The IRS announced it will treat expenses for breast pumps and supplies that assist in lactation as deductible medical expenses.
Advertisement
TOPICS
Individuals
Overstatement of Basis Is Not Omission from Gross Income, Appeals Court Rules
A federal appeals court has handed the IRS another defeat on the issue of whether an overstatement of basis amounts to an omission from gross income for purposes of invoking the longer, six-year limitation period for assessing tax under Sec. 6501(e).
Another Circuit Says Overstatement of Basis Is Not an Omission from Gross Income
The ongoing controversy over whether a taxpayer’s overstatement of basis triggers a six-year statute of limitation period continues as the Fourth Circuit has held that the extended period does not apply.
IRS Announces Second Offshore Voluntary Disclosure Program
The IRS announced that it is starting a new program designed to bring money held in foreign accounts back into the U.S. tax system and to help taxpayers with income from offshore accounts to comply with federal tax law.
Final Regs Issued on Treating Musical Works as Capital Assets
The IRS issued final regulations governing how to elect to treat the sale or exchange of a musical work or copyright in a musical work as a sale or exchange of a capital asset.
Foreign Housing Expense Limitations for 2011 Released
The IRS has provided the inflation-adjusted limitations on foreign housing expenses for 2011.
Sale Versus Loan: A Current Development in Tax Ownership?
The characterization of a transaction as a sale has significant tax implications. The Calloway case rules on if and when a taxpayer sold his stock upon entering into an agreement, which purported to be a nonrecourse loan. This item summarizes the facts and holding in Calloway and the differences among the judges’ opinions.
IRS Releases 2011 Standard Mileage Rates
The IRS released the standard mileage rates for use in 2011. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.
Health Care Insurance Mandate Held Unconstitutional
A federal district court has held that the health care reform legislation’s mandate that individuals obtain health insurance is unconstitutional. In so holding, however, the court severed that mandate from the rest of the health care reform legislation and refused to enjoin enforcement, pending appeal of the case.
Learning Tax with Flowcharts
This column provides instructors with step-by-step instructions to minimize their start-up time when assigning flowchart construction to their students.
No Deduction for House Donated to Fire Department
This item discusses the determination of the amount of the charitable deduction for the donation of a house to a fire department that intends to use the house for training exercises—including burning it to the ground.
Treasury Introduces Prepaid Debit Cards for Tax Refunds
The Treasury Department announced a pilot program of prepaid debit cards to allow taxpayers without bank accounts to receive their tax refunds more quickly.
IRS Guidance on FSA and HSA Reimbursements for OTC Drugs
The IRS has issued guidance implementing the Patient Protection and Affordable Care Act’s prohibition on reimbursement of the cost of over-the-counter drugs by HSAs, HRAs, Archer MSAs, and FSAs, which allows reimbursement for an OTC drug only if the individual has a prescription for the drug.
IRS Confirms That Mortgages Over $1 Million Can Be Deductible
The IRS has ruled that indebtedness incurred by a taxpayer to acquire, construct, or substantially improve a qualified residence can constitute home equity indebtedness to the extent it exceeds $1 million.
IRS Releases Some Annual Inflation Adjustments, Many Unchanged for 2011
The IRS released its annual revenue procedure making inflation adjustments for various credits and other tax items.
The Tax Consequences of Point-Based Employee Reward Programs
This article explores the tax consequences of point-based employee recognition programs.
Tax Law Changes Will Delay Start of Filing Season for Some Taxpayers
The IRS is warning taxpayers that it will not be accepting certain 2010 individual tax returns until mid- or late February, due to tax law changes recently enacted by Congress.
IRS Releases 2011 Tax Tables and Other Inflation Adjustments
The IRS released the 2011 tax rate tables and other inflation adjustments, which it had been holding while waiting for Congress to resolve various tax issues.
Federal Court Rules Health Care Insurance Mandate Unconstitutional
A federal district court has held that the health care reform legislation’s mandate that individuals obtain health insurance is unconstitutional.
IRS Releases 2011 Standard Mileage Rates
The IRS released the standard mileage rates for use in 2011.
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.
