Individual Income Taxation

TOPICS

February 6, 2023

Change allows more vehicles to qualify for the new clean vehicle tax credit

Treasury and the IRS said Friday the IRS will use the EPA Fuel Economy Labeling Standard in proposed regulations to define which vehicles are eligible for the Sec. 30D clean vehicle tax credits, enacted as part of the Inflation Reduction Act.

January 24, 2023

Taxpayers reminded about digital asset question and income reporting

The IRS also expanded and clarified the instructions for answering the question to help taxpayers answer it correctly. Taxpayers must answer the question even if they didn’t engage in activities involving digital assets, just as in the 2021 tax year.

January 9, 2023

Unemployment compensation exclusion corrections led to 12 million refunds

Nearly 12 million taxpayers received refunds for 2020 through automatic corrections the IRS made because the American Rescue Plan Act added an exclusion for unemployment compensation after some taxpayers had already filed their returns.

January 4, 2023

Key tax and retirement provisions in the Secure 2.0 Act

The year-end appropriations act included the Secure 2.0 Act, which makes many changes to the retirement plan rules, including expanding automatic enrollment and increasing the starting age for required minimum distributions.

January 3, 2023

Business standard mileage rate increases for 2023

The standard mileage rate for business use of a vehicle has increased, the IRS announced, effective as of Jan. 1.

January 1, 2023

Sec. 987 foreign currency regulations applicability date extended again

On Aug. 15, 2022, the IRS announced that it intends to defer by one more year the applicability date of certain foreign currency regulations under Sec. 987.

December 1, 2022

Tax planning issues to consider when assisting clients in a divorce

Navigating a divorce can be an emotional experience for clients, and assisting them can likewise be poignant for their tax advisers, particularly when the adviser has a long-established relationship with both spouses.

December 1, 2022

Real estate dealer or investor? A recent Tax Court case

This dispute in this tax case was whether the land was a capital asset or inventory.

December 1, 2022

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;

December 1, 2022

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.

December 1, 2022

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.

December 1, 2022

Tax planning for bond transactions

Bonds offer tax advantages and can help protect a portfolio against inflation.

November 14, 2022

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.

November 1, 2022

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.

October 19, 2022

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.

October 13, 2022

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%.

October 11, 2022

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.

October 1, 2022

Tax returns can be disclosed in whistleblower case

IRS cannot withhold disclosure of certain returns and return information in Tax Court whistleblower review case.

September 26, 2022

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.

September 1, 2022

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.