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.
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Individuals
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.
Understanding How Corporate Dividends Are Taxed to Shareholders
Shareholders recognize a taxable dividend to the extent a distribution is paid out of corporate earnings and profits. If the distribution exceeds E&P, the excess reduces the shareholder’s stock basis. Any amount in excess of the shareholder’s stock basis is capital gain.
The Tax Adviser 2013 Best Article Award
The winner of The Tax Adviser’s 2013 Best Article Award is Donald T. Williamson for his article, “Planning for the ‘Parallel Universe’ of the Net Investment Income Tax,” in the August 2013 issue.
Sample Course Syllabuses: Undergraduate Accounting Majors
The following syllabuses accompany the August 2014 Campus to Clients column, “The Model Tax Curriculum: 2014 Revisions Provide a Valuable Tool for Accounting Programs.”
Inherited IRA Is Included in Bankruptcy Estate
The Supreme Court held that funds held in an inherited IRA are not retirement funds that are exempt from a bankruptcy estate.
The Model Tax Curriculum: 2014 Revisions Provide a Valuable Tool for Accounting Programs
In 2012, a task force of AICPA and American Tax Association representatives was convened to revisit the model tax curriculum and recommend modifications to address changes in the tax environment. This column is an adaptation of the group’s final report.
Are Severance Payments Subject to FICA?
The definition of wages for purposes of income tax withholding and for the Federal Insurance Contributions Act has often been a point of contention. The Supreme Court recently reversed an appellate decision and held that severance payments to employees who were involuntarily terminated were taxable wages for FICA purposes.
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.
Federal Courts Disagree on Health Care Credits for Federal Exchanges
Two federal appellate courts issued conflicting decisions regarding the availability of the Sec. 36B premium tax credit for taxpayers who purchase health insurance on exchanges set up by the federal government.
Fighting Identity Theft, IRS Issues Final Rules on Truncated Identification Numbers
Final regulations allow the use of truncated taxpayer identification numbers on payee statements and certain other documents where not prohibited by the Code, applicable regulations, or other guidance published in the Internal Revenue Bulletin, forms, or instructions.
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.
