Tax classes should teach students not only to navigate the Code but also to communicate their findings effectively through internal memos and client communications.
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TOPICS
Individuals
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.
IRS Rules on Qualified Real Property Indebtedness
The IRS issued a ruling explaining when a taxpayer can exclude cancellation-of-debt income for debt forgiven in connection with property held in a real property trade or business.
Revised Vehicle Depreciation Limits Are Issued
The IRS released guidance providing revised limits for the amount of depreciation taxpayers can take for the first year they use a passenger
automobile for business.
Foreign Currency Straddles and Transactions Present Complex Tax Issues
Foreign currency straddles may be used to manage foreign currency exposure, but they may carry hidden tax issues.
Form 5471 Substantial Compliance: What Does It Mean and Why Is It Critical?
A required person who fails to file the form or files a late or incomplete form is subject to substantial monetary penalties.
Scrappy Taxpayer Off the Hook for Self-Employment Taxes
A taxpayer’s proceeds from sales of scrap steel over a seven-year period were not considered self-employment income.
Mary Kay Sales Consultant’s Retirement Payments Subject to Self-Employment Tax
The Eleventh Circuit Court of Appeals held that payments a retired Mary Kay sales consultant received from the cosmetics company were subject to self-employment taxes because they were payments of deferred compensation.
Planning for Divorce-Related Stock Redemptions
A transfer of ownership of a closely held business in divorce does not trigger gain or loss if it is directly between the spouses.
Using Excel in the Classroom: Performing a Multilevel Tax Analysis of an S Corporation Conversion
Developing students’ ability to employ Microsoft Excel is essential to their future career success.
Personal Goodwill and the Net Investment Income Tax
This article discusses when the sale
of goodwill related to a C corporation is the sale of a shareholder’s personal goodwill
and the reasons the gain from the sale of personal goodwill should not be subject to
the net investment income tax.
IRS Releases 2017 Health Savings Account Limits
The IRS issued the inflation-adjusted figures for calendar year 2017 for the annual contribution limits for health savings accounts.
Charitable IRA Distributions: A Great Opportunity
Exclusion of IRA “qualifying charitable distributions” can a powerful incentive to charitable giving.
Transparency for Individual Taxes
This article reviews how “taxpayer receipts” can help practitioners provide additional tax information to clients.
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.
