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The article focuses on recent federal tax developments impacting individuals, summarizing notable cases, rulings, and procedural updates issued through April 2024. Topics include changes to the U.S. Internal Revenue Service (IRS) procedures for issuing rulings and user fees, updates on the treatment of energy-efficient home rebates and credits, and notable court cases related to earned income tax credits, health insurance tax credits, and various tax deductions.

The article focuses on recent developments in individual taxation, highlighting significant cases, rulings, and guidance issued in the six months leading up to October 2023. It covers various topics, including technical requirements for claiming tax credits, income recognition from retirement accounts, business deductions, and substantiation of charitable contributions. It underscores the importance of compliance with tax laws and regulations.

The article focuses on current developments in taxation for individuals. It provides a summary of notable cases, rulings, and guidance related to various tax topics for individuals in the six months leading up to April 2023. It covers changes and updates in Internal Revenue Service (IRS) procedures, premium tax credits, gross income definitions, annuities and life insurance contracts, and more.

The article discusses about the tax benefits in the U.S. under the section 1202 introduced into the Code in 1993. Topics discussed include eligible corporation engaged in a qualified trade under the section, initial public offerings and private-equity acquisitions and direct guidance from the U.S. Internal Revenue Service (IRS) related to section 1202 definitions of terms such as services and consulting.

The article focuses on semiannual update surveys recent federal tax developments involving individuals. Topics discussed include Internal Revenue Service (IRS) updated its frequently asked questions (FAQs) regarding the child tax credit; IRS sent more than 8.7 million refunds to identified taxpayers who had paid taxes on unemployment compensation that, under the American Rescue Plan Act (ARPA) and case related to settlements of attorney malpractice.

The article explores the challenges of community property laws for practitioners in common law states, using Texas, U.S. as an example. It details how these laws impact tax scenarios when clients choose separate filing or encounter events like death or divorce. It emphasizes on the growing importance for practitioners in all states to understand community property laws, given the rising mobility of individuals.

The article focuses on semiannual update surveys recent federal tax developments involving individuals. Topics include examines that it summarizes notable cases, rulings, and guidance on a variety of topics issued during the six months ending June 2021 and discusses certain provisions of coronavirus relief legislation.

The article provides an overview of the recent developments in the area of taxation under November 2020 in the U.S. Topics include regulations were issued clarifying the definition of qualifying child and relative for child tax credit and other tax purposes; Internal Revenue Service provided guidance on pandemic-related payments under an employer leave-based donation program as part of Coronavirus Aid, Relief, and Economic Security Act; and amendments made to Tax Cuts and Jobs Act.

The article focuses on changes on the 2021 draft Form 1040 and related schedules to help practitioners prepare for next busy season. It mentions change is a step in the right direction to have the question actually match potential reporting events on the current-year tax return and will have to capture the pre-payments of the child tax credits that started being distributed in July 2021. It also mentions net operating loss, gambling income and cancellation of debt.

The article focuses on the U.S. Coronavirus Aid, Relief, and Economic Security (CARES) Act suspended the limitation on excess business losses for passthrough businesses and sole proprietorships for the 2018, 2019, and 2020 tax years. It mentions Tax Court denied taxpayers a charitable deduction related to a conservation easement. It also mentions the U.S. Internal Revenue Service (IRS) clarified how to calculate the income recognized upon the sale of life insurance contracts.

The article focuses on developments in individual taxation and taxpayer was ineligible for a charitable deduction because of failure to list the donated asset's tax basis. It mentions the U.S. Internal Revenue Service (IRS) had begun to send letters to taxpayers identified as possibly failing to report income from virtual currency transactions. It also mentions Tax Court found in two cases that taxpayers did not engage in horse-raising-related activities for a profit.

The article focuses on the changes to the charitable giving rules made by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and taxpayers who do not itemize can benefit in 2020 from a charitable deduction. It mentions Section 2204 of the CARES Act allows for an above-the-line deduction and limit applies to the tax-filing unit, so for those who file married filing jointly. It also mentions direct income tax savings in 2020 for making qualified charitable distributions.

The article focuses on Section 1400Z-2 of Tax Cuts and Jobs Act offers three ways for a taxpayer to benefit financially from investing directly or via a passthrough entity in a qualified opportunity zone (QOZ). It mentions tax advantage Sec. 1400Z-2 provides is two increases in the basis of the investment for taxpayers that hold their QOZ investment for the required periods. It also mentions 1400Z-2 provides is deferral for any gain from a sale or exchange treated as a capital gain.

The article focuses on changes to the charitable giving rules made by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and taxpayers who do not itemize can benefit in 2020 from a charitable deduction. It mentions direct income tax savings in 2020 for making qualified charitable distributions, reducing the value of the individual retirement account (IRA) through charitable gifting. It also mentions U.S. Tax Cuts and Jobs Act which limits the charitable deduction.