Individual Income Taxation

TOPICS

December 17, 2020

The role of family CPAs in IRS tax controversies

This article focuses on the role of family CPAs in IRS collection matters.

December 8, 2020

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.

December 3, 2020

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.

December 1, 2020

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.

December 1, 2020

QBI deduction: Interaction with various Code provisions

This discussion focuses on how Sec. 1231 and various loss disallowance provisions affect the QBI deduction.

December 1, 2020

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.

December 1, 2020

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.

December 1, 2020

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.

December 1, 2020

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.

December 1, 2020

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.

December 1, 2020

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.

December 1, 2020

Investments in qualified small business stock

The Code provides favorable treatment for gains from investing in small business stock under Sec. 1202.

December 1, 2020

Changes to charitable giving rules for 2020

There is a unique opportunity this year for clients
with charitable contribution carryforwards to 2020.

November 16, 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.

November 3, 2020

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.

November 1, 2020