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TOPICS
Individuals
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.
Debtor Down but Additional Child Tax Credit Is Out
The Eighth Circuit held that the additional child tax credit qualifies as a public-assistance benefit under Missouri law and thus was exempt from a debtor’s bankruptcy estate.
Government Tax Treasures
This column describes five types of governmental documents and videos and how they can be incorporated into a tax classroom.
Accounting for the Death of a Partner
This column reviews the income tax rules that come into play upon a partner’s death.
Regulations Provide Guidance on Proper Place to File Refund Claims
The new rules generally require taxpayers filing claims for refund or credit to file their claim with the IRS service center at which the taxpayers currently would be required to file a tax return for the type of tax to which the claims relate.
Is It Rent? That Depends on the Lease
A recent Tax Court decision sheds light on the importance of lease terms to determine what is rent and how Sec. 467 may apply to advance rents.
National Taxpayer Advocate: IRS Falling Down on the Job of Helping Identity Theft Victims
During some of the busiest weeks of tax season, less than one caller in 10 to the IRS’s Taxpayer Protection Program phone line was able to reach IRS staff for assistance, according to Nina Olson, the national taxpayer advocate.
Tax Treatment and Planning Strategies for Nonresident Individuals
This article provides an outline of the basic tax-compliance rules, as well as tax planning strategies, for nonresident aliens.
Charitable Deduction Not Allowed for Conveyance of Land Preservation Easement
The Tax Court held that taxpayers were not entitled to a charitable deduction for conveying a land preservation easement on their farm to a county to secure the county’s permission to sell development rights related to the property to a third party.
Claiming the Credit for Residential Energy-Efficient Property
Taxpayers can claim a residential energy-efficient property (REEP) tax credit for 30% of the cost of eligible solar water heaters, solar electricity property, fuel cell property, small wind energy property, and geothermal heat pump property (Sec. 25D).
Congress Makes Changes to Tax Code in Trade Preferences Act
The Trade Preferences Extension Act of 2015 contains tax provisions in addition to the trade measures that were the focus of the bill.
Supreme Court Upholds Health Insurance Subsidies in Federal Exchanges
The Supreme Court upheld the availability of premium tax credits under Sec. 36B when they are provided through health exchanges run by the federal government.
Proposed Rules for ABLE Accounts for the Disabled Are Issued
The IRS issued proposed regulations implementing Sec. 529A, which authorizes states to offer specially designed tax-favored accounts for the disabled (ABLE accounts).
Service-Related Earnouts: Contingent Purchase Price vs. Compensation
Consideration for earnout may be based on a seller’s willingness to provide a level of service that results in the transfer of the business interest and relationships to the buyer.
Tax Considerations for Ministers
Ministers who work for churches or other religious organizations have a number of unique tax considerations.
2016 Inflation Adjustments for HSAs Released
The IRS issued the inflation-adjusted figures for calendar-year 2016 for the annual contribution limits for HSAs and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.
CCA Affects Taxpayer’s Ability to Qualify as a Real Estate Professional
Based on recent Chief Counsel Advice, some taxpayers may need to reevaluate whether they will meet the definition of real estate professional. The results of this analysis may have a significant impact on a taxpayer’s treatment of the income from rental real estate activities under Secs. 469 and 1411.
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.
