Gross Income
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.
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.
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.
This article discusses the potential benefit of choosing to include scholarships or grants in income.
The Tax Cuts and Jobs Act provides an alternative designed to help ease the burden on employees receiving stock.
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.
This article is a semiannual review of developments
in individual federal taxation, including issues of alimony, trade or business expenses, and recognition of loss.
The IRS continues to press for greater tax compliance in the virtual currency arena.
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.
A taxpayer’s military disability retirement income was ruled excludable from his gross income.
This article is a semiannual review of recent developments in the area of individual taxation.
The loans may be recharacterized as compensation, which can trigger unexpected income and payroll taxes for the doctor.
This article explores the income tax issues that arise from owning or living in a home with a person other than a spouse.
A number of recent significant developments affect
taxation of individuals.
The IRS finalized a proposed rule eliminating the three-year testing period for determining when debt was discharged for cancellation of debt information reporting purposes.
The IRS released its annual notice containing the 2017 inflation-adjusted amounts for the maximum vehicle values to determine the amount that is included in employees’ income for personal use of an employer-provided vehicle.
The United States Appreciation for Olympians and
Paralympians Act of 2016 excludes the value of medals or prize money received from the United States Olympic Committee.
The IRS finalized a proposed rule eliminating the three-year testing period for determining when debt was discharged for cancellation of debt information reporting purposes.
Proper planning may allow this tax to be deferred, reduced, or, in some cases, avoided completely.
The IRS ruled payments made under a state’s
in-home supportive care programs should be treated as difficulty-of-care payments excludable from the gross income of the care provider.
