A critical milestone in the qualified opportunity zone program looms, and understanding how to calculate the required deferred gain recognition is essential.
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TOPICS
Individuals
‘Stacking’ charitable contributions up to the 60% limit
The OBBBA sought to clarify AGI‑based charitable contribution deduction limits but instead added uncertainty over how those limits apply.
Condo casualty losses: Deductions for common-interest property
When disaster strikes a condominium or planned community, owners often pay for common-area repairs — but don’t always get the casualty loss deduction they expect. This article addresses when deductions are allowed and how communities might restructure ownership to unlock tax benefits for their residents.
Current developments in taxation of individuals: Part 3
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
Current developments in taxation of individuals: Part 2
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
Assessment of tax for excess APTC payments is invalid
The Tax Court advised a taxpayer that filing a second petition would not allow another IRS Collection Due Process review.
IRS finalizes deduction rules for tips, adds 3 eligible jobs
The final IRS regulations expand the tips deduction to 71 occupations and clarify rules on qualified tips, digital payments, and automatic gratuities.
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including
court cases, rulings, and guidance issued during the six months ending October 2025.
New Schedule 1-A for tips, OT, car loans, and senior deductions published
The Schedule 1-A does not differ from the draft version issued last year, but instructions for Form 1040 provide details and examples on the four temporary deductions.
Average tax refund rises 11%; total filings decline
The average individual tax refund is up nearly 11% in the first 10 business days of the 2026 filing season, rising to $2,290 from $2,065 last year.
Prop. regs. issued on new qualified tips deduction
The proposed regulations clarify points including the interaction of qualifying occupations for which tips are customarily received with ineligible specified service trades or businesses.
IRS releases FAQs on qualified overtime pay deduction under H.R. 1
An IRS fact sheet explains when overtime compensation qualifies for the H.R. 1 deduction and how Fair Labor Standards Act rules apply, including for federal employees.
IRS to start accepting and processing tax returns on Jan. 26
The IRS acknowledged that new tax provisions could affect federal taxes, credits, and deductions. The start of filing season is in line with previous years.
Sec. 30D credit not allowed in 2019 for vehicle purchased in 2013
A Sec. 30D credit was denied because a vehicle was not placed in service in the year the credit was claimed.
Only deductible W-2 wages used in determining Sec. 199A deduction
Only deductible W-2 wages are included in calculating a taxpayer’s Sec. 199A qualified business income deduction.
Revisiting Sec. 1202: Strategic planning after the 2025 OBBBA expansion
This powerful vehicle for excluding gain on qualified small business stock gains even more traction under new legislation.
IRS updates FAQs on business interest limitation, premium tax credit
The updates reflect changes made in H.R. 1, P.L. 119–21, commonly known as the One Big Beautiful Bill Act.
Even an expert says: Digital asset reporting creates headaches
At the AICPA National Tax Conference, digital assets expert Nik Fahrer, CPA, sympathized with tax pros who dread the upcoming tax season because of digital asset reporting requirements.
IRS clarifies health savings account changes in H.R. 1 in new notice
Among other changes, the guidance explains that bronze and catastrophic plans are considered HSA-compatible under Sec. 223.
IRS approves medical deduction for IVF, denies it for surrogacy
A recent IRS ruling clarifies a key distinction of expenses for in vitro fertilization.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
