The IRS provides requirements for home energy audits for taxpayers that want to claim the energy efficient home improvement credit, which taxpayers can rely on until proposed regulations are issued.
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TOPICS
Individuals
Prop. regs. clarify tax treatment of certain health insurance payments
New proposed regulations clarify that accident or health insurance payments are not excludable from an employee’s income where the payments are made without regard to amount of medical expenses incurred by the employee under Sec. 213(d) and the premiums or contributions for coverage are paid on a pre-tax basis.
Bad debt deductions from intrafamily advances
Loans within families can give rise to a loss deduction if not repaid, but this requires establishing, maintaining, and documenting a bona fide debtor-creditor relationship.
Mitigation of excess gain on inherited property
This item focuses on the rules to seek an adjustment: correcting excess gain on inherited property.
Tax Court holds firm to deadline for petition filed after midnight Eastern time
Tax Court petition filed electronically after midnight Eastern time on the last day for filing is not timely.
Blog posts are admissible in innocent-spouse relief case
Blog posts held admissible in equitable innocent-spouse relief determination case.
AICPA backs bill to make it easier to file for tax extensions
The bill filed by Reps. Judy Chu and Mike Carey would streamline the extension-filing process for millions of Americans.
Is it a trade or business? Or a hobby or investment?
Many Code provisions apply only to a “trade or business.” This article discusses the various tax consequences when an activity fails the relevant test and is instead deemed a hobby or investment.
Investing in qualified opportunity zones in Puerto Rico
This article summarizes the potential federal tax benefits from qualified opportunity zone investments in Puerto Rico under Sec. 1400Z-2, coupled with incentives of the Puerto Rico Incentive Code of 2019 (Act 60).
10 estate and income tax questions
This item discusses 10 important income tax questions to consider when creating an estate plan.
Distribution from 401(k) plan taxable to taxpayer with diabetes
Sec. 401(k) plan distribution is not excludable from income or exempt from the Sec. 72(t) addition to tax due to taxpayer’s diabetes.
Energy-efficient home improvement credit
For qualifying property placed in service after 2022, the nonbusiness energy property credit has been expanded and renamed as the energy-efficient home improvement credit.
Current developments in taxation of individuals
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the 12 months ending October 2022.
Taxpayers in disaster areas of 3 states have until Oct. 16 to file returns
Taxpayers in most of California and parts of Alabama and Georgia have had their tax filing and payment deadlines further extended to Oct. 16. The postponement covers a wide variety of returns and taxes.
AICPA recommends 12 digital asset FAQs for IRS to post online
The AICPA has suggested questions and answers the IRS could post to assist taxpayers and practitioners in answering the question about digital assets that appears on Form 1040.
Taxpayers can exclude certain 2022 state payments from federal returns
Taxpayers who received certain general welfare or disaster relief payments or refunds in 2022 will not have to include them in income on their federal returns, the IRS announced on Friday.
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.
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.
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.
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.
INDIVIDUALS
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
