This article reviews how some scholarships might be considered taxable income to a student.
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TOPICS
Individuals
Determining what is a separate trade or business for Sec. 199A purposes
This item discusses the general factors courts and the IRS have considered in determining whether a taxpayer is engaged in more than one trade or
business.
IRS issues more proposed regs. on qualified opportunity funds
The regulations define the term “substantially all,” the definition of which was reserved in the earlier proposed regulations issued in October 2018.
The marriage tax penalty post-TCJA
In many instances, married taxpayers are subject to a “marriage tax penalty,” paying more in federal income tax than they would if they were unmarried. This article examines the current state of the marriage tax penalty after the changes made by the TCJA.
IRS applies tax benefit rule to state and local tax refunds
The IRS issued guidance on the tax treatment of state and local refunds now that taxpayers are limited to a $10,000 deduction on their individual tax returns.
IRS issues draft of revised Form W-4 for 2020
The new draft form, which has been extensively redesigned, is intended to simplify the calculation of income tax withholding after the changes made by the law known as the Tax Cuts and Jobs Act.
Taxation of sexual harassment settlements post-TCJA
Because of the considerable tax consequences, the new law will encourage plaintiffs and defendants to refrain from including a nondisclosure agreement in their sexual harassment settlements.
IRS changes maximum-vehicle-value rule
The IRS revised its maximum-vehicle-value rule for personal use of an employer-provided vehicle for 2019 for both the cents-per-mile rule and the fleet-average-valuation rule.
Simplifying the Rube Goldberg tax code
Similar to a Rube Goldberg contraption, the Internal Revenue Code is needlessly complex. Here are a few ideas for simplification and a request for readers to suggest others.
New limitation on excess business losses
The TCJA amended Sec. 461 to include a subsection (l), which disallows excess business losses of noncorporate taxpayers if the amount of the loss is in excess of $250,000 ($500,000 in the case of a joint return).
Key tax reform provisions affecting sports franchises
This discussion focuses on two notable business provisions in the TCJA affecting sports franchises: new like-kind exchange provisions under Sec. 1031 and the QBI deduction under Sec. 199A.
Opportunities beckon in new qualified opportunity zones
With their prospects for deferral or even exclusion of gains from certain investments in them, the newly created qualified opportunity zones offer an intriguing tax planning option for investors and a potential boon for distressed communities.
Sec. 199A and the aggregation of trades or businesses
Aggregation may allow a taxpayer to claim a greater QBI deduction than if the wages and capital limitation was applied separately.
Computing qualified W-2 wages for Sec. 199A purposes
Computing total W-2 wages under Sec. 199A appears daunting, in part because three possible methods are available to do so.
Flip the tax return with a professor-prepared tax return
Now that IRS forms have been created to reflect the changes of the TCJA, a professor-prepared
tax return assignment gives faculty an opportunity
to introduce their students to new tax law complexities.
REIT dividends and PTP income under Prop. Regs. Sec. 1.199A-3(d)
Dividends from REITs and income from PTPs generally qualify for the 20% deduction.
Minimizing federal income tax on trusts under the TCJA
The disparate tax treatment between trusts and individuals has grown even more pronounced than it was before the TCJA was enacted.
Has the TCJA changed the definition of a dependent for children with special needs?
This article provides an overview of the rules defining a dependent and addresses the issue of a child’s receipt of Supplemental Security Income.
More proposed regs. on qualified opportunity funds issued
The regulations define the term “substantially all,” the definition of which was reserved in the earlier proposed regulations issued in October 2018.
Tax consequences for professional athletes in 2018
Proper advance planning is imperative to maximize the benefits of the TCJA provisions.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
