Individual Income Taxation

TOPICS

March 23, 2021

Tax filing postponement doesn’t go far enough, AICPA says

The IRS has postponed individual returns’ due date to May 17, but June 15 remains a more appropriate date for many reasons, the AICPA says.

March 17, 2021

IRS postpones April 15 deadline

The IRS announced that it is postponing the April 15 deadline for individual tax returns and payments. The postponement applies only to individual taxpayers. Formal guidance is expected in the near future.

March 11, 2021

American Rescue Plan Act passes with many tax components

The $1.9 trillion coronavirus relief bill contains many tax provisions, including changes to the child tax credit and many other credits, making certain unemployment benefits tax-free in 2020, and a $1,400 recovery rebate credit for many individuals.

March 1, 2021

No deduction for donation of house for deconstruction

Contribution of a house to a charity for deconstruction was not a donation of the taxpayers’ entire interest in the property.

March 1, 2021

Determining whether to file a joint return in the year of death

A surviving spouse has the option to file a joint return for the deceased spouse’s year of death, but several factors must be considered to determine if this is a good idea.

March 1, 2021

Tax provisions in the year-end coronavirus relief act

Pandemic relief, tax extenders, and much more were included in year-end legislation.

March 1, 2021

Developments in individual taxation

This semiannual update covers recent developments affecting individuals and discusses a number of pandemic-related developments.

February 27, 2021

Tax provisions in the American Rescue Plan Act

The stimulus bill passed by the House contains many tax provisions, including a new round of economic stimulus payments, tax credits for COBRA continuation coverage, and expansions of the child tax credit, the earned income credit, and the child and dependent care credit.

February 11, 2021

It is not too late for 2020 QOF tax deferral opportunities

This article discusses the applicable deadlines for individuals for investing in a QOF and obtaining tax deferral.

February 5, 2021

Eligible educators may deduct personal protective equipment expenses

The IRS issued guidance providing a safe harbor under which eligible educators who have unreimbursed expenses for personal protective equipment, disinfectant, and other supplies used to prevent the spread of COVID-19 in the classroom can deduct those expenses as educator expenses.

February 2, 2021

IRS requires corrected information returns for certain SBA loans

The IRS issued guidance requiring lenders who mistakenly sent Forms 1099-MISC reporting loan payments that are permitted to be excluded from the taxpayer’s gross income under the Consolidated Appropriations Act, 2021, to send corrected forms.

February 1, 2021

Refusal to pay court-ordered divorce settlement is not theft

An ex-spouse’s refusal to pay a divorce settlement award is not theft.

February 1, 2021

Final regs. provide guidance on TCJA changes to entertainment deduction rules

In general, food or beverage expenses paid or incurred while traveling for business are subject to the 50% limitation as well as the substantiation requirements described in Sec. 274(d).

January 29, 2021

Beware of identity theft scam involving unemployment benefits

The IRS warned taxpayers that identity thieves are fraudulently claiming state unemployment benefits using stolen taxpayer identities. Here is what taxpayers should do if they receive a Form 1099-G reporting state unemployment benefits they did not receive.

January 20, 2021