A number of tax planning opportunities are available when gifting artwork, but donors should do their homework to avoid surprises.
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Individuals
Kiddie Tax May Be Due on College Scholarships
The taxable portion of college scholarships may be unearned income and subject to the kiddie tax.
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.
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.
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.
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.
Deducting Business Bad Debts
Planning that maximizes the business bad debt deduction can help minimize the taxpayer’s overall economic loss.
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.
Individual Taxation: Recent Developments
This article covers recent developments in the area of individual taxation arranged in Code section order.
Statutory Language Trumps Tax Policy
A foreign currency option could be a foreign currency contract.
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.
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.
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.
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.
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.
The Use of Online Quizzes in an Introductory Tax Course
Use of online quizzes has helped improve performance on exams.
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.
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.
Proposed Regulations Govern Innocent Spouse Relief
The IRS proposed more detailed rules governing innocent spouse relief under Sec. 6015.
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.
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.
