Individual Income Taxation
The IRS also expanded and clarified the instructions for answering the question to help taxpayers answer it correctly. Taxpayers must answer the question even if they didn’t engage in activities involving digital assets, just as in the 2021 tax year.
Nearly 12 million taxpayers received refunds for 2020 through automatic corrections the IRS made because the American Rescue Plan Act added an exclusion for unemployment compensation after some taxpayers had already filed their returns.
The year-end appropriations act included the Secure 2.0 Act, which makes many changes to the retirement plan rules, including expanding automatic enrollment and increasing the starting age for required minimum distributions.
The standard mileage rate for business use of a vehicle has increased, the IRS announced, effective as of Jan. 1.
On Aug. 15, 2022, the IRS announced that it intends to defer by one more year the applicability date of certain foreign currency regulations under Sec. 987.
This dispute in this tax case was whether the land was a capital asset or inventory.
Bonds offer tax advantages and can help protect a portfolio against inflation.
Navigating a divorce can be an emotional experience for clients, and assisting them can likewise be poignant for their tax advisers, particularly when the adviser has a long-established relationship with both spouses.
This item discusses how the rules for calculating ATI have changed for 2022 and beyond and how this affects the deductibility limit.
This article provides an analysis in four scenarios of whether the QBI deduction will cause a marriage penalty or bonus and discusses whether the existence of a marriage penalty or bonus affects couples’ decision to marry.
An automatic stay in Tax Court is not lifted by the confirmation of a bankruptcy plan;
In October, the IRS said it would leave Free File open for an extra month, until Thursday, so eligible taxpayers can claim their share of several benefits including the 2021 recovery rebate credit, the child tax credit, and the earned income tax credit.
General or special methods of valuing employer-provided vehicles are available for determining the employer’s and employee’s tax treatment of this fringe benefit.
Changes include increases in the standard deduction for many taxpayers, new tax brackets, and a higher maximum earned income tax credit amount.
The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2023 and a cost-of-living adjustment (COLA) for Social Security benefits. The COLA is 8.7%.
Previous regulations had based the affordability of employer-offered coverage for family members on the cost of an employee’s self-only coverage.
IRS cannot withhold disclosure of certain returns and return information in Tax Court whistleblower review case.
Under Notice 2022-44, the high-low method rates will be slightly higher and the list of high-cost localities in the continental United States is revised, both effective Oct. 1.
A partner providing a personal guaranty may be entitled to an increase in the basis of his or her partnership interest by virtue of guaranteeing the partnership’s debt.
A federal district court recently held that Notice 2016-66, which classifies certain microcaptive insurance arrangements as transactions of interest that are reportable transactions under Regs. Sec. 1.6011-4, is invalid under the Administrative Procedure Act. This article discusses the ramifications of the decision for taxpayers engaging in microcaptive insurance transactions and possible responses to the decision by the IRS.
