Current developments in taxation of individuals – Child tax credit
As it does each year, the IRS issued updates to certain procedural matters, in Rev. Procs. 2022-1, 2022-2, and 2022-3....
Bank deposits analysis upheld
Jun 5, 2023
The Tax Court approved the IRS’s application of the bank deposits method to establish the amount of a taxpayer’s additional...
Emotional-distress settlement denied exclusion treatment
Jun 2, 2023
A taxpayer could not exclude emotional- distress damages from gross income under Sec. 104 after being terminated from his employment...
Proposed regs. provide rules for repatriation of intangible property
May 29, 2023
The IRS issued proposed regulations that would in certain cases terminate the continued application of Sec. 367(d) when intangible property...
The Inflation Reduction Act’s energy- and climate-related tax provisions
Mar 2, 2023
The Inflation Reduction Act of 2022, P.L. 117-169, represents a monumental and unprecedented investment in the adoption and expansion of...
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