer’s gambling winnings and losses for the year.

September 1, 2016

Guidance Issued on New Exclusion for Wrongful Incarceration Damages

Wrongfully incarcerated individuals are now permitted to exclude from income civil damages, restitution, or other monetary award received as compensation.