Tax preparers can help taxpayers claim the recovery rebate on 2020 returns.
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TOPICS
Individuals
Donations to charities in exchange for SALT credits
The IRS provided guidance regarding limitations on the deductibility of charitable contributions made in exchange for state and local tax credits.
Many tax provisions appear in year-end coronavirus relief bill
The year-end coronavirus relief and spending bill passed by Congress includes many tax provisions, including pandemic-related relief, extensions of expired provisions, and a large number of miscellaneous items, including temporary 100% deductibility for business meals.
2021 standard mileage rates decrease
The IRS issued the 2021 standard mileage rates for use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The rates all decreased from 2021 to 2020.
The role of family CPAs in IRS tax controversies
This article focuses on the role of family CPAs in IRS collection matters.
Several tax provisions set to expire at end of 2020
Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified tuition and related expenses.
Final regulations on the meals and entertainment deduction
The IRS issued regulations to address the changes made to the meals and entertainment deduction under the TCJA.
Student loan debt: Tax and other considerations
This article examines the student loan burden in the United States, reviews programs designed to assist borrowers with repayment, and discusses debt forgiveness issues.
QBI deduction: Interaction with various Code provisions
This discussion focuses on how Sec. 1231 and various loss disallowance provisions affect the QBI deduction.
Demolished structures and qualified opportunity zones
Rev. Proc. 95-27 uses a two-part test to define whether the modification of a building, other than a certified historic structure, is a demolition for
purposes of Sec. 280B.
Return filed without IP PIN starts running of limitation period
A tax return filed without an IP PIN starts the running of the Sec. 6501(a) limitation period.
Deductions for meal and entertainment expenses
The IRS finalized rules disallowing deductions for most business entertainment expenses and distinguishing them from business food and beverage expenses that remain deductible.
Taxpayer not a shareholder of not-for-profit corporation
The president and a director of a not-for-profit is not its beneficial owner and cannot be a shareholder of it.
Final regulations govern income tax withholding rules after the TCJA
The IRS issued final regulations providing guidance on withholding federal income tax from employees’ wages under changes enacted in the TCJA.
Achieving a better life experience (ABLE) accounts rules finalized
Eligible individuals with disabilities received IRS guidance on rules regarding tax-favorable ABLE accounts to save money to meet qualified disability expenses.
Investments in qualified small business stock
The Code provides favorable treatment for gains from investing in small business stock under Sec. 1202.
Changes to charitable giving rules for 2020
There is a unique opportunity this year for clients
with charitable contribution carryforwards to 2020.
It’s a tough year for year-end tax planning
Advisers face the difficult task of helping clients plan for next year without knowing for certain which party will control the Senate.
IRS announces help with tax debt
The IRS said it was revising its procedures to help taxpayers who cannot pay their taxes because of the pandemic. The new program is called the Taxpayer Relief Initiative.
Using Instagram to connect with the social media generation
Accounting programs can adapt the social media platform Instagram to promote learning outside the
physical classroom.
INDIVIDUALS
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
