Individual taxation report
This article is a semiannual review of recent developments in the area of individual taxation.
Individual Income Taxation
Passive activity credits and recharacterized income
Passthrough owners that do not materially participate in a trade or business may find their tax credits suspended.
Tax Court allows full meal deduction for NHL team’s away games
Pregame meals provided to Boston Bruins players and personnel before away games qualify as a de minimis fringe benefit.
Tax treatment of loans from hospitals to newly recruited physicians
The loans may be recharacterized as compensation, which can trigger unexpected income and payroll taxes for the doctor.
Reliance on tax software does not let taxpayer off the hook
A recent Tax Court case provides a cautionary tale for taxpayers who rely on do-it-yourself tax preparation software.
Contributions to quasi-governmental public-private partnerships
This article describes the requirements for an organization to meet Sec. 115(1).
Ideas on incorporating tax policy into a first tax course
Introductory tax courses often focus solely on compliance or theory, which can cause some students to lose interest in the topic.
Final regs. address premium tax credit issues
The IRS issued final regulations that govern the relief available for victims of domestic abuse or abandonment from the requirement that married taxpayers must file joint income tax returns to qualify for the Sec. 36B premium tax credit.
Revised Senate health bill would retain taxes on higher-income individuals
The health care bill released by Senate Republicans on Thursday would retain the Affordable Care Act’s 3.8% net investment tax and the 0.9% Medicare surtax.
Statistical sampling and resulting allocations under fixed-asset studies
This item discusses a methodology to sample expenditures by reviewing amounts capitalized for book purposes and to determine the extent to which they should be classified as tangible personal property or expensed for tax purposes.
Contributions to HSAs
Deductible HSA contributions can be used to offset all forms of income.
IRS issues 2018 inflation adjustments for HSAs
The IRS issued the inflation-adjusted figures for the annual contribution limits for health savings accounts.
Court grants hardship waiver for rollover failure
The Tax Court held it would be against “equity or good conscience” to deny an ex-NYPD police officer a hardship waiver for failing to meet the rollover requirement while he was suffering from a “major depressive disorder.”
Tax provisions in the Senate health care bill
The Senate Republicans’ bill to replace Obamacare would repeal many of the Affordable Care Act’s tax provisions. Here’s a look at the tax changes in the bill.
IRS notice response tips everyone should know
This column discusses IRS notices and how taxpayers should react to them.
Dealing with state tax issues? It comes down to domicile
Most states that have a personal income tax have a function whereby the taxpayer can file as a full-year resident, a partial-year resident, or a nonresident.
TIGTA issues reports on taxpayers who received advance premium tax credits
Health care exchanges failed to properly verify the identity and eligibility of all individuals who received the advance premium tax credit, the Treasury Inspector General for Tax Administration reported.
Data analytics: A high-level introduction for accounting practitioners
Tax practitioners better trained in data analytics could improve decision-making in several areas.
Tax issues for nontraditional households
This article explores the income tax issues that arise from owning or living in a home with a person other than a spouse.
Joint return not valid where one spouse filed separate return
A joint return with only one spouse’s signature was not valid.
