Economic benefits of life insurance premium payments are not includible in income
Economic benefits from an S corporation’s payment of a premium on a life insurance policy were not includible in the shareholder/employee’s income.
Gross Income
Certain moving expenses incurred in 2017 not subject to withholding and employment tax in 2018
Employer reimbursements made in 2018 of qualified moving expenses incurred prior to 2018 in connection with a move that occurred prior to Jan. 1, 2018, may be excluded from employees’ wages and gross income despite the suspension of the exclusion for tax years 2018 through 2025.
IRS explains disallowance of qualified transportation fringe benefits for parking
The IRS issued guidance outlining how to determine the amount of parking expense that is nondeductible under Sec. 274(a)(4) when employers provide parking for their employees.
Initial guidance issued on Sec. 83(i) deferral election for private company equity grants
The IRS issued initial guidance on the application of Sec. 83(i), which allows certain employees to defer recognition of income attributable to the receipt or vesting of qualified stock.
Tax reform: Individual taxpayers and the Sec. 962 election
The new "repatriation tax" under the TCJA may cause individual partners and shareholders of flowthrough entities to obtain a deferred tax rate benefit by making this election.
Damages and interest from stray voltage suit are ordinary income
A jury award of tort damages plus interest was ordinary income, and the interest award was subject to self-employment tax.
Recent developments in individual taxation
This semiannual review covers changes made by the TCJA, cases and guidance involving hobby losses, qualifying as a real estate professional, innocent spouse relief, and other key topics affecting individuals.
The receipt and redemption of rewards program points: Tax and reporting implications
The taxation of frequent flyer miles and other points taxpayers receive from rewards programs is a vexing problem, involving questions of timing, amount, and reporting of income.
Tuition waiver benefit related to past employment includible in income
A laid-off university employee was not retired or disabled, therefore his use of tuition waivers that were part of his severance package resulted in taxable income to him.
Qualified equity grants: A welcome alternative for startup companies
The Tax Cuts and Jobs Act provides an alternative designed to help ease the burden on employees receiving stock.
Counterintuitive tax planning: Increasing taxable scholarship income to reduce taxes
This article discusses the potential benefit of choosing to include scholarships or grants in income.
Gravel mined on Seneca land is not exempt from tax
Income from selling gravel mined on Seneca Nation land was not exempt from tax under two treaties between the United States and the Seneca Nation.
The physical presence test for excluding foreign earned income
Under Sec. 911, a U.S. citizen whose tax home is in one or more foreign countries, who spends enough there, can exclude a certain amount of foreign earned income.
Individual taxation: Report of recent developments
This article is a semiannual review of developments in individual federal taxation, including issues of alimony, trade or business expenses, and recognition of loss.
IRS closer to obtaining virtual currency records
The IRS continues to press for greater tax compliance in the virtual currency arena.
What the House tax bill holds for individuals
From new tax rates to fewer deductions, credits, and exclusions, the tax reform bill released by the House would have wide-ranging effects on the taxation of individuals.
Tax Court rules veteran’s retirement disability income not taxable
A taxpayer’s military disability retirement income was ruled excludable from his gross income.
Individual taxation report
This article is a semiannual review of recent developments in the area of individual taxation.
Tax treatment of loans from hospitals to newly recruited physicians
The loans may be recharacterized as compensation, which can trigger unexpected income and payroll taxes for the doctor.
Tax issues for nontraditional households
This article explores the income tax issues that arise from owning or living in a home with a person other than a spouse.
