This dispute in this tax case was whether the land was a capital asset or inventory.
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TOPICS
Individuals
Automatic stay not terminated by confirmation of bankruptcy plan
An automatic stay in Tax Court is not lifted by the confirmation of a bankruptcy plan;
Sec. 163(j) business interest limitation: New rules for 2022
This item discusses how the rules for calculating ATI have changed for 2022 and beyond and how this affects the deductibility limit.
Taxpayer marital status and the QBI deduction
This article provides an analysis in four scenarios of whether the QBI deduction will cause a marriage penalty or bonus and discusses whether the existence of a marriage penalty or bonus affects couples’ decision to marry.
Tax planning for bond transactions
Bonds offer tax advantages and can help protect a portfolio against inflation.
One deadline approaches for over 9 million eligible for pandemic-era benefits
In October, the IRS said it would leave Free File open for an extra month, until Thursday, so eligible taxpayers can claim their share of several benefits including the 2021 recovery rebate credit, the child tax credit, and the earned income tax credit.
Employer-provided and company-owned vehicles
General or special methods of valuing employer-provided vehicles are available for determining the employer’s and employee’s tax treatment of this fringe benefit.
IRS announces annual inflation adjustments for tax year 2023
Changes include increases in the standard deduction for many taxpayers, new tax brackets, and a higher maximum earned income tax credit amount.
Social Security wage base, COLA set for 2023
The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2023 and a cost-of-living adjustment (COLA) for Social Security benefits. The COLA is 8.7%.
Final regulations adopt ‘family-friendly’ health care affordability test
Previous regulations had based the affordability of employer-offered coverage for family members on the cost of an employee’s self-only coverage.
Tax returns can be disclosed in whistleblower case
IRS cannot withhold disclosure of certain returns and return information in Tax Court whistleblower review case.
IRS raises per diem standard rates for business travel
Under Notice 2022-44, the high-low method rates will be slightly higher and the list of high-cost localities in the continental United States is revised, both effective Oct. 1.
Standard mileage rate increased July 1
Effective for miles traveled on or after July 1, 2022, the standard mileage rate for purposes of deductible business expenses is 62.5 cents per mile, an increase of 4 cents from the 58.5 cents per mile applicable to travel between Jan. 1, 2022, and June 30, 2022.
Paying for personal guaranties of company debts
A partner providing a personal guaranty may be entitled to an increase in the basis of his or her partnership interest by virtue of guaranteeing the partnership’s debt.
Microcaptive insurance arrangements after CIC Services
A federal district court recently held that Notice 2016-66, which classifies certain microcaptive insurance arrangements as transactions of interest that are reportable transactions under Regs. Sec. 1.6011-4, is invalid under the Administrative Procedure Act. This article discusses the ramifications of the decision for taxpayers engaging in microcaptive insurance transactions and possible responses to the decision by the IRS.
AICPA recommends changing cryptoasset question
In a comment letter to the IRS, the AICPA recommended changes and clarifications regarding the tax treatment of cryptoassets or “virtual currency.”
Guidance on clean vehicle tax credit
The IRS explained the new requirement that a car’s or truck’s final assembly occurred in North America to qualify for the tax credit on the purchase of clean-running vehicles.
Congress enacts tax and climate bill
With Senate amendments approved by the House on Friday, the budget reconciliation bill now known as the Inflation Reduction Act will go to the president for his signature.
Key tax provisions in the Senate reconciliation bill
The Inflation Reduction Act passed by the Senate on Sunday includes many tax items, some designed to raise revenue and others to promote various clean energy initiatives.
IRS may enforce lien to pay off deceased life partner’s tax debts
Property of a taxpayer may be used to satisfy the tax liabilities of a life partner.
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.
