Individual Income Taxation

TOPICS

May 1, 2019

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.

May 1, 2019

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.

May 1, 2019

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.

May 1, 2019

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.

May 1, 2019

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.

May 1, 2019

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.

April 25, 2019

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.

April 18, 2019

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.

April 17, 2019

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.

April 11, 2019

Tax consequences for professional athletes in 2018

Proper advance planning is imperative to maximize the benefits of the TCJA provisions.

April 1, 2019

Sec. 199A rental real estate activity safe harbor proposed

The IRS issued a proposed revenue procedure that would provide a safe harbor for taxpayers under which a rental real estate enterprise will be treated as a trade or business for purposes of the Sec. 199A deduction.

April 1, 2019

Qualified transportation fringe benefit and loss of deduction under tax reform

The IRS released Notice 2018-99 providing further guidance on determining the loss of the deduction under certain qualified parking fact patterns.

April 1, 2019

Exploring the undefined: Trade or business

A group of TCJA-related changes requires taxpayers to distinguish separate and specific types
of trades or businesses in order to take advantage of certain tax benefits.

April 1, 2019

Don’t let clients get grounded by a tax debt

CPAs can advise clients on the proper measures to take to address delinquent taxes so the debt does not result in a passport revocation.

April 1, 2019

Final regulations on Sec. 199A issued

The IRS issued final regulations on the QBI deduction under Sec. 199A and an anti-avoidance rule under Sec. 643 that will require multiple trusts to be treated as a single trust in certain cases.

April 1, 2019

Payments under broker agreement characterized as long-term capital gains

Payments made to a taxpayer under a broker agreement were payments for the rights to a patent owned by the taxpayer that were properly classified as long-term capital gains.

April 1, 2019

Involuntary conversion of a principal residence

Every year, many taxpayers’ principal residences are destroyed or taken through condemnation by the government. This article discusses the application of Secs. 121 and 1033 when a taxpayer suffers an involuntary conversion of a principal residence.

April 1, 2019

New proposed regulations on Sec. 199A

The IRS released new proposed regulations on the treatment under Sec. 199A of previously suspended losses, “Sec. 199A dividends” paid by a RIC, and the treatment of amounts received from split-interest trusts and CRTs.

April 1, 2019