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.
Individual Income Taxation
This article discusses calculating and reporting the deduction for losses related to residential property and other nonbusiness property from natural disasters for federal tax purposes.
The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines.
The IRS released a draft Form W-4, Employee’s Withholding Allowance Certificate, and its instructions, for individual taxpayers to use to determine their income tax withholding for 2019.
Form 1040SR would be similar to Form 1040EZ, except that anybody age 65 and older may use it.
The IRS issued guidance on how it intends to interpret the exemption amount in tax years 2018 through 2025 in determining who is a qualifying relative for purposes of the various Code provisions that refer to the definition of a dependent in Sec. 152.
The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.
Interest recharacterization rules under Regs. Sec. 1.1411-4(g)(5) can minimize clients’ exposure to the net investment income tax.
IRS guidance explains changes to standard mileage rate rules and depreciation in the Tax Cuts and Jobs Act
The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
The failure to update the regulations to reflect a statutory increase in the FBAR penalty amount prevents the IRS from assessing the full statutory amount of the penalty.
For investors, cryptocurrency will be regarded as a capital asset, so a key component of correctly determining the tax treatment of a cryptocurrency investment will be establishing its basis.
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.
Mastery of PechaKucha can help presenters grab an audience’s attention, calm their own nerves, and avoid several common presentation mistakes.
Final regulations address how taxpayers can comply with the requirements for adequate substantiation of charitable contributions of money or property.
Four states have sued in U.S. district court, asking to invalidate the $10,000 limit on the deduction for state and local taxes enacted as part of last year’s tax overhaul.
The AICPA’s Tax Executive Committee sent a letter to the IRS, urging the Service to simplify the proposed draft 2019 Form W-4, Employee’s Withholding Allowance Certificate.
This article addresses two common business expenses whose tax rules changed beginning Jan. 1, 2018.
Shared-equity financing arrangements can help individuals acquire homes they might not otherwise be able to afford, but care should be taken with the tax planning aspects.
The IRS issued the inflation-adjusted contribution limits for 2019 for health savings accounts.