While the Tax Cuts and Jobs Act repealed the individual mandate penalty as of January 1, 2019, the requirement for individuals and their dependents to have minimum essential health coverage unless exe...

The IRS has announced the standard mileage rates for certain types of driving in 2019 (Notice 2019-02). Beginning on January 1, 2019, the standard mileage rates for the use of a car, van, pickup or pa...

Unless a taxpayer can demonstrate a profit motive, an activity is treated as a hobby. This means all income must be reported, but for 2018 through 2025, no deductions can be taken. The bar to deductio...

Life’s ups and downs can disrupt things for taxpayers, but the Tax Court has made it clear that it’s no excuse for not filing tax returns. Take the following case where a taxpayer who worked in th...

The interest rates on overpayments and underpayments are increased slightly for the first quarter of 2019, as compared with the rates for the prior quarter (Rev Rul. 2018-32). The rates are:Nonco...

The Tax Season—the time in which to file your 2018 income tax return or ask for a filing extension and settle up on any taxes due—is underway. Some things are new this year, while others matters h...

You may be thinking of buying or leasing a new vehicle for 2019. Or you may drive your new or existing car or truck for business or other purposes. Here are 5 things to know about the tax rules that a...

As 2018 draws to a close, consider taking certain actions to favorably impact your tax bill for the year. Here are 10 things you can still do:1.    Review withholding and estimated taxesIf ...

The Tax Cuts and Jobs Act (TCJA) made numerous changes in tax law. Many of the changes will show up on your 2018 return, which won’t be filed until 2019. But don’t wait to take action now that can...

Following the Tax Cuts and Jobs Act, there’ve been some changes in the taxation of certain fringe benefits. While most benefits that have been tax free continue as such, you may find some difference...

Severance pay is taxable in the year in which it is received. If it’s received in a lump sum, then it’s taxable in one year. If it’s spread over two or more years, then the portion received in e...

Unreimbursed employee business expenses used to be a miscellaneous itemized deduction subject to the 2% of adjusted gross income floor. However, this deduction has been suspended for 2018 through 2025...

The basis for depreciation is the lower of the adjusted basis of the property (usually cost) or its fair market value on the date it starts to be used for business. For equipment (e.g., a computer, fu...

The tax law allows individuals who receive foster care payments to exclude them from gross income if all three of the following conditions are met: (1) Payments are made pursuant to a foster care prog...

It depends. Legal fees related to a recovery for unlawful discrimination under various federal laws such as the Family and Medical Leave Act are deductible as adjustments to gross income (i.e., they a...