Individual Income Taxation

TOPICS

March 13, 2017

IRS takes down student financial aid data retrieval tool

The IRS announced that has taken down its tool for retrieving tax return data used to complete the Free Application for Federal Student Aid.

March 9, 2017

Maximizing the EITC for deployed troops

This article discusses why deployed troops who are in harm’s way are getting less benefit from the EITC, how it affects their households, and a simple solution to the problem.

March 7, 2017

Proposed PPACA replacement bills contain many tax changes

The draft proposals to repeal the Affordable Care Act released by House Republicans evening would make many tax changes if enacted. Here’s a look at their impact on the tax code.

March 7, 2017

Some individuals mistakenly received the advance premium tax credit

Health care exchanges failed to properly verify the identity and eligibility of all individuals who received the advance premium tax credit, the Treasury Inspector General for Tax Administration reported.

March 1, 2017

Failure to Use S Corporation Correctly Results in Self-Employment Tax

Income earned by financial adviser was his, not the income of his wholly owned S corporation, and was therefore subject to self-employment tax.

March 1, 2017

Current Developments in Taxation of Individuals

A number of recent significant developments affect
taxation of individuals.

March 1, 2017

Combat-Injured Veterans Can Recover Improperly Withheld Taxes for Closed Years

Veterans with combat-related injuries will get relief from improperly withheld taxes under legislation.

March 1, 2017

The Increasing Importance of IRS Examination Readiness

Despite budget cuts, the IRS is still committed to examining individuals, particularly those of high net worth.

March 1, 2017

Navigating the Real Estate Professional Rules

This article lays out the steps for determining whether a taxpayer qualifies as a real estate professional.

March 1, 2017

Tax Court Takes a Scalpel to Surgeon’s Passive Loss Deductions

Court rejected doctor’s deduction of passive activity losses carried forward from the years when he treated
the interest as a nonpassive activity.

March 1, 2017

Marriage Equality: Taxes, Death, and Everything in Between

This item discusses the tax implications of the Internal Revenue Code’s recognition of the married status of same-sex couples.

February 16, 2017

Failure to report health coverage will not cause tax return rejection

The IRS issued guidance on how it will treat individual income tax returns that do not indicate whether the taxpayers had health insurance coverage.

February 16, 2017

Reexamining tax-loss harvesting: Better results through enhanced understanding

Tax-loss harvesting offers the potential for significantly increased after-tax returns.

February 1, 2017

Recourse vs. Nonrecourse Indebtedness: Implications for Disregarded Entities Under Sec. 108

This item explores the underlying federal income tax issues that accompany disregarded entities acting as
borrowers in lending transactions.

February 1, 2017

COD Reporting No Longer Triggered by Three-Year Nonpayment Period

The IRS finalized a proposed rule eliminating the three-year testing period for determining when debt was discharged for cancellation of debt information reporting purposes.

February 1, 2017

Changes to the 2017 CPA Exam: An Opportunity to Further Students’ Professional Success

The new exam will increase emphasis on the higher levels of Bloom’s Taxonomy, such as analysis and application, and reduce emphasis on remembering and understanding.

February 1, 2017

Accelerating AMT Credits in Lieu of Bonus Depreciation

Changes provided in the PATH Act allow a much larger pool of potential credits than had been previously available.

February 1, 2017

IRS Announces Online Account Access for Individuals

The IRS has launched an online tool that allows individuals to check their tax account balances online.

January 19, 2017

IRS Proposes Changes to Rules for Dependents

The IRS proposed changes to various rules affecting dependents, including changing its position on when taxpayers count as “childless” for purposes of the earned income tax credit.

January 9, 2017

Inflation Adjustments for 2017 Issued for Employer-Provided Vehicles

The IRS released its annual notice containing the 2017 inflation-adjusted amounts for the maximum vehicle values to determine the amount that is included in employees’ income for personal use of an employer-provided vehicle.