Rev. Proc. 2008-63 permits securities lenders continued nonrecognition treatment under Sec. 1058(a) for certain securities loans terminated due to the bankruptcy of the securities borrower, provided the lender applies the collateral to the purchase of identical securities within 30 days of the default.
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Teaching Tax Through the Socratic Method
This column explores a type of active learning pedagogy that university and continuing education instructors should consider using in order to help students attain more permanent and meaningful learning.
Sec. 6015 Does Not Preempt State Community Property Law for Refund Purposes
The Ninth Circuit affirmed the Tax Court and held that Sec. 6015 does not preempt state community property law with respect to an innocent spouse’s right to a refund.
Tax Court Does Not Have Jurisdiction Over Duplicate Request for Relief
The Tax Court held that it lacked jurisdiction over a request for Sec. 6015(f) equitable relief that was based on the same facts and grounds for relief as an earlier request that had been denied by the IRS. Facts Judith Barnes was married to Nathan Genrich. On their joint return
Academic-Based VITA Programs
VITA programs sponsored by accounting programs provide valuable, free tax services to their communities.
Taxpayer Must File Jointly to Qualify as Innocent Spouse
The Ninth Circuit has held that to be eligible for innocent spouse relief under Sec. 6015, a taxpayer must have filed a joint return with his or her spouse and that Sec. 6015’s equitable relief provision also requires that a joint return had been filed.
Financial Literacy: University-Focused Activities
A well-planned university-based financial literacy effort can benefit students and communities beyond the campus.
Curriculum Tools for Tax Educators
A completely revised Model Tax Curriculum and a new website with content from the AICPA’s Next Generation Task Force are among the new tools available to tax faculty seeking to modify their course offerings and to help prepare students to enter the accounting profession.
VITA, the MTC and the Modern Accounting Curriculum (Part II)
Editor: Annette Nellen, CPA, Esq. Part I of this two-part column, in the August 2007 issue, discussed setting up a Volunteer Income Tax Assistance (VITA) program. Part II, below, addresses integrating VITA into an accounting program. Integrating VITA into the Accounting Program If accounting faculty members determine that the benefits
Opportunities to Claim Health Care Expenses as Deductions
Editor: Joel E. Ackerman, CPA, MST It is common knowledge that taxpayers may deduct qualified medical expenses for themselves and their dependent children. There are, however, other opportunities to deduct medical expenses that are not so widely known. One of those is the deduction of medical expenses that a taxpayer
IRS Announces Redesigned Form 8857
The Service announced that it has redesigned Form 8857, Request for Innocent Spouse Relief, in order to reduce followup questions and minimize the burden on taxpayers. Previously, Form 12510, Questionnaire for the Requesting Spouse, was separate from Form 8857. The redesigned Form 8857 combines the two forms. The IRS believes
VITA, the MTC and the Modern Accounting Curriculum (Part I)
Editor: Annette Nellen, CPA, Esq. Several authors have discussed the benefits of “service learning” in the accounting curriculum and, more specifically, the Volunteer Income Tax Assistance (VITA) program. This is described as a means of strengthening the accounting curriculum by engaging students in critical analysis and problem solving; see Still
Tax-Free Money: The Medicare Retiree Drug Subsidy
Editor: Mary Van Leuven, J.D., LL.M. The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (MMA), P.L. 108-173, amended Title XVIII of the Social Security Act (SSA) by establishing Part D: Voluntary Prescription Drug Benefit Program. This program adds certain prescription drugs to the benefits covered under the Medicare
Teaching Ethics to Accounting Majors
Editor: Annette Nellen, CPA, Esq. Accounting professionals have faced increased pressure from regulators and the public in the wake of corporate scandals over the last few years. The sight of chief executive and financial officers parading into courtrooms has raised public awareness and concern about ethical behavior in management and
Innocent Spouse Relief
Editor: John L. Miller, CPA Searching the Internet under “innocent spouse relief” will turn up many organizations, CPAs, attorneys and others offering to assist a taxpayer with an innocent spouse claim. IRS Pub. 971, Innocent Spouse Relief (And Separation of Liability and Equitable Relief), explains the various types of relief,
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
