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.
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Individuals
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.
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.
Tax Court rules veteran’s retirement disability income not taxable
A taxpayer’s military disability retirement income was ruled excludable from his gross income.
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.
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.
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.
IRS updates special per-diem rates for business travel
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.
Individual taxation report
This article is a semiannual review of recent developments in the area of individual taxation.
Passive activity credits and recharacterized income
Passthrough owners that do not materially participate in a trade or business may find their tax credits suspended.
Tax Court allows full meal deduction for NHL team’s away games
Pregame meals provided to Boston Bruins players and personnel before away games qualify as a de minimis fringe benefit.
Tax treatment of loans from hospitals to newly recruited physicians
The loans may be recharacterized as compensation, which can trigger unexpected income and payroll taxes for the doctor.
Reliance on tax software does not let taxpayer off the hook
A recent Tax Court case provides a cautionary tale for taxpayers who rely on do-it-yourself tax preparation software.
Ideas on incorporating tax policy into a first tax course
Introductory tax courses often focus solely on compliance or theory, which can cause some students to lose interest in the topic.
Contributions to quasi-governmental public-private partnerships
This article describes the requirements for an organization to meet Sec. 115(1).
Final regs. address premium tax credit issues
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.
Revised Senate health bill would retain taxes on higher-income individuals
The health care bill released by Senate Republicans on Thursday would retain the Affordable Care Act’s 3.8% net investment tax and the 0.9% Medicare surtax.
Court grants hardship waiver for rollover failure
The Tax Court held it would be against “equity or good conscience” to deny an ex-NYPD police officer a hardship waiver for failing to meet the rollover requirement while he was suffering from a “major depressive disorder.”
Contributions to HSAs
Deductible HSA contributions can be used to offset all forms of income.
Statistical sampling and resulting allocations under fixed-asset studies
This item discusses a methodology to sample expenditures by reviewing amounts capitalized for
book purposes and to determine the extent to which they should be classified as tangible personal property or expensed for tax purposes.
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.
