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TOPICS
Individuals
How the suspension of personal exemptions affects health-care-related provisions
IRS guidance clarifies what it means to claim a personal exemption deduction.
Meals continue to be deductible under new IRS guidance
The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.
Tax reform: Individual taxpayers and the Sec. 962 election
The new “repatriation tax” under the TCJA may cause individual partners and shareholders of flowthrough entities to obtain a deferred tax rate benefit by making this election.
IRS proposes rules for Sec. 199A qualified business income deduction
The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.
Filing ‘optional’ partnership return costly
Married couples in business together can elect qualified joint venture status to avoid partnership filing requirements.
Sale of improved land: Capital or ordinary gain?
In certain situations, a taxpayer may be able to
claim capital gain treatment, even if the taxpayer
subdivides the real property into lots and actively tries to sell the parcels.
Five types of interest expense, three sets of new rules
This article provides an overview of the rules that apply to each type of interest after the passage of the TCJA.
IRS issues final rules on adequate substantiation of charitable contributions
Final regulations address how taxpayers can comply with the requirements for adequate substantiation of charitable contributions of money or property.
Inflated charitable contribution deduction denied
A taxpayer could not deduct the original sales price
of clothing donated to charity when the clothing was bought at a discount.
Damages and interest from stray voltage suit are ordinary income
A jury award of tort damages plus interest was ordinary income, and the interest award was subject to self-employment tax.
Small businesses and related-party transactions
A recent Tax Court case highlights pitfalls frequently encountered by small businesses that engage in related-party transactions without appropriate planning.
IRS issues 2018–2019 per-diem rates
The IRS issued its annual update of the special per-diem rates for business travel away from home from Oct. 1, 2018, through Sept. 30, 2019.
Draft 2019 Form W-4 released
The IRS released a draft Form W-4, Employee’s Withholding Allowance Certificate, and its instructions, for individual taxpayers to use to determine their income tax withholding for 2019.
Personal casualty losses from natural disasters
This article discusses calculating and reporting the deduction for losses related to residential property and other nonbusiness property from natural disasters for federal tax purposes.
IRS releases revised draft 2018 Form 1040
The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines.
Recent developments in individual taxation
This semiannual review covers changes made by the TCJA, cases and guidance involving hobby losses, qualifying as a real estate professional, innocent spouse relief, and other key topics affecting individuals.
New form may simplify tax compliance for seniors
Form 1040SR would be similar to Form 1040EZ, except that anybody age 65 and older may use it.
Deemed personal exemption amount introduced for various tax benefits
The IRS issued guidance on how it intends to interpret the exemption amount in tax years 2018 through 2025 in determining who is a qualifying relative for purposes of the various Code provisions that refer to the definition of a dependent in Sec. 152.
Qualified business income deduction regs. proposed
The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.
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.
