This item discusses rules for carryovers, knowing how they affect taxpayers, and being prepared to discuss potential tax saving opportunities.
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TOPICS
Individuals
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 Considerations for Active Duty Military
This item addresses issues regarding the treatment of both taxable and nontaxable income, taxability of housing options, filing
considerations, and the impact of the Servicemembers Civil Relief Act.
Tax Planning for Aging Clients: Medical Expense Deduction for Home Improvements
Many clients making modifications to make homes more accessible may qualify for valuable home improvement medical expense
deductions.
The Illiquid Marital Estate: Navigating the Division of Marital Residences and Retirement Accounts
This item focuses on the pitfalls and potential opportunities to consider in the illiquid marital estate arena.
Lump-Sum Distributions of Employer Stock Present Opportunities
When a qualified retirement plan account holds employer stock, a retirement plan participant could save thousands of dollars with proper planning.
Tax Planning Opportunities for Tax Attributes and the Decedent’s Final Tax Return
Careful and thoughtful advanced planning can result in substantial tax savings.
Final Rules Remove 3-Year Nonpayment Testing Period for COD Reporting
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.
Payments Under State’s In-Home Supportive Care Programs Can Be Excluded From Gross Income
The IRS ruled payments made under a state’s
in-home supportive care programs should be treated as difficulty-of-care payments excludable from the gross income of the care provider.
Tax Court Rules in Favor of Taxpayers in Passive Activity Loss Case
Tax Court ruled that couple could deduct passive losses from their rental real estate activities because they met the real estate professional
and material participation rules.
IRS Finalizes Regulations Defining Marriage
The IRS finalized proposed rules issued last October amending the definitions of marriage and husband and wife after the Supreme Court’s decision in Obergefell v. Hodges, which legalized same-sex marriages.
Working With Today’s Students
This column features ideas to help tax professors engage students in new ways, without sacrificing tax content.
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.
