Income
In response to the COVID-19 pandemic, the IRS is allowing employers to switch from the vehicle lease valuation method to the cents-per-mile method for determining the value of an employee’s personal use of a vehicle during the pandemic.
A distribution from a SEP-IRA to an LLC owned by the taxpayer is includible in the taxpayer’s gross income.
The Code provides favorable treatment for gains from investing in small business stock under Sec. 1202.
Rev. Proc. 95-27 uses a two-part test to define whether the modification of a building, other than a certified historic structure, is a demolition for
purposes of Sec. 280B.
The IRS issued final regulations providing guidance on withholding federal income tax from employees’ wages under changes enacted in the TCJA.
A settlement payment from a malpractice claim cannot be excluded from income.
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.
This semiannual update of recent developments in the area of individual taxation includes cases on conservation easements, discharge of student loan debt, net operating loss deductions, and real estate professional status.
Litigation support payments received by lawyer are
includible in gross income.
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.
Under proposed regulations, the IRS would return to a modified version of the rules that predated the temporary regulations.
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.
A reduction of a taxpayer’s FERS disability annuity
payments by the SSDI benefits he received was not a deductible loss.
While the U.S. federal income tax rules generally provide comprehensive instruction on tax hedging transactions, ambiguity remains regarding the timing for transactions intended to hedge anticipated, but unfulfilled, transactions.
Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.
Members of Congress have introduced a bill that would provide a de minimis exemption for personal transactions where the gains are less than or equal to $200.
The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs).
Filing rules for businesses owned by spouses contain several exceptions to the partnership filing rules, and this article discusses when the exceptions apply, how to implement them, and if they are worth the effort to elect.
An ‘outstanding practice’ combines personal financial planning with tax compliance to help clients maximize charitable deductions, provide solutions for difficult financial situations, avoid
capital gains tax, and create a family legacy.
This semiannual update of recent developments in the area of individual taxation includes cases on hobby losses, innocent-spouse relief, material participation in a business, discharge of indebtedness, and self-employment tax, as well as IRS guidance on charitable deductions, cryptocurrency, and other topics.
