Individual Income Taxation

TOPICS

April 1, 2016

Kiddie Tax May Be Due on College Scholarships

The taxable portion of college scholarships may be unearned income and subject to the kiddie tax.

March 1, 2016

Tax Planning Insights for Foreign Work Assignments

This column provides a basic overview of what one would want to know when advising clients prior to foreign work assignments.

March 1, 2016

IRS Withdraws Controversial Charitable Donation Rules

The IRS withdrew proposed regulations that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations.

March 1, 2016

IRS Explains the Reinstated Sec. 35 Health Coverage Tax Credit

IRS issued a notice to explain how the recently reinstated Sec. 35 health coverage tax credit applies for 2014 and 2015.

March 1, 2016

Qualified Small Business Stock: Considerations for 100% Gain Exclusion

Some noncorporate taxpayers who dispose of QSBS in a taxable transaction may potentially exclude the entire gain for federal tax purposes.

March 1, 2016

Deducting Business Bad Debts

Planning that maximizes the business bad debt deduction can help minimize the taxpayer’s overall economic loss.

March 1, 2016

Tax Court No Help for Opportunist Girlfriend

Rescission doctrine did not allow a taxpayer
to exclude from income $400,000 she received under a fraudulently induced agreement with her elderly boyfriend that she was later forced to repay.

March 1, 2016

Individual Taxation: Recent Developments

This article covers recent developments in the area of individual taxation arranged in Code section order.

March 1, 2016

Statutory Language Trumps Tax Policy

A foreign currency option could be a foreign currency contract.

February 25, 2016

What Investors Need to Know About Passive Activities

Having an activity classified as passive is not a good result for most taxpayers since they cannot carry back or forward losses under the net operating loss rules.

February 18, 2016

Amended Rules Govern FIRPTA Dispositions After PATH Act

Provisions of the Protecting Americans From Tax Hikes Act of 2015 changed the tax treatment of dispositions of investments in real property by foreign taxpayers.

February 18, 2016

What Individuals Need to Know About the Affordable Care Act for 2016

This article summarizes the significant items in the Patient Protection and Affordable Care Act that affect individuals this filing season.

February 9, 2016

President’s Budget Proposes Many Tax Changes

In addition to a proposed spending blueprint for the government, President Barack Obama’s proposed FY 2017 federal budget contains a wide variety of tax law changes that would affect individuals and businesses.

February 5, 2016

Maximum Vehicle Values for Personal-Use Vehicles Are Issued

The IRS issued the 2016 inflation-adjusted amounts for the maximum vehicle values for purposes of determining the amount that is included in employees’ income for personal use of an employer-provided vehicle.

February 1, 2016

The Use of Online Quizzes in an Introductory Tax Course

Use of online quizzes has helped improve performance on exams.

February 1, 2016

Stock Received in Demutualization Has No Basis

Court held that heirs to the Campbell Soup fortune had a zero basis in the stock of insurance companies they received when the companies demutualized.

February 1, 2016

Local Lodging Provided to an Employee: How to Determine Whether to Include It in the Employee’s Income

Local lodging typically goes unnoticed from
a payroll perspective.

February 1, 2016

Proposed Regulations Govern Innocent Spouse Relief

The IRS proposed more detailed rules governing innocent spouse relief under Sec. 6015.

January 28, 2016

Congress Makes Changes to Popular Tax Credits

Changes include new restrictions, penalties, and due diligence requirements for practitioners and affect the child tax credit, the American opportunity credit, and the EITC.

January 7, 2016

Controversial Charitable Donation Rules Withdrawn

The IRS announced that it is withdrawing proposed regulations released last September that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations.