The IRS announced procedures to allow certain individuals who have renounced their US citizenship to get into compliance with their U.S. tax obligations and obtain relief for back taxes.
Individual Income Taxation
This article is a semiannual review of recent developments in individual federal taxation, covering cases, rulings, and guidance on a variety of topics.
Under new Sec. 163(j), business interest expense deductions are limited, and a business interest expense that is disallowed in the current year is carried forward to the succeeding tax year.
The Eleventh Circuit holds a taxpayer is entitled to a deduction under Sec. 1341 for a payment made to reimburse her ex-spouse for a portion of a settlement in an excess-compensation lawsuit.
The IRS issued final regulations on health reimbursement arrangements, which may be offered to individuals as individual coverage HRAs and integrated into health insurance plans.
To determine the IRS’s likely treatment, an analysis is necessary of two Code sections that address energy credits: Sec. 25D and Sec. 48.
The IRS issued proposed rules that provide maximum automobile values for the cents-per-mile and fleet-average valuation rules used to determine the amount to include in an employee’s gross income for personal use of an employer-provided vehicle.
This article provides an overview of the rules for determining the 180-day period to qualify for the full benefits of a qualified opportunity zone investment.
Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.
The new draft form, which has been extensively redesigned, is intended to simplify the calculation of income tax withholding after the changes made by the law known as the Tax Cuts and Jobs Act.
Several tax benefits can accrue to taxpayers that make investments in certain low-income communities through qualified opportunity funds. A second round of proposed regulations addresses many outstanding questions about this new vehicle for taxpayer-friendly investing in distressed communities.
The IRS revised its maximum-vehicle-value rule for personal use of an employer-provided vehicle for 2019 for both the cents-per-mile rule and the fleet-average-valuation rule.
This item discusses the clarifications and questions that were answered with the issuance of a second set of proposed regulations on May 1, 2019.
The proposed regulations provided much-anticipated rules for RICs with REIT income for purposes of Sec. 199A.
A lesson helps students develop the skills necessary to spot book-tax differences that affect corporations’ effective tax rates.
A special relief provision allows unused losses caused by a lack of basis to be deducted by an S corporation shareholder under certain conditions for one year (or more) during the S corporation’s post-termination transition period.
The IRS added 14 types of preventive care items that qualify to be provided under a high-deductible health plan to treat chronic medical conditions.
This article reviews how some scholarships might be considered taxable income to a student.
The regulations define the term “substantially all,” the definition of which was reserved in the earlier proposed regulations issued in October 2018.
This item discusses the general factors courts and the IRS have considered in determining whether a taxpayer is engaged in more than one trade or business.