Individual Income Taxation

TOPICS

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.

December 20, 2017

Congress passes tax reform

The House of Representatives reapproved tax reform legislation on Wednesday, sending the bill to President Donald Trump for his signature.

December 20, 2017

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.

December 14, 2017

IRS issues 2018 standard mileage rates

The IRS issued the standard mileage rates for business, medical and moving expenses incurred in 2018.

December 14, 2017

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.

December 1, 2017

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.

December 1, 2017

Hurricane relief enacted

The Disaster Tax Relief and Airport and Airway Extension Act of 2017 provides tax relief to victims of Hurricanes Harvey, Irma, and Maria.

December 1, 2017

Special per-diem rates for business travel are issued

The IRS issued its annual updates of per-diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1.

December 1, 2017

Farm rental payments not subject to self-employment tax

Tax Court held that rent payments to chicken farmers by their S corporation’s poultry farming operations qualified for the exclusion for rental payments from self-employment income.

November 27, 2017

Social Security Administration announces small increase in 2018 wage base

The SSA 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.

November 3, 2017

What the House tax bill holds for individuals

From new tax rates to fewer deductions, credits, and exclusions, the tax reform bill released by the House would have wide-ranging effects on the taxation of individuals.