Individual Income Taxation

TOPICS

April 1, 2018

Current U.S. tax incentives for higher education expenses

This article examines the requirements and limitations taxpayers face when seeking benefits of significant education-related income tax provisions.

March 15, 2018

The Sec. 199A qualified business income deduction and fiscal years

Taxpayers who receive income from fiscal-year passthrough entities need guidance on when to claim the new Sec. 199A deduction for qualified business income.

March 8, 2018

The physical presence test for excluding foreign earned income

Under Sec. 911, a U.S. citizen whose tax home is in one or more foreign countries, who spends enough there, can exclude a certain amount of foreign earned income.

March 1, 2018

IRS releases updated withholding calculator and 2018 Form W-4

The IRS has completed updating its online withholding calculator that individual taxpayers can use to determine how many withholding allowances they should claim for 2018.

March 1, 2018

Strategies for minimizing estimated tax payments

Taxpayers can use various techniques to minimize estimated tax payments throughout the year while also avoiding underpayment penalties.

March 1, 2018

Individual taxation: Report of recent developments

This article is a semiannual review of developments
in individual federal taxation, including issues of alimony, trade or business expenses, and recognition of loss.

February 9, 2018

Bipartisan Budget Act contains several tax provisions

The Bipartisan Budget Act of 2018 has many tax provisions, including retroactive extensions of a number of tax credits.

February 1, 2018

A new approach to ethics education: Giving voice to values

The Giving Voice to Values approach focuses on putting ethics into action.

February 1, 2018

Congress enacts tax reform

This column summarizes the federal tax law changes under reform enacted in December.

February 1, 2018

English law applies in dispute over lump-sum alimony payment

The Tax Court found that in determining the deductibility of a lump-sum alimony payment, the laws of England applied where a taxpayer had married in New York but divorced in England.

February 1, 2018

No gain on the extension of a prepaid forward contract

This item summarizes the current law and discusses
the facts and analysis in a recent case.

January 29, 2018

IRS issues more guidance on withholding rules for new tax law

The IRS issued Notice 2018-14 to provide more guidance on the withholding rules that were changed by P.L. 115-97, known as the Tax Cuts and Jobs Act.

January 11, 2018

New tax withholding tables are issued

The IRS issued new tax withholding tables for 2018 to be used to implement the changes to the tax law enacted last month.

January 11, 2018

IRS closer to obtaining virtual currency records

The IRS continues to press for greater tax compliance in the virtual currency arena.

January 1, 2018

Court rules mortgage broker is not real estate professional, passive activity rules apply

The IRS and taxpayers have struggled with what constitutes a real property trade or business.

January 1, 2018

Pilot grounded on foreign income exclusion

A pilot who lived at a hotel in South Korea while there for his job was not entitled to the foreign earned income exclusion because he had not proved that he was a bona fide resident.

January 1, 2018

Taxpayers must comply with health care reporting requirements on 2017 returns

This filing season will be the first time the IRS has enforced this requirement and will not accept tax returns that omit this information.

January 1, 2018

2018 wage base for Social Security taxes will increase slightly this year

The Social Security Administration said that the maximum amount of wages subject to the 6.2% Social Security tax in 2018 will rise a little more than 1%, after a much larger increase last year.

January 1, 2018

Individual entitled to bad debt deduction for loss on loans to business

Tax Court held that an individual was entitled to a bad debt deduction for loans he made to a business that subsequently went bankrupt.

December 20, 2017

What the tax reform bill means for individuals

The tax reform legislation that Congress will consider this week contains many provisions affecting individuals—and many changes from both the House and Senate bills.