The IRS released health care guidance, including final regulations on minimum essential coverage, a list of hardship exemptions from individual shared-responsibility penalty, and indexed adjustments for certain calculations under the premium tax credit.
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Individuals
Rules Updated for Transit Fare Smart Cards and Qualified Transportation Fringe Benefits
The IRS announced that, beginning after Dec. 31, 2015, employers will no longer be permitted to provide qualified transportation fringe benefits in the form of cash reimbursement in geographic areas where a terminal-restricted debit card is readily available.
IRS Fills in Details of One-a-Year IRA Rollover Rule
The IRS clarified how the recently announced change in how it interprets the statutory one-rollover-per-year rule for IRAs will affect 2014 rollovers and how the rules will apply starting in 2015.
Final Regulations Address Gain or Loss Recognition for Identified Mixed Straddles
The IRS issued final regulationsaddressing the time for recognizing gain or loss accruing up to the date a taxpayer enters into an identified mixed straddle for such positions identified after Aug. 18, 2014.
Forfeited Gambling Winnings Not Included in Income
The IRS advised that gambling winnings that a taxpayer surrenders to a state as part of a program intended to help treat gambling addiction do not have to be reported by a casino to the taxpayer on Form W-2G and are not includible in gross income by the taxpayer.
Benefits of Using Convertible Tablet PCs for Tax Instruction
This column looks at the benefits of using a convertible tablet PC to teach tax concepts, whether in academia, in-house training, or continuing education.
Innocent Spouse Relief Under Rev. Proc. 2013-34
The IRS’s new revenue procedure revised the rules for taxpayers who request equitable relief from joint and several tax liability under Sec. 6015(f) or from tax liability arising from the operation of community property laws under Sec. 66(c).
Retiree Tax Planning With Qualified Longevity Annuity Contracts
The IRS recently issued regulations authorizing a new type of annuity contract for certain tax-favored retirement plans and IRAs: Qualified longevity annuity contracts.
2015 Inflation-Adjusted Items and Tax Tables Issued
The IRS issued the annual inflation adjustments for 2015 for more than 40 tax provisions as well as the 2015 tax rate tables for individuals and estates and trusts.
Changes Made to IRS Streamlined Offshore Compliance Procedures
The IRS updated its streamlined offshore compliance program to provide procedures taxpayers residing both inside and outside the United States should use to participate in the program.
Qualified Dividends and Capital Gains Flowchart
The capital gain tax computation seemingly should be easy, but often it is not. The flowchart in this article is designed to quickly determine the tax on capital gains and dividends, based on the taxpayer’s taxable income.
3.8% Net Investment Income Tax and Real Estate Professionals
The interaction of Secs. 469 and 1411 present special challenges for real estate professionals and their advisers.
Appellate Courts Reach Conflicting Decisions on Premium Tax Credit Regs.
On the same day, the D.C. Circuit and Fourth Circuit Courts of Appeals issued decisions on whether Regs. Sec. 1.36B-2(a)(1), which authorizes a premium tax credit for insurance purchased on health insurance exchanges established by the federal government, is a valid regulation.
IRS Issues Guidance on Health Insurance Premium Tax Credits
The IRS issued regulations and revenue procedures addressing how to calculate the Sec. 36B premium tax credit, including how the credit is calculated in conjunction with the Sec. 162(l) deduction for health insurance premiums of self-employed individuals.
Final Regs. Allow Deduction for Local Lodging Expenses
Regulations finalize rules the IRS put into effect in 2012 allowing employees to deduct certain expenses paid or incurred for local lodging as business expenses.
IRS Signals PPACA Compliance Issues for 2015
This month, the IRS made several updates to the Internal Revenue Manual that provide insight on the notices and enforcement methods the Service will use next tax season to ensure taxpayers comply with the health care law.
Special Per Diem Rates Issued for 2014–2015 Travel Expenses
The IRS issued its annual update of special per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home in 2014 and 2015.
New Directions in Individual Taxation
This article covers recent developments affecting taxation of individuals, including regulations, cases, and IRS guidance.
Tax Strategies for the Long Horizon
New taxes and higher rates have dramatically increased the complexity of planning for many taxpayers; however, long-standing techniques for managing income and deductions and taking best advantage of tax-favored vehicles for retirement saving still hold sway.
Guidance Issued on Small-Employer Premium Tax Credit
IRS final regulations provide guidance on how small employers determine full-time-equivalent employees and average annual wages, how to calculate the credit, and what is a “qualifying arrangement” for purposes of the credit.
INDIVIDUALS
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
