A taxpayer who consistently lost money playing the slots at two casinos in California was found not to have an actual and honest profit objective and could not deduct her gambling losses on Schedule C.
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TOPICS
Individuals
Supreme Court Rules Severance Payments Are Subject to FICA
The Supreme Court held in an 8–0 decision that severance payments to terminated employees are taxable wages for FICA tax purposes.
IRA Rollover Guidance Issued: IRS Will Follow the Tax Court
The IRS announced it will follow the recent decision in Bobrow, meaning no matter how many IRAs a taxpayer has, the taxpayer is limited to one IRA rollover per year.
Earnout Restriction Causes Substantial Risk of Forfeiture
The Tax Court held that sections of a restricted stock agreement and an employment agreement read together constituted an earnout restriction that might create a substantial risk of forfeiture for stock transferred to an employee.
Condemnation of Pipeline Easements: The Landowner’s Perspective
This article examines income tax issues that commonly arise in connection with the conveyance of pipeline easements and surface sites and identifies planning opportunities.
Guidance Issued on Cafeteria Plan, HSA, FSA Issues for Same-Sex Married Couples
Recent IRS guidance deals with elections and reimbursements for cafeteria plans, health savings accounts, and health, adoption, and dependent care flexible spending arrangements for same-sex married couples.
Individual Taxation: Digest of Recent Developments: Part I
This article is Part I of a two-part article covering recent developments affecting taxation of individuals, including regulations, cases, and IRS guidance.
2014 Car, Truck Depreciation Limits Issued
The IRS issued the 2014 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F.
Final Substantial-Risk-of-Forfeiture Rules Are Released
The IRS finalized regulations that clarify when a substantial risk of forfeiture exists on the transfer of stock to an employee that is treated as compensation under Sec. 83 (T.D. 9659).
“Dirty Dozen” Tax Scam List Now Includes Telephone Scams
Identity theft and telephone scams top this year’s list of the “Dirty Dozen” fraudulent tax schemes released by the IRS.
2014 Standard Mileage Rates Go Down
The optional standard mileage rates for use of a vehicle have gone down by one-half cent per mile for 2014.
Faculty Internships: Connecting Tax Practice and Academia
This column describes the benefits of faculty internships and issues faculty and firms interested in pursuing such arrangements should consider.
Earnout Restriction Causes Substantial Risk of Forfeiture
The Tax Court held that sections of a restricted stock agreement and an employment agreement read together constituted an earnout restriction that might create a substantial risk of forfeiture for stock transferred to an employee.
0.9% Medicare Surtax Final Regulations Issued
Regulations contain guidance for employers and individuals on the implementation of the tax, including the requirement to file a return reporting the tax, the process for employers to make adjustments of underpayments and overpayments of the tax, and the processes for employers and employees to file claims for refund for an overpayment of the tax.
3.8% Net Investment Income Tax Regulations
The IRS issued final and proposed regulations giving guidance on the application and computation of the 3.8% net investment income tax imposed by Sec. 1411.
Current Developments for Straddle Transactions
This item provides a brief background and summary of IRS regulations clarifying whether an obligor’s debt could be part of a straddle and the treatment of prestraddle gain or loss related to a position that is part of a “mixed straddle”.
Details of New MyRA Retirement Savings Vehicle Revealed
The White House released details of a new retirement savings account to be made available to employees through their employers.
Minimum Essential Coverage and Shared-Responsibility Penalty Rules Provide Transitional Relief for Individuals
Proposed regulations issued by the IRS answer a number of questions regarding the Sec. 5000A “individual mandate” under 2010’s health care reform legislation.
District Court Says Premium Tax Credits Are Available in Federal Health Care Exchanges
The federal district court for the District of Columbia held that the Sec. 36B premium tax credit is available to taxpayers who purchase health insurance through the 34 state health care exchanges that are run by the federal government.
Final Regs. Prescribe Treatment of Bond Premium Carryforward
The IRS issued final regulations on the tax treatment of debt instruments with bond premium carryforward in the holder’s final accrual period.
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.
