The IRS warned that identity protection personal identification number (IP PIN) notices it has recently sent to victims of identity theft refer to the wrong tax year.
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TOPICS
Individuals
Bad News for Noncash Contributions
Most taxpayers are unaware of the stringent
regulations that apply to the substantiation of noncash charitable contributions and do not furnish the required information.
Definitions Would Be Amended to Implement Supreme Court’s Same-Sex Marriage Decisions
The IRS issued proposed regulations amending the definitions of “spouse” and “husband and wife” to reflect U.S. Supreme Court decisions.
2016 Tax Tables and Inflation Adjustments Are Released
The IRS issued the annual inflation adjustments
for 2016 for more than 50 tax provisions as well as the 2016 tax rate tables for individuals and estates and trusts.
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.
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.
Tax Extender Legislation Introduced in Congress
The Consolidated Appropriations Act introduced in Congress on Wednesday would extend a large number of expired tax provisions.
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.
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.
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.
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.
IRS to Implement Donee Reporting for Charities
The IRS will develop a specific-use information return for donee reporting.
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.
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.
Proposed Regulations Provide More Detailed Rules Governing Innocent Spouse Relief
Among the changes are expanded rules on when the requesting spouse can be relieved of liability for penalties and interest.
Is an Anomaly in Form 8960 Resulting in an Unintended Tax on Tax-Exempt Income?
This article provides an overview of the net investment income tax calculations for individuals and trusts.
The Investor Control Doctrine: When “Hands Off” Really Means “Hands Off”
In a recent tax court decision, an individual was as determined for tax purposes to be the owner of assets in segregated asset accounts held
for the benefit of private placement variable
life insurance policies.
Flipping the Tax Classroom for a Better Student Learning Experience
Students’ verbal and written communication skills require improvement.
Mortgage Interest Deduction Applies on a Per-Taxpayer Basis
Unmarried taxpayers who co-own a residence can each deduct interest payments on home-acquisition and home-equity debt up to the $1.1 million limit.
Capitalizing on the Lower Dividend Tax Rate
Identifying qualified dividends and helping taxpayers meet the requirements for qualified dividend status are valuable client services.
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.
