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.
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TOPICS
Individuals
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.
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.
Current Developments in Taxation of Individuals
A number of recent significant developments affect
taxation of individuals.
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.
The Increasing Importance of IRS Examination Readiness
Despite budget cuts, the IRS is still committed to examining individuals, particularly those of high net worth.
Navigating the Real Estate Professional Rules
This article lays out the steps for determining whether a taxpayer qualifies as a real estate professional.
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.
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.
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.
Reexamining tax-loss harvesting: Better results through enhanced understanding
Tax-loss harvesting offers the potential for significantly increased after-tax returns.
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.
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.
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.
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.
IRS Announces Online Account Access for Individuals
The IRS has launched an online tool that allows individuals to check their tax account balances online.
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.
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.
Till Death Do Us Part: Dealing With Carryovers When a Spouse Dies
This item discusses rules for carryovers, knowing how they affect taxpayers, and being prepared to discuss potential tax saving opportunities.
Prize Money Exempt From Federal Tax
The United States Appreciation for Olympians and
Paralympians Act of 2016 excludes the value of medals or prize money received from the United States Olympic Committee.
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.
