This column explores a type of active learning pedagogy that university and continuing education instructors should consider using in order to help students attain more permanent and meaningful learning.
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TOPICS
Individuals
Service Provides Guidance on Children of Divorced Parents
The IRS released guidance on the circumstances under which it will treat a child of parents who are divorced, separated, or living apart as the dependent of both parents for various purposes when the custodial parent has not released the claim to the child’s exemption.
When Are Payments Treated as Child Support?
Payments are child support for tax purposes if they are either so designated in the divorce or separation agreement (fixed child support) or deemed to be child support.
Tax Aspects of an Author’s First Book
The IRS’s longstanding position is that “if an individual writes only one book as a sideline and never revises it, he would not be considered to be ‘regularly engaged’ in an occupation or profession and his royalties therefrom would not be considered net earnings from self-employment.”
Selling a Business: Substance and Form Really Do Count
Three concepts regularly come into play when contemplating the sale of a business: noncompete covenants, consulting agreements, and goodwill.
Using Debt to Leverage a Taxable Gift to a QPRT
A qualified personal residence trust is a trust created to own a personal residence of the grantor for the benefit of the grantor’s spouse, children, or charity. The grantor makes a gift of a personal residence into the trust while retaining a right to occupy the residence for a term of years.
The New Student Tax
The Internal Revenue Code contains a number of tax incentives to encourage college attendance. However, it also contains one “student tax” disincentive.
Vacation Property Rental and Resale
The vacation home rules have always been confusing, and with the enactment of Sec. 121(b)(4) they have become more convoluted for clients who convert a vacation home to a principal residence.
Sec. 6015 Does Not Preempt State Community Property Law for Refund Purposes
The Ninth Circuit affirmed the Tax Court and held that Sec. 6015 does not preempt state community property law with respect to an innocent spouse’s right to a refund.
Prop. Regs. Govern Charitable Contribution Substantiation and Reporting
Tthe IRS issued proposed regulations that would change the rules regarding substantiation and reporting of charitable contributions.
Housing Act Contains Tax Provisions
On July 30, 2008, the president signed into law the Housing Assistance Tax Act of 2008, containing tax provisions affecting homeowners and first-time homebuyers, as well as changes to the rules governing the low-income housing credit, tax-exempt bonds, and the alternative minimum tax (AMT).
Individual Taxation Report
This article covers recent developments affecting taxation of individuals, including legislation, regulations, and IRS guidance.
Final Regs. Clarify “Counting Nights” Rule for Dependents
When a child of divorced or separated parents lives with both of them during the year, the right to claim the dependency exemption may be released by the “custodial parent” (Sec. 152(e)). The custodial parent is defined as the parent with whom the child resides for the longest period of
Tax Court Does Not Have Jurisdiction Over Duplicate Request for Relief
The Tax Court held that it lacked jurisdiction over a request for Sec. 6015(f) equitable relief that was based on the same facts and grounds for relief as an earlier request that had been denied by the IRS. Facts Judith Barnes was married to Nathan Genrich. On their joint return
Tax Planning for Elderly Clients
With the rapid increase in the number of elderly clients, tax practitioners will need to become familiar with the special issues that affect tax compliance and planning for the elderly.
Planning Opportunities with the Sec. 121 Partial Exclusion
The partial exclusion of gains on the sale of a primary residence continues to be an attractive benefit for taxpayers.
Academic-Based VITA Programs
VITA programs sponsored by accounting programs provide valuable, free tax services to their communities.
Avoiding the Self-Rental Trap
This item gives a general background of the passive activity rules and the self-rental provision and addresses the consequences of a sale of an operating company when the self-rental property is retained.
Tax Consequences of the Rush for Natural Gas in the Appalachians
This item provides an overview of some areas of taxation that taxpayers and their advisers must consider to ensure the most favorable terms if their clients are approached by an energy company seeking a land lease and royalty agreement.
The Importance of CPAs Supporting VITA: One CPA’s Experience
It is important that CPAs provide their expertise to ensure that VITA provides the level of required service and quality of return preparation.
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.
