The IRS issued the standard mileage rates for business, medical and moving expenses incurred in 2018.
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Individuals
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.
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.
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.
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.
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.
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.
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.
INDIVIDUALS
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
