Individual Income Taxation

TOPICS

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.

November 1, 2017

Cash advances fail to meet bona fide debt criteria

A renowned scientist was not entitled to a bad debt deduction for advances he made to a health technology company because the advances were equity contributions rather than debt.

November 1, 2017

Preparing the income tax footnote: A comprehensive study in Excel

This Excel–based case study gives accounting students and entry-level accounting staff experience working with the requirements of FASB ASC Topic 740, Income Taxes.

November 1, 2017

Tax Court rules veteran’s retirement disability income not taxable

A taxpayer’s military disability retirement income was ruled excludable from his gross income.

October 19, 2017

Tax credit for solar panels installed in residential property

Most people know that this credit is available for qualifying solar property installed in their homes, but they may not realize the credit is also available for rental properties they may own.

October 16, 2017

IRS will enforce health coverage reporting 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.

October 1, 2017

IRS issues regulations on premium tax credit

The IRS issued final regulations that govern the relief available for victims of domestic abuse or abandonment from the requirement that married taxpayers must file joint income tax returns to qualify for the Sec. 36B premium tax credit.

September 26, 2017