Individual Income Taxation

IRS expands relief from underpayment penalty

The IRS announced that it is lowering from 85% to 80% the amount taxpayers are required to have paid in order to escape an underpayment of estimated income tax penalty for 2018.

Opportunities beckon in new qualified opportunity zones

With their prospects for deferral or even exclusion of gains from certain investments in them, the newly created qualified opportunity zones offer an intriguing tax planning option for investors and a potential boon for distressed communities.

Individual tax report

This semiannual update on current developments in the area of individual taxation includes a number of cases on material participation, hobby losses, charitable contributions, the Sec. 199A regulations, and several other important areas.

Private company equity grant rules are issued

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.

Educating students for expanded financial planning careers

The AICPA is integrating personal financial planning into university-level curriculum in a manner that would help prepare prospective CPA candidates to qualify for the Personal Financial Specialist credential shortly after obtaining their CPA license.

IRS announces Free File launch

The IRS announced that its Free File program, which provides free electronic filing options to moderate-income taxpayers, opened Jan. 11 and will operate through Oct. 15.

Newsletter Articles

TECHNOLOGY

2018 tax software survey

Among CPA tax preparers, tax return preparation software generates often extensive and ardent discussion. To get through the rigors of tax season, they depend on their tax preparation software. Here’s how they rate the leading professional products.

DEDUCTIONS

Qualified business income deduction regs. and other guidance issued

The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.