Individual Income Taxation

TOPICS

June 13, 2025

Supreme Court: Tax Court lacks jurisdiction after removal of levy

Reversing the Third Circuit, the Court holds that the Tax Court lacked jurisdiction over a collection due process appeal of a levy once the taxpayer’s underlying tax liability was satisfied and the IRS removed the levy.

May 31, 2025

Tax planning for inpatriates

Individuals relocating to the United States may face an array of income tax and information reporting issues.

May 18, 2025

Reconciliation bill clears committee on second try

Sunday revote came after Republican fiscal hawks initially joined Democrats to sink the bill, which includes tax provisions approved by the House Ways and Means Committee last week.

May 18, 2025

Ways and Means approves proposed TCJA extensions and tax changes

The bill would make key portions of the TCJA permanent and create a new “senior bonus” deduction, among its many provisions. An AICPA statement said it is “deeply troubled” by the plan to curtail use of passthroughs to avoid SALT cap. The bill now heads to the House Budget Committee.

May 14, 2025

Incentives for solar power generation systems

Tax benefits are available to taxpayers who generate their own electricity from solar power generation systems whether the system is for personal or business use.

May 1, 2025

HSA inflation-adjusted maximum contribution amounts for 2026 announced

Rev. Proc. 2025-19 also includes the revised maximum amount that may be made newly available for excepted-benefit health reimbursement arrangements.

April 30, 2025

The 50th anniversary of the EITC

As a major element of the federal government’s antipoverty efforts, the earned income tax credit has come a long way in its half-century.

April 30, 2025

Current developments in taxation of individuals: Part 2

This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2024.

April 30, 2025

Taxation of undocumented immigrants

Certain tax rules and considerations specifically affect undocumented immigrants in the United States and their common circumstances, such as being ineligible for certain tax credits.

April 30, 2025

Sheriff’s withdrawal from jail food account was an unauthorized loan

The Tax Court denied the IRS’s argument that the money, which the sheriff had repaid, was includible in her income as embezzled funds.

April 9, 2025

The close of deferral: Planning for the QOZ end game

Many investors in qualified opportunity zones face a large upcoming tax hit when their QOZ deferral ends. They should consider harvesting stock market losses in advance of it.

March 31, 2025

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 2024.

March 31, 2025

Planning for the AMT

Strategies can include accelerating income recognition or deferring deductions, certain tax elections, and optimal use of AMT net operating losses.

March 18, 2025

Higher threshold for Form 1099-K reporting among AICPA priorities

In a letter to congressional finance leaders, the AICPA listed increasing the threshold to $10,000 as one of its priorities.

February 28, 2025

Taxpayer denied theft loss deduction for investment loss

The Tax Court focused on the taxpayer’s role as president and managing director of the company in which he invested, along with his failure to prove a theft occurred.

February 12, 2025

Lower auto depreciation limits issued for first time in at least 3 years

The IRS issued the 2025 depreciation limitations for passenger vehicles, including those for which bonus depreciation is applied.

January 17, 2025

Final regs address taxes on gifts to taxpayers from ex-U.S. citizens, residents

The final regulations implement Sec. 2801, added to the Code in 2008, and follow up on proposed regulations issued 10 years ago.

January 3, 2025

Alternative methods allowed for identification of digital assets

The IRS provided temporary relief that permits eligible taxpayers to use alternative methods to make adequate identification of digital asset units sold, disposed of, or transferred in 2025.

January 1, 2025

Seller beware: Repossessions in real estate installment transactions

Sellers financing a sale of real property are subject to gain recognition under Sec. 1038 if they repossess the property upon the buyer’s default.

January 1, 2025

Strategies for information return penalties and Form 945 assessments

Penalties for failure to file correct information returns and backup withholding can be waived, but timely and correct responses to IRS notices are essential.