The Fourth Circuit held that a taxpayer who was chairman of the board and vice president of a company with actual authority over the company’s financial affairs could not avoid responsible person status by delegating her authority to control the company to her husband.
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TOPICS
Individuals
2014 Inflation Adjustments Released
The IRS issued the annual inflation adjustments for 2014 for more than 40 tax provisions and the tax tables for 2014.
Withholding Rules for U.S. Citizens and Resident Aliens Working for a U.S. Employer in a Foreign Country
For income tax withholding purposes, the wages of U.S. citizens and resident aliens include all remuneration for services performed as an employee for an employer, regardless of whether the services are performed in the United States.
Protection From Creditors for Retirement Plan Assets
This article will help tax practitioners come to grips with the unique intersection of the tax, bankruptcy, and ERISA laws in the area of retirement planning.
Top Tax News Developments in 2013
The past year featured a large number of tax developments, some of which got extensive coverage in the media, and many of which got less coverage but affect almost all taxpayers and practitioners. As we get ready to welcome a new year, here’s a look back at the most important
Guidance Issued on Tax Treatment of National Mortgage Settlement Payments
The IRS issued guidance on the correct tax treatment of payments taxpayers receive under the National Mortgage Settlement when their house is foreclosed on.
Standard Mileage Rates Go Down Slightly in 2014
The optional standard mileage rates for use of a vehicle will go down by one-half cent per mile for 2014, the IRS announced.
Tax Issues for Individuals Who Create Intellectual Property
This article discusses the unique tax issues facing creators of intellectual property, particularly federal income tax treatment for individual taxpayers.
New Brackets, Net Investment Income Tax Expand Scope of Tax Planning
Virtually every financial decision for higher-income taxpayers now needs to be analyzed through the lens of the regular income tax, the alternative minimum tax, the net investment income tax, and new additional brackets.
New Procedures for Equitable Innocent Spouse Relief
The IRS provided rules under which taxpayers can obtain equitable innocent spouse relief from joint liability under Sec. 66(c) or 6015(f).
Income Verification for Insurance Premium Tax Credit Included in Deal to End Government Shutdown
The law enacted on Oct. 17 to fund the federal government through Jan. 15 and to extend the federal government’s borrowing authority through Feb. 7 contained one tax provision, making a minor change to 2010’s health care legislation.
Current Developments in Employee Benefits and Compensation
While the health care law garnered much of the attention this past year, other developments unrelated to the new law in the employee plans area were just as significant—including the American Taxpayer Relief Act of 2012 and the Supreme Court’s decision in Windsor.
Sec. 631(b) and the Taxation of Standing Timber Sales
Under Sec. 631(b), gains or losses from the sale of standing timber are considered gains and/or losses from the sale of business use property.
Special Per Diem Rates for 2013–2014 Travel Issued
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 2013 and 2014.
Heightened Emphasis on Worker Classification
Worker classification has been a major concern for many years. While it is clear that government agencies recognize that worker misclassification is a significant problem, how to classify workers remains unclear.
Final and Proposed Regs. Issued on 3.8% Net Investment Income Tax
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.
Final Rules Released on 0.9% Medicare Surtax
The IRS issued final regulations governing the 0.9% Medicare surtax. The regulations contain guidance for employers and individuals on the implementation of the tax.
Nonresident Alien Gamblers Get Similar Treatment as U.S. Gamblers
The D.C. Circuit held that nonresident aliens should measure their gambling gains and losses under the “per-session” approach, the same method that U.S. citizens follow, instead of a "per-bet" approach.
DOMA Decision and IRS Guidance Change Tax Landscape for Same-Sex Spouses
The Supreme Court decision requiring the federal government to recognize as married same-sex couples who are legally married under state law results in significant changes to a broad range of federal tax laws for same-sex couples.
IRS Releases Final Regs. on Sec. 274 Reimbursement Arrangements
Final regulations clarify the treatment of reimbursement arrangements for the 50% meals and entertainment deduction under Sec. 274.
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.
