Individual Income Taxation

TOPICS

January 20, 2012

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.

January 6, 2012

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).

January 1, 2012

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.

January 1, 2012

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?

January 1, 2012

New Tax Provisions for 2012

With the ringing in of the new year, several new tax provisions took effect.

December 23, 2011

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.

December 9, 2011

Standard Mileage Rates for 2012 Released

The IRS released standard mileage rates for use in 2012.

December 1, 2011

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.

December 1, 2011

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.

December 1, 2011

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.

December 1, 2011

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.

December 1, 2011