The IRS announced that it will amend the definitions of “spouse,” “husband and wife,” and “marriage” in regulations to reflect the Supreme Court’s holdings in Obergefell and Windsor.
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TOPICS
Individuals
IRS Issues 2016 Inflation Adjustments and Tax Tables
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.
Expired Tax Provisions: No Relief in Sight?
It’s a good time to review which provisions might get a last minute reprieve and see what legislation is pending in Congress.
Current Issues Involving Deferred Compensation and Employment Taxes
Employers in the for-profit, tax-exempt, and public sectors may overlook a number of issues involving the application of the employment tax rules.
Identity Theft: Staying One Step Ahead of the “Bad” Guys
A number of steps can be taken to minimize the opportunities for identity thieves to be successful.
Meeting the 100-Hour Significant Participation Activity Test
One strategy is to alleviate the net investment income tax to fund healthcare is to focus on a taxpayer’s level of participation in an activity so that income may be characterized as nonpassive and thus not subject to the tax.
Assignment of Estimated Tax Payments in a Divorce
One issue that is often overlooked is the allocation of estimated tax payments to the taxpayer’s and spouse’s income tax returns, when they file separate returns in the year of the divorce.
Passive Activity Credit Flowchart
Understanding the limitations on the use of passive activity credits is a key element in providing sound tax advice to clients.
Deduction for Seized Marijuana Goes Up in Smoke
The Tax Court held that the owner of medical marijuana dispensaries could not deduct the cost of marijuana seized by the DEA as costs of goods sold.
Special Per-Diem Rates Issued for 2015–2016 Travel
The IRS issued per-diem rates for use in substantiating business expenses taxpayers incur while traveling away from home.
Charities Would Be Permitted to Issue Information Returns to Donors
Charities will be allowed to file information returns instead of providing contemporaneous written acknowledgment of charitable donations under proposed regulations issued by the IRS.
Rules Target Abuse of “Legging Out” of Foreign Currency Hedges
Final regulations issued on Friday clarify the tax treatment of certain terminations of qualified hedging transactions under Sec. 988.
Proposed Regulations Govern Special Savings Accounts for the Disabled
The regulations would authorize states to offer specially designed tax-favored accounts for the disabled.
Supreme Court Allows Premium Tax Credits in Federal Exchanges
The Supreme Court upheld the availability of premium tax credits under the PPACA when they are provided through health exchanges run by the federal government.
Directions in Individual Taxation
This article covers recent developments in the area of individual taxation, including the treatment of support
payments and IRA and qualified plan distributions, the Sec. 469 material participation rules, and the taxability of state economic development credits.
Trade Preferences Act Amends the Tax Code
The Trade Preferences Extension Act of 2015, enacted on June 29, contains a few tax provisions in addition to the trade measures that were the focus of the bill.
Identity Theft Protection Services Provided After a Data Breach Are Not Taxable
The announcement applies to anyone whose personal information may have been compromised in a data breach, including customers, employees, and others.
Ninth Circuit Holds Mortgage-Interest Deduction Applies on a Per-Taxpayer Basis
Unmarried co-owners of two qualified residences each qualified for mortgage-interest deductions on up to $1.1 million of acquisition indebtedness the Ninth Circuit Court of Appeals held.
No Deduction for Unpaid Service Fees Related to Ponzi Scheme
The Tax Court disallowed a taxpayer’s claimed loss, which consisted of payments owed him for services he provided to a company that was part of a Ponzi scheme.
Navigating the Murky Medicare Tax Waters for Small Business Owners
The Patient Protection and Affordable Care Act and the related Health Care and Education Reconciliation Act added significantly to the complexity of small business owners’ federal tax reporting.
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.
