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Tax Briefing(s)

2016 Post-Filing Season Update Fiscal Year (FY) 2017 Budget Proposals 2015 Tax Year-In-Review Protecting Americans From Tax Hikes Act Of 2015 2015 Year-End Tax Planning

GSA announces per diem rates for federal employee travel in fiscal year 2017
The General Services Administration (GSA) has announced its fiscal year (FY) 2017 Continental U.S. (CONUS) per diem reimbursement rates. The GSA is often a predictor of the per diem rates that wi...

IRS allows double mortgage interest deduction limit to unmarried homeowners
The IRS has announced that it will not dispute the holding of in a federal appeals court decision regarding the limit on mortgage interest deductions under Code Sec. 163 (Voss, CA-9, 2015-2 ustc ¶...

New scams target taxpayers and tax professionals
The IRS has warned taxpayers of automated phone scam telephone calls and new tactics used by scammers demanding tax payments on gift cards. This summer has seen a significant increase in the frequency...

No deduction for "general knowledge" expenses; but executive MBA was deductible
A married couple, a college professor and a librarian, failed to persuade the Tax Court that their deductions for home internet service, cell phones, satellite television, and other items were deducti...

Tax Court gives expansive interpretation of "collected proceeds" for whistleblower awards
The Tax Court has held that under Code sec. 7623(b), criminal fines and civil forfeitures are “collected proceeds” for calculating whistleblower awards. In so doing, the court rejected the...

NTA cautions that IRS “Future State” leaves out many taxpayers
National Taxpayer Advocate Nina Olson, in her mid-year report to Congress, expressed her continuing concerns about the IRS’s “Future State” initiative (IR-2016-97). In addition, she ...

Tax Court allows patent attorney to take business deductions for car restoration
The Tax Court has found that a taxpayer, a patent attorney by trade, was entitled to substantiated business expense deductions stemming from his automobile restoration business, as he intended to make...

IRS regulations clarify individual shared responsibility rules, premium assistance tax credit
The IRS continues to offer guidance to flesh out the specifics of the individual shared responsibility requirement and the premium assistance tax credit under the Affordable Care Act. The IRS has issu...

Couple allowed homesale exclusion following birth of second child
The IRS determined that 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 (LTR 201628002). Unforeseen cir...

IRS outlines new measures to curb tax-related identity theft
The IRS, in conjunction with states and stakeholders in the tax preparation and software industry, intends to take additional steps to protect taxpayers from tax-related identity theft, the agency ann...

IRS may prioritize cases for private tax collection
The IRS retains discretion to prioritize cases for assignment to private collection agencies, IRS Chief Counsel has explained in new program manager technical advice (PMTA). The IRS is also expected t...

IRS enhances Get Transcript app to protect taxpayers from fraud
The IRS has upgraded its authentication processes for the popular Get Transcript app. The app had been breached by cybercriminals last year. In response, the IRS has strengthened the app’s secur...

Chief Counsel rules that fine paid to FINRA are not deductible
IRS Chief Counsel has determined that the Financial Industry Regulatory Authority (FINRA) is an entity serving as an agency or instrumentality of the government of the United States. As such, fines pa...

IRS notifies taxpayers of special procedures permitting return of seized assets
The IRS began notifying impacted taxpayers of special procedures permitting the return of seized assets. To be eligible for a return of the assets, taxpayers must show that the underlying funds came f...

IRS issues guidance on wrongful incarceration exclusion claims
The IRS has provided guidance on how wrongfully-incarcerated individuals are to make claims for a retroactive exclusion from income for any civil damages, restitution or other monetary award received ...

CA - 2016 Tax rate schedules, filing thresholds, other adjusted figures released
The California Franchise Tax Board has adjusted the California personal income tax rate schedules, return filing thresholds, personal exemption amounts, standard deduction amounts, itemized deduction ...

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