The new version of the IRS power of attorney form requires a husband and wife who filed a joint tax return to each file a separate power of attorney on separate forms to designate the representative he or she chooses, even if it is the same person.
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Individuals
Integrating Circular 230 into the Tax Curriculum: Appendix
This appendix provides a more detailed suggested solution to the five questions presented in the Feb. 2012 Campus to Clients column.
Integrating Circular 230 into the Tax Curriculum
Circular 230 is crucial to tax education because it forms the ethical standards of tax practice. Students who plan to become tax practitioners must become well acquainted with Circular 230 along with the underlying laws and regulations governing tax practice.
2012 Standard Mileage Rates Released
The IRS released standard mileage rates for use in 2012.
Exercise of Stock Options Results in Taxable Income and Compensation Deduction
The IRS held that a taxpayer’s cashless exercise of stock options resulted in taxable income to the taxpayer and a compensation deduction for the company that issued the options.
Timing Considerations of Discharging Taxes in a Chapter 7 Bankruptcy
This article discusses liquidations under Chapter 7 and focuses on individuals who are attempting to have their debts discharged, or wiped out, in bankruptcy.
Individuals Who Are Eligible for Medical Services at IHS Facilities May Still Participate in HSAs
The IRS explained that people who are eligible to receive medical services at Indian Health Service facilities are not automatically disqualified from making tax-free contributions to HSAs.
Tax Court Rules on Homebuyer Credit When Former Residence Is Being Sold
The Tax Court held that a married couple’s old house, which they continued to use while trying to sell it, qualified as a principal residence, and therefore they did not meet the timing requirement to qualify for a first-time homebuyer credit when they purchased a new house.
Final Regs. Issued on Exclusion of Damages for Personal Physical Injury
The IRS on Friday issued final regulations relating to the exclusion from gross income for damages received on account of physical injuries or sickness.
More-Generous Rules Proposed for Equitable Innocent Spouse Relief
The IRS issued a proposed revenue procedure changing the way it will treat requests for equitable innocent spouse relief under Secs. 66(c) and 6015(f).
Religious and Family Member FICA and FUTA Exceptions Extended to Disregarded Entities
The IRS issued temporary and proposed regulations that extend the religious and family member FICA and FUTA tax exceptions to disregarded entities.
Equitable Ownership and Mortgage Interest Deductions
Many individuals have experienced difficulty in obtaining a loan for a new home or refinancing a present home. An alternative for many individuals is to tap into the creditworthiness of parents or other family members. The question is: Who is entitled to the mortgage interest deduction?
New Tax Provisions for 2012
With the ringing in of the new year, several new tax provisions took effect.
Congress Passes Temporary Payroll Tax Cut Extension
The Senate and the House of Representatives on December 23 both agreed by unanimous consent to extend the reduced rate, and President Barack Obama signed the bill the same day.
Standard Mileage Rates for 2012 Released
The IRS released standard mileage rates for use in 2012.
Year-End Individual Taxation Report
This article covers developments from the past year affecting taxation of individuals, including last year’s tax relief, health care, and small business legislation, regulations, cases, and IRS guidance.
Exclusion of Employer-Provided Cell Phones from Gross Income
A recent IRS notice has cleared up confusion about whether employers may exclude the value of cell phones provided for employees’ use from gross income.
Qui Tam Payment Included in Income
The Eleventh Circuit held that qui tam payments that a whistleblower received were includible in income. It further held that the whistleblower was liable for a 20% accuracy-related penalty.
IRS Reinstates High-Low Substantiation Method
The IRS issued an update and new guidance regarding the use of the federal per diem rate to substantiate the amount of ordinary and necessary expenses for lodging, meals, and incidental costs paid or incurred for business-related travel away from home and reinstated the high-low substantiation method.
Short Sales of Investment Real Property
This item addresses a situation that often arises in today’s economic climate: a short sale of real property held for investment, not for rental, secured by a recourse note.
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.
