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.
Advertisement
TOPICS
Individuals
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.
Net Investment Income Tax: How Does It Affect You?
Proper planning may allow this tax to be deferred, reduced, or, in some cases, avoided completely.
The ABCs of Form 1095
Understanding forms 1095-A and 1095-B can help in preparing clients’ individual income tax
returns and fulfilling their professional due-diligence responsibilities.
Determination of U.S. Virgin Islands Residency Overturned
The facts the Tax Court relied on were deemed insufficient to demonstrate bona fide residency.
IRS Issues 2017 Inflation Adjustments for Many Tax Provisions
The IRS issued its annual revenue procedure containing inflation-adjusted amounts for the 2017 tax year, affecting over 50 Code provisions, as well as the new tax rate tables for individuals and estates and trusts.
Form 8332 Challenges for Divorced Couples
When parents divorce without a meeting of the minds or a well-crafted agreement, issues can result as to who is entitled to the tax benefits from supporting their children.
Social Security Administration Announces Large Increase in 2017 Wage Base
The SSA announced that the maximum amount of earnings subject to the Social Security tax will increase by more than 7% in 2017, after remaining flat in 2016.
New Rules Allow More Time to Elect to Take Disaster Loss in Prior Year
The IRS issued regulations giving taxpayers in federally declared disaster areas more time to elect to take a disaster loss on their prior year’s federal income tax return.
Olympic Tax Break Enacted
Legislation excluding prize money earned by Olympians and Paralympians from gross income was signed into law.
PATH Act Changes to ITIN Renewals Explained
Individuals whose ITINs will expire this year under new Code provisions may renew them starting in October.
IRS Proposes Rules for Reporting and Claiming Tuition Expenses
The IRS is proposing to amend the rules governing eligibility to claim a deduction or credit for eligible education expenses to conform them to recent legislative changes.
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.
