AICPA backs bill to make it easier to file for tax extensions
The bill filed by Reps. Judy Chu and Mike Carey would streamline the extension-filing process for millions of Americans.
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The bill filed by Reps. Judy Chu and Mike Carey would streamline the extension-filing process for millions of Americans.
Many Code provisions apply only to a “trade or business.” This article discusses the various tax consequences when an activity fails the relevant test and is instead deemed a hobby or investment.
This item discusses 10 important income tax questions to consider when creating an estate plan.
Sec. 401(k) plan distribution is not excludable from income or exempt from the Sec. 72(t) addition to tax due to taxpayer’s diabetes.
For qualifying property placed in service after 2022, the nonbusiness energy property credit has been expanded and renamed as the energy-efficient home improvement credit.
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the 12 months ending October 2022.
Taxpayers in most of California and parts of Alabama and Georgia have had their tax filing and payment deadlines further extended to Oct. 16. The postponement covers a wide variety of returns and taxes.
The AICPA has suggested questions and answers the IRS could post to assist taxpayers and practitioners in answering the question about digital assets that appears on Form 1040.
Taxpayers who received certain general welfare or disaster relief payments or refunds in 2022 will not have to include them in income on their federal returns, the IRS announced on Friday.
Treasury and the IRS said Friday the IRS will use the EPA Fuel Economy Labeling Standard in proposed regulations to define which vehicles are eligible for the Sec. 30D clean vehicle tax credits, enacted as part of the Inflation Reduction Act.
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.
DEDUCTIONS
Business meal deductions after the TCJA
This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction.
TAX RELIEF
Quirks spurred by COVID-19 tax relief
This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.