Individual Income Taxation

TOPICS

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

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.

September 1, 2017

Individual taxation report

This article is a semiannual review of recent developments in the area of individual taxation.

September 1, 2017

Passive activity credits and recharacterized income

Passthrough owners that do not materially participate in a trade or business may find their tax credits suspended.

September 1, 2017

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.

August 17, 2017

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.

August 3, 2017

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.

August 1, 2017

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.

August 1, 2017

Contributions to quasi-governmental public-private partnerships

This article describes the requirements for an organization to meet Sec. 115(1).

July 25, 2017

Final regs. address premium tax credit issues

July 13, 2017

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.

July 1, 2017

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.”

July 1, 2017

Contributions to HSAs

Deductible HSA contributions can be used to offset all forms of income.

July 1, 2017

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.

July 1, 2017