Individual Income Taxation
The CARES Act enacted a recovery rebate tax credit to help individual taxpayers through the economic disruption caused by the coronavirus pandemic. This article discusses strategies to lower a taxpayer’s 2020 AGI to avoid a phaseout of the credit and other strategies for maximizing the credit a taxpayer receives.
The AICPA has asked Treasury and the IRS for guidance on the recently announced executive order that defers some employee payroll taxes that would be due between Sept. 1 and Dec. 31.
The IRS issued additional final regulations on payments made to charitable organizations in lieu of state and local tax credits.
President Donald Trump issued an presidential memorandum to defer the withholding, deposit, and payment of certain payroll taxes paid from Sept. 1 through Dec. 31, 2020.
The findings of four recent research papers are distilled in this column.
The IRS issued proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction under Sec. 151 to zero.
Litigation support payments received by lawyer are
includible in gross income.
The IRS issued regulations explaining the allowance of deductions for certain fines and penalties under Sec. 162(f) as amended by the law known as the Tax Cuts and Jobs Act.
In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.
The IRS issued its annual inflation-adjusted contribution limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most of the amounts increased slightly over the 2020 amounts.
The IRS issued a package of related guidance on the business interest expense limitation enacted in the law known as the Tax Cuts and Jobs Act and amended by the CARES Act.
The IRS issued the 2020 limits on depreciation deductions for cars and trucks first placed in service in 2020 and the income inclusion amounts for passenger automobiles first leased in 2020.
Taxpayers can exclude from gross income a discharge of qualified principal residence indebtedness before Jan. 1, 2021; under the CARES Act, certain taxpayers may also request forbearance from foreclosure on their residence.
This article summarizes business and individual tax provisions of the CARES Act, emergency legislation designed to speed relief to employers and individuals who are struggling due to the COVID-
19 pandemic.
The IRS issued final regulations allowing regulated investment companies (RICs) to report qualified real estate investment trust (REIT) dividends as Sec. 199A dividends to their shareholders.
The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.
Under proposed regulations, the IRS would return to a modified version of the rules that predated the temporary regulations.
The IRS issued proposed regulations defining direct primary care arrangements with doctors and health care sharing ministries and how payments for them can qualify as Sec. 213 medical expenses.
In response to the COVID-19 pandemic, the IRS further postponed the 180-day deadline to invest in a qualified opportunity fund from July 15, 2020, to Dec. 31, 2020, extended other deadlines, and relaxed some qualified investment rules.
In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.
