Beginning with the 2025 filing season, the IRS will accept Forms 1040, 1040-NR and 1040-SS even if a dependent has already been claimed on a previously filed return if the primary taxpayer on the second return includes a valid identity protection personal identification number.
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Individuals
CRFB leader: Tax policy may not be a Trump administration high priority
The head of the nonpartisan Committee for a Responsible Federal Budget told the AICPA & CIMA National Tax Conference that extending the Tax Cuts and Jobs Act would add $5 trillion to the national debt.
Inflation adjustments to retirement account limits issued for 2024
The IRS announced inflation-adjusted limits on benefits and contributions for various retirement accounts on Friday, including maximum contribution amounts for 401(k) plans and traditional and Roth IRAs.
Lawsuit proceeds includible in income
A recent Tax Court case serves as a reminder that the Sec. 104(a)(2) exclusion from gross income applies only to damages received on account of personal physical injuries or physical sickness.
Annual inflation adjustments announced for tax year 2025
The IRS on Tuesday provided its annual inflation adjustments for over 60 tax provisions in tax year 2025, including increases in the standard deduction for married couples and single individuals.
FinCEN offers storm and terrorist attack relief for FBAR filings
The Financial Crimes Enforcement Network extended filing deadlines for reports of foreign bank and financial accounts (FBAR) for people in federally declared disaster areas of five storms. It also is delaying the filing deadline for people affected by terrorist attacks in Israel.
Social Security wage base announced for 2025
The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2025. The cost-of-living adjustment for Social Security benefits for 2024 is slightly lower than last year’s COLA.
The time value of capital losses
Capital gains in the forecast? Stockpiling losses may make sense. For certain investors, systematically harvesting capital losses in a portfolio in anticipation of future capital gains can be a beneficial strategy, significantly increasing the quantity of gains that can eventually be offset, as this article illustrates using historical market data.
Capital gains treatment for dividends from foreign corporations
Determining qualified dividend income from foreign corporations may require examining tax treaties and U.S. statutory exclusions, as well as studying the potential effect of pending regulations.
Erroneous refund of interest does not support innocent-spouse relief
Taxpayer not entitled to equitable innocent-spouse relief for erroneous refund of interest.
IRS increases special per diem rate for business travel
The special per diem rates that a taxpayer uses in travel and business expenses will be higher starting Oct. 1, as provided by the IRS.
Proposed regs. would exclude tribal general welfare benefits from income
The first proposed regulations under Sec. 139E set out the requirements for excluding Indian tribal general welfare benefits from income.
Like-kind exchanges of real estate: Back to basics
This article discusses the requirements for gain deferral under Sec. 1031 and highlights frequently encountered issues.
Current developments in taxation of individuals
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending April 2024.
Bidding farewell to US citizenship: Understanding the exit tax
Potentially costly and far-reaching tax liabilities of covered expatriates should give individuals pause before renouncing U.S. citizenship or permanent resident status.
Fact sheet addresses taxability of crowdfunding distributions
The IRS said that crowdfunding distributions may be included in the gross income of the person receiving them, depending on the facts and circumstances of the distributions.
Bitcoin ETFs: The known and unknown
As bitcoin exchange-traded funds enter the investment marketplace, tax advisers and their clients should note key considerations for digital assets.
Academic research sheds light on important tax matters
Recent academic journal articles of potential interest to tax practitioners investigated companies’ tax-avoidance behavior, knowledge sharing between accounting firms’ audit and tax personnel, the TCJA’s effects on US corporations’ debt structure and effective tax rates, and how cryptoasset investors respond to tax-compliance scrutiny.
Sec. 163(j) planning considerations
Businesses can explore several options to mitigate the interest deduction limitation under the Tax Cuts and Jobs Act.
Converting a rental or vacation home into a primary residence
Individuals relocating to another dwelling they own may face tax issues including periods of nonqualified use and, for previous rental units, depreciation recapture.
employee benefits & pensions
Profits interests: The most tax-efficient equity grant to employees
By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.
