The meaning of the terms “amend” or “supplement” must be determined in light
of the full text of a social security totalization agreement and the shared expectations of the
contracting governments.
Advertisement
TOPICS
Individuals
Tax Relief for Executive Compensation Clawbacks Under Proposed Dodd-Frank Rules
This article discusses difficult tax problems faced by executive officers whose compensation is clawed back and the limited availability of relief under Sec. 1341.
Taxation of Gambling
Forms W-2G do not necessarily capture all of a taxpayer’s gambling winnings and losses for the year.
IRS Issues 2016–2017 Special Per-Diem Rates for Travel
The IRS issued its annual updates of per-diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home on or after Oct. 1.
Final Regulations Amend Definitions of 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.
Guidance Issued on New Exclusion for Wrongful Incarceration Damages
Wrongfully incarcerated individuals are now permitted to exclude from income civil damages, restitution, or other monetary award received as compensation.
Co-op Owner Still Cannot Take Deduction for Wall’s Collapse
Progressive deterioration caused collapse of an
80-year-old retaining wall, making a taxpayer ineligible for casualty loss deduction.
Individual Tax Update
This article covers recent developments affecting taxation of individuals, including regulations, cases, and IRS guidance.
Proposed Regulations Govern Sec. 409A Nonqualified Deferred Compensation Plans
Proposed rules clarify and modify previous regulations regarding Sec. 409A nonqualified deferred compensation plans.
Chapter 7 and Chapter 11 Bankruptcy: Tax Considerations
This item discusses the common tax issues encountered in Chapter 7 and Chapter 11 bankruptcy cases.
Cancellation-of-Debt Rules for Qualified Real Property Business Indebtedness
The IRS ruled on two situations involving individual taxpayers who had debt forgiven on property used in their real property trades or
businesses.
Proposed Regs. Govern Reporting and Claiming Qualified Tuition and Related 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.
The Client Tax Letter Project: Client Communication for Tax Professionals
Tax classes should teach students not only to navigate the Code but also to communicate their findings effectively through internal memos and client communications.
Are OTC Major Foreign Currency Options Now Subject to Sec. 1256?
Two approaches could yield very different tax results.
IRS No Longer Requires Additional Sec. 83(b) Statement With Tax Return
The IRS finalized proposed regulations issued last year intended to make it easier for taxpayers to file their returns electronically by no longer requiring taxpayers making a Sec. 83(b) election to include a copy of the election statement with their tax return.
Charitable Donations of Food Inventory
A recent change in the law makes it easier for taxpayers to claim charitable deductions for food products donated to charity.
Valuing and Substantiating Charitable Contributions
The burden of establishing fair market value of clothing and household items gifted to charity is on the taxpayer, but many have problems determining that value.
Health Savings Account Limits for 2017 Are Issued
The IRS issued the inflation-adjusted figures for the annual contribution limits for health savings accounts and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible plans.
IRS Issues Sec. 409A Proposed Regulations
The IRS issued proposed regulations under Sec. 409A, which provides that if certain requirements are not met, amounts deferred under a nonqualified deferred compensation plan are currently includible in gross income.
FAQs Explain the Wrongful Incarceration Exclusion
A new law allows taxpayers to exclude from income money they receive to compensate them for being wrongfully incarcerated and to claim refunds for earlier tax years if they included such damages in income.
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.
