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.
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TOPICS
Individuals
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 Court Needs to Do More Work in Interpreting Totalization Agreement
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.
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.
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.
