The following syllabuses accompany the August 2014 Campus to Clients column, “The Model Tax Curriculum: 2014 Revisions Provide a Valuable Tool for Accounting Programs.”
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TOPICS
Individuals
Inherited IRA Is Included in Bankruptcy Estate
The Supreme Court held that funds held in an inherited IRA are not retirement funds that are exempt from a bankruptcy estate.
The Model Tax Curriculum: 2014 Revisions Provide a Valuable Tool for Accounting Programs
In 2012, a task force of AICPA and American Tax Association representatives was convened to revisit the model tax curriculum and recommend modifications to address changes in the tax environment. This column is an adaptation of the group’s final report.
Are Severance Payments Subject to FICA?
The definition of wages for purposes of income tax withholding and for the Federal Insurance Contributions Act has often been a point of contention. The Supreme Court recently reversed an appellate decision and held that severance payments to employees who were involuntarily terminated were taxable wages for FICA purposes.
IRS Issues Guidance on Health Insurance Premium Tax Credits
The IRS issued regulations and revenue procedures addressing how to calculate the Sec. 36B premium tax credit.
Federal Courts Disagree on Health Care Credits for Federal Exchanges
Two federal appellate courts issued conflicting decisions regarding the availability of the Sec. 36B premium tax credit for taxpayers who purchase health insurance on exchanges set up by the federal government.
Fighting Identity Theft, IRS Issues Final Rules on Truncated Identification Numbers
Final regulations allow the use of truncated taxpayer identification numbers on payee statements and certain other documents where not prohibited by the Code, applicable regulations, or other guidance published in the Internal Revenue Bulletin, forms, or instructions.
E-filing of Amended Returns, Elimination of Form 1040X Among TIGTA Recommendations
Taxpayers should be allowed to use Form 1040 to amend their returns and should be able to e-file amended returns, according to recommendations made by the Treasury Inspector General for Tax Administration.
Help for Self-Employed Clients Who Owe Taxes They Cannot Pay
In tax practice, CPAs occasionally encounter self-employed clients who have difficulty keeping up with their quarterly estimated tax payments. The problem of making adequate estimated tax payments is particularly difficult for the self-employed because they generally do not have taxes withheld and remitted to the government, as do most employees with wages reported on Form W-2.
Unused ITINs Will Expire After Five Years Under New IRS Policy
The IRS announced a new: ITINs that are not being used will expire after five years. The policy will go into effect in 2016.
Real Estate Professionals: Avoiding the Passive Activity Loss Rules
Qualifying as real estate professionals allows taxpayers to avoid having their rental real estate activities treated as per se passive. This article discusses the requirements for qualifying as a real estate professional and how the requirements have been interpreted by the IRS and the courts.
HSA Inflation Adjustments for 2015
The IRS issued the calendar year 2015 inflation-adjusted figures for the annual contribution limits for health savings accounts and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.
Like-Kind Exchange Rules: Continued Evolution
For many years, taxpayers have been able to defer recognition of gain on the disposition of assets by engaging in Sec. 1031 like-kind exchanges. Consequently, many questions and issues surrounding these transactions have been addressed, but many cases and rulings continue to arise each year. This article analyzes these cases and rulings and identifies questions that still need to be answered.
Tax Simplification: Key to Fighting Tax Return Identity Theft
Identity theft and tax simplification are high priorities for members of Congress, the IRS, and all taxpayers. Though most people think the issues are unrelated, one potential way to decrease identity theft and preparer fraud is tax simplification.
Planning With Home-Equity Loans and Mortgage Refinancing
Homeowners should not overlook the opportunity to generate cash flow by using the equity in their residence. Not only are home-equity loans a relatively cheap source of financing (considering the after-tax effective borrowing rate), but also the repayment terms are often more generous than those on unsecured loans.
Tax Treatment of Distributions to Pay Accident or Health Insurance Premiums
The IRS finalized regulations that provide that distributions from qualified retirement plans to pay accident or health insurance premiums are taxable unless a statutory exclusion applies. However, arrangements where amounts are used to pay premiums for disability insurance to replace retirement plan contributions in the event of a participant’s disability are not treated as taxable under the regulations if they meet certain requirements.
IRS Adopts “Taxpayer Bill of Rights”
The IRS released a “Taxpayer Bill of Rights” intended to better communicate to taxpayers their existing statutory and administrative protections.
State Income Tax Filing Requirements for Same-Sex Married Couples in Light of Rev. Rul. 2013-17
Most states that ban same-sex marriage also prohibit legally married same-sex couples from filing a joint state income tax return. This item addresses some of the major filing requirements and issues that same-sex couples may encounter in filing their personal income tax returns.
Severance Payments Subject to FICA Withholding
The Supreme Court, reversing a decision of the Sixth Circuit, held that severance payments to terminated employees are subject to FICA withholding.
Procedures Allow Separate Return Filing for Abuse Victims to Claim Premium Tax Credit
Victims of domestic violence who are afraid or unable to contact their spouse to file a joint return may be able to claim the Sec. 36B health insurance premium tax credit using new procedures announced by the IRS.
INDIVIDUALS
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
