Gross Income

Cryptocurrency and taxes

Cryptocurrency has gone mostly unregulated, but Coinbase could be just the first of many IRS targets.

Who Can or Must File a Form 1099-C?

With taxpayers and businesses defaulting on credit and loans, tax advisers may consider whether their clients should issue a Form 1099-C for a bad debt.

Res Judicata Does Not Bar Taxpayer from Claiming NOL Carrybacks

The Tax Court ruled that the doctrine of res judicata did not bar a taxpayer from claiming net operating loss (NOL) carrybacks to 1999 and 2000, despite a prior deficiency case involving those years, because the statutory scheme for NOL carrybacks includes Sec. 6511(d)(2)(B) (i), which allows a refund attributable to an NOL carryback notwithstanding “the operation of any . . . rule of law,” which includes res judicata.

IRS Issues Second Directive on Gift Cards

The IRS has issued a second industry director directive (IDD No. 2) (LMSB 4-0808-042) on gift cards and gift certificates, elevating the use of a separate gift card company (Giftco) to administer a taxpayer’s gift card or certificate program to Part A status and providing more information on issues categorized as Part B.

Gift Card and Gift Certificate Income Deferral

This item analyzes IRS audit guidelines for the treatment of gift card and gift certificate income, focusing on situations that require an examining agent to raise issues with IRS industry technical advisers.

Newsletter Articles


50 years of The Tax Adviser

The January 2020 issue marks the 50th anniversary of The Tax Adviser, which was first published in January 1970. Over the coming year, we will be looking back at early issues of the magazine, highlighting interesting tidbits.


2019 tax software survey

This annual survey shows how CPAs rate the tax preparation software they used during last tax season and how it handled the recent tax law changes.