Tag Archives: tax

IRS Finalizes Regs Removing Requirement To File Code Sec. 83(b) Election With Return

Final regs have been issued that remove the requirement that a taxpayer making a Code Sec. 83(b) election file a copy of the election with the taxpayer’s return for the year of the Code Sec. 83 transfer. The final regs track proposed regs issued … Continue reading

Posted in Blog, Featured on Homepage, Tax Notes, Tax Reporting | Tagged , | Leave a comment

Reduced Exclusion Available To Couple Who Sold Residence After Birth Of Second Child

A married couple could take advantage of the reduced maximum exclusion of gain from the sale of their home after the birth of their second child, the IRS has determined. Unforeseen circumstances were the primary reason for the sale and … Continue reading

Posted in Blog, Featured on Homepage | Tagged , | Leave a comment

IRS Announces Acquiescence In Per Taxpayer Mortgage Deduction Ruling

The Ninth Circuit Court of Appeals, reversing the Tax Court, had found that when multiple unmarried taxpayers co-own a qualifying residence, the debt limit provisions apply per taxpayer and not per residence.

Posted in Blog, Featured on Homepage, Tax Reporting | Tagged , | Leave a comment

Taxpayer Not Required To File FBAR For Offshore Online Gambling Accounts; Accounts Were Not Banks

The Ninth Circuit Court of Appeals has held that a taxpayer was not required to file a Foreign Bank and Financial Account Report (FBAR) with respect to two online gambling accounts established in foreign countries used only to play poker … Continue reading

Posted in Blog, Featured on Homepage, Foreign Income, Tax Reporting | Tagged , | Leave a comment

IRS Unveils Procedures For Expensing, Bonus Depreciation And More Under PATH Act

The IRS has released guidance related to Code Sec. 179 expensing, bonus depreciation and other related changes in the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). The guidance describes the procedures for filing amended returns and taking other actions.

Posted in Blog, Featured on Homepage, Tax Notes, Tax Planning | Tagged , , | 1 Comment

Proposed Regs Clarify Reporting Of Educational Expenses On Form 1098-T

The IRS has issued proposed regs that provide detailed guidance to higher education institutions on how to report tuition and other qualified expenses on Form 1098-T, Tuition Statement. The proposed regs also provide penalty relief for the institution’s failure to … Continue reading

Posted in Blog, Featured on Homepage, Tax Reporting | Tagged , , , | 1 Comment

Ninth Circuit Allows Home Developer’s Use Of Completed Contract Method For Entire Development

Affirming the Tax Court, the Court of Appeals for the Ninth Circuit has found that a residential home developer properly used the completed contract method (CCM) of accounting for the entire development, not just individual houses. The taxpayer’s method of … Continue reading

Posted in Blog, Featured on Homepage, Tax Reporting | Tagged , | 1 Comment

Tax Court Ruling on Activity Qualified As Business, Not Hobby

Tax Court Ruling on Activity Qualified As Business, Not Hobby In TC Memo 2016-71, the Tax Court found that a taxpayer’s hair-braiding             activity qualified as a business, where the taxpayer had a genuine, if optimistic, … Continue reading

Posted in Blog, Featured on Homepage, Small Business Accounting, Tax Reporting | Tagged , , , , | 1 Comment

Rental Losses Not Automatically Nonpassive Due To Status As Real Estate Professional

The Court of Appeals for the Ninth Circuit has found that a taxpayer’s rental losses were not automatically nonpassive because of her status as a real estate professional. The court rejected the taxpayer’s argument that she did not need to … Continue reading

Posted in Blog, Featured on Homepage, Tax Reporting | Tagged , , | 3 Comments

Self-Certification Procedure Streamlines Relief For Late Rollovers

The IRS has unveiled a new self-certification procedure for taxpayers who inadvertently miss the 60-day time limit for certain retirement plan distribution rollovers. The IRS described a number of mitigating circumstances.  

Posted in Blog, Featured on Homepage, Tax Notes, Tax Reporting | Tagged , | 2 Comments