Are award points taxable?

Description

Abstract: The IRS has made recent efforts to collect taxes on income that taxpayers earn from all types of sources, including award points, which are available today for a wide range of activities, from keeping a minimum balance in your bank account to charging a certain amount on your credit cards. This article explores the impact of a recent court ruling involving award points, Parimal H. Shankar v. Commissioner of Internal Revenue. The article also cites other often-overlooked income that should be reported.