This article is a semiannual review of developments
in individual federal taxation, including issues of alimony, trade or business expenses, and recognition of loss.
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TOPICS
Individuals
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.
A new approach to ethics education: Giving voice to values
The Giving Voice to Values approach focuses on putting ethics into action.
Congress enacts tax reform
This column summarizes the federal tax law changes under reform enacted in December.
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.
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.
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.
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.
IRS closer to obtaining virtual currency records
The IRS continues to press for greater tax compliance in the virtual currency arena.
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.
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.
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.
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.
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.
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.
Congress passes tax reform
The House of Representatives reapproved tax reform legislation on Wednesday, sending the bill to President Donald Trump for his signature.
Senate passes tax reform bill; House must revote
The Senate voted early today in favor of the Tax Cuts and Jobs Act, H.R. 1, which the House of Representatives had approved Tuesday.
IRS issues 2018 standard mileage rates
The IRS issued the standard mileage rates for business, medical and moving expenses incurred in 2018.
A 2017 federal tax deduction for prepaying anticipated 2018 state income taxes? Not likely!
In anticipation of the possible elimination or reduction of the state and local income tax deduction, some are suggesting that taxpayers should prepay their 2018 state taxes in 2017. Here’s why that probably won’t work.
Adventures in alimony: No guaranteed tax deductions
Spousal support is not automatically deductible to the payer and taxable to the recipient unless it meets particular requirements.
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.
