The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.
Individual Income Taxation
On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts.
The IRS ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer does not receive units of a new cryptocurrency, but does have gross income as a result of an airdrop of new cryptocurrency after a hard fork if the taxpayer receives units of the new cryptocurrency.
This article explores the competing perspectives and discusses the IRS’s interim guidance on the deductibility of business meals.
The IRS finalized regulations permitting taxpayers to deduct disaster losses in the prior tax year and removed the related temporary regulations that were issued in 2016.
To facilitate the transition away from IBORs and minimize the resulting market disruption, the IRS issued the proposed regulations with an aim of reducing associated tax uncertainty and taxpayer burden.
The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs).
The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims.
The Fifth Circuit held that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero.
The QOZ program will generally require year-end action on the part of the fund managers.
The IRS issued additional rules on the treatment of deductions for charitable contributions in lieu of state and local taxes, an area in which it has already issued final regulations and other guidance.
As it does every year, the IRS extended the due date to furnish certain health care information statements to individual taxpayers to March 2, 2020.
Government agencies such as the IRS, the U.S. DOL, and the NLRB each look at their own set of factors.
Sec. 1400Z-2 offers three ways for a taxpayer to benefit from investing directly or via a passthrough entity in a qualified opportunity zone.
This article discusses some specific issues to consider for tax year 2019.
The IRS issued a revenue procedure describing the requirements taxpayers have to meet to be a rental real estate business that qualifies for the safe harbor to be treated as a trade or business in order to qualify for the Sec. 199A qualified business income deduction.
The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling away from home using the per-diem rates.
The IRS updated its rules concerning the use of standard mileage rates and to reflect the current suspension of miscellaneous itemized deductions and moving expense deductions.
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.
An exercise helps students grasp the interplay of earned taxable income and net unearned income in calculating the kiddie tax as revised by the TCJA.