Individual Income Taxation

TOPICS

December 23, 2015

Guidance Explains the Reinstated Sec. 35 Health Coverage Tax Credit for 2014 and 2015

The law now allows taxpayers who receive coverage from a health insurance exchange to claim the Sec. 35 credit through 2015, but prohibits it after 2015.

December 17, 2015

Standard Mileage Rates Will Go Down in 2016

The IRS issued the standard mileage rates for business use of an automobile and for driving for medical or moving purposes for 2016.

December 16, 2015

Tax Extender Legislation Introduced in Congress

The Consolidated Appropriations Act introduced in Congress on Wednesday would extend a large number of expired tax provisions.

December 4, 2015

Bill with Passport and Third-Party Tax Collection Provisions Passes Congress

The highway funding bill passed by Congress includes provisions that will allow the government to revoke the passports of seriously delinquent tax debtors and will require the IRS to use third-party debt collectors.

December 3, 2015

Debt Discharge Tax Relief Announced for Corinthian Colleges Students

The IRS announced that students who attended schools owned by Corinthian Colleges Inc. and whose debt is discharged under certain Department of Education programs will not have to recognize income on the discharged debt.

December 1, 2015

Casual Lender Not Allowed Bad Debt Deduction

A taxpayer who made high-interest loans to friends was not entitled to any bad debt deduction for a loan that went belly up because he did not prove that it was a business loan.

December 1, 2015

Assisting Clients With Tax-Related Identity Theft

CPAs and tax preparers can play a vital role in assisting clients who have become identity theft victims.

December 1, 2015

IRS to Implement Donee Reporting for Charities

The IRS will develop a specific-use information return for donee reporting.

December 1, 2015

Per-Diem Rates for 2015–2016 Travel Are Issued

The IRS issued its annual update of special per-diem rates for use in substantiating certain business-travel expenses.

December 1, 2015

Fifth Circuit: “Taxpayer” Means a Person Who Pays Tax

The Fifth Circuit concluded that the district court erred in determining the definition of “taxpayer” by failing to consider the Code’s generally applicable definition of the term and further erred in interpreting the tolling provision by failing to follow the plain language of the provision and the associated regulations.

November 19, 2015