The IRS said that COVID-19 testing and diagnostics are not minimum essential coverage under a government-sponsored program and therefore do not disqualify taxpayers from taking the Sec. 36B premium tax credit or Medicaid.
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TOPICS
Individuals
RIC shareholders get benefit on Sec. 199A
The IRS issued final regulations allowing regulated investment companies to report qualified real estate investment trust dividends as Sec. 199A dividends to their shareholders.
Taking business deduction for RV ends up costing taxpayers
Taking business expense deduction for RV is evidence
of commercial use in warranty dispute.
Coronavirus pandemic prompts IRS to extend deadlines, relax QOZ rules
In response to the COVID-19 pandemic, the IRS further postponed the 180-day deadline to invest in a qualified opportunity fund from July 15, 2020, to Dec. 31, 2020, extended other deadlines, and relaxed some qualified investment rules.
Recent developments in individual taxation
This semiannual update of recent developments in the area of individual taxation includes cases on conservation easements, discharge of student loan debt, net operating loss deductions, and real estate professional status.
Guidance issued on payroll tax deferral
The IRS issued guidance on the payroll tax deferral ordered by President Donald Trump on Aug. 8. The notice requires employers to withhold deferred taxes during the period from Jan. 1 to April 30, 2021.
IRS begins accepting e-filing of amended individual tax returns
The IRS said it had launched its eagerly awaited program to accept Forms 1040-X, Amended U.S. Individual Income Tax Return, electronically.
Recovery rebates: Tax planning pitfalls and opportunities
The CARES Act enacted a recovery rebate tax credit to help individual taxpayers through the economic disruption caused by the coronavirus pandemic. This article discusses strategies to lower a taxpayer’s 2020 AGI to avoid a phaseout of the credit and other strategies for maximizing the credit a taxpayer receives.
AICPA requests guidance on payroll tax deferral
The AICPA has asked Treasury and the IRS for guidance on the recently announced executive order that defers some employee payroll taxes that would be due between Sept. 1 and Dec. 31.
Final regs. issued on payments to charitable organizations
The IRS issued additional final regulations on payments made to charitable organizations in lieu of state and local tax credits.
Executive action delays workers’ payroll tax payments
President Donald Trump issued an presidential memorandum to defer the withholding, deposit, and payment of certain payroll taxes paid from Sept. 1 through Dec. 31, 2020.
Litigation support payments are income, not loans
Litigation support payments received by lawyer are
includible in gross income.
Remote signatures allowed temporarily on plan loan consents
In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.
When deductions are permitted for restitution payments
The IRS issued regulations explaining the allowance of deductions for certain fines and penalties under Sec. 162(f) as amended by the law known as the Tax Cuts and Jobs Act.
Premium tax credit rules issued in proposed form
The IRS issued proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction under Sec. 151 to zero.
IRS announces 2021 HSA limits
The IRS issued its annual inflation-adjusted contribution limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most of the amounts increased slightly over the 2020 amounts.
Practitioners can benefit from academic tax research
The findings of four recent research papers are distilled in this column.
IRS issues business interest expense limitation guidance
The IRS issued a package of related guidance on the business interest expense limitation enacted in the law known as the Tax Cuts and Jobs Act and amended by the CARES Act.
2020 depreciation limits for cars and trucks are issued
The IRS issued the 2020 limits on depreciation deductions for cars and trucks first placed in service in 2020 and the income inclusion amounts for passenger automobiles first leased in 2020.
Tax savings opportunities from the CARES Act
This article summarizes business and individual tax provisions of the CARES Act, emergency legislation designed to speed relief to employers and individuals who are struggling due to the COVID-
19 pandemic.
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.
