This item discusses the tax implications of the Internal Revenue Code’s recognition of the married status of same-sex couples.
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TOPICS
Individuals
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.
2017 Inflation Adjustments and Tax Tables for 2018 Filing Season Released
IRS issued the annual inflation adjustments for 2017 for more than 50 tax provisions as well as the 2017 tax rate tables for individuals and estates and trusts.
Royalties on Pharmaceutical Technology Taxable as Ordinary Income, Tax Court Holds
Tax Court held that royalties received by an S corporation under a license agreement are taxable as ordinary income to the S corporation’s individual shareholder.
Check Signer Was Not a Responsible Person
The wife of a partial owner of a corporation that owned a restaurant signed payroll checks yet was determined to be not a responsible person for purposes of the Sec. 6672 trust fund penalty.
Law Allows Combat-Injured Veterans to Recover Improperly Withheld Taxes
Veterans with combat-related injuries will get relief from improperly withheld taxes under legislation signed into law by President Barack Obama.
Despite PATH Act, Some Tax Provisions Expire at End of 2016
The expiring provisions include tax incentives for individuals and businesses, as well as several energy provisions.
Standard Mileage Rates for 2017 Are Announced
The IRS issued the 2017 standard mileage rates for determining the deductible costs for operating a vehicle for business, medical, charitable or moving purposes.
IRS Agrees That Mortgage Interest Deduction Limit Applies on Per-Taxpayer Basis
Mortgage interest limitation is meant to apply on a “per-taxpayer” basis, rather than on a “per-residence” basis.
QTIP Election Permitted Together With Portability
The IRS will treat a QTIP election as valid in certain situations, including where an executor
of an estate makes a portability election to transfer the decedent’s unused applicable exclusion amount.
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.
