Individual Income Tax - Specialized Issues

Topics

February 16, 2017

Failure to report health coverage will not cause tax return rejection

The IRS issued guidance on how it will treat individual income tax returns that do not indicate whether the taxpayers had health insurance coverage.

February 1, 2017

Recourse vs. Nonrecourse Indebtedness: Implications for Disregarded Entities Under Sec. 108

This item explores the underlying federal income tax issues that accompany disregarded entities acting as
borrowers in lending transactions.

February 1, 2017

Changes to the 2017 CPA Exam: An Opportunity to Further Students’ Professional Success

The new exam will increase emphasis on the higher levels of Bloom’s Taxonomy, such as analysis and application, and reduce emphasis on remembering and understanding.

November 1, 2016

Working With Today’s Students

This column features ideas to help tax professors engage students in new ways, without sacrificing tax content.

November 1, 2016

The ABCs of Form 1095

Understanding forms 1095-A and 1095-B can help in preparing clients’ individual income tax
returns and fulfilling their professional due-diligence responsibilities.

September 1, 2016

Chapter 7 and Chapter 11 Bankruptcy: Tax Considerations

This item discusses the common tax issues encountered in Chapter 7 and Chapter 11 bankruptcy cases.

August 1, 2016

The Client Tax Letter Project: Client Communication for Tax Professionals

Tax classes should teach students not only to navigate the Code but also to communicate their findings effectively through internal memos and client communications.

July 1, 2016

Health Savings Account Limits for 2017 Are Issued

The IRS issued the 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 plans.

May 1, 2016

Using Excel in the Classroom: Performing a Multilevel Tax Analysis of an S Corporation Conversion

Developing students’ ability to employ Microsoft Excel is essential to their future career success.

April 29, 2016

IRS Releases 2017 Health Savings Account Limits

The IRS issued the inflation-adjusted figures for calendar year 2017 for the annual contribution limits for health savings accounts.

March 1, 2016

IRS Explains the Reinstated Sec. 35 Health Coverage Tax Credit

IRS issued a notice to explain how the recently reinstated Sec. 35 health coverage tax credit applies for 2014 and 2015.

February 18, 2016

What Individuals Need to Know About the Affordable Care Act for 2016

This article summarizes the significant items in the Patient Protection and Affordable Care Act that affect individuals this filing season.

February 1, 2016

The Use of Online Quizzes in an Introductory Tax Course

Use of online quizzes has helped improve performance on exams.

February 1, 2016

Proposed Regulations Govern Innocent Spouse Relief

The IRS proposed more detailed rules governing innocent spouse relief under Sec. 6015.

December 23, 2015

Guidance Explains the Reinstated Sec. 35 Health Coverage Tax Credit for 2014 and 2015

The law now allows taxpayers who receive coverage from a health insurance exchange to claim the Sec. 35 credit through 2015, but prohibits it after 2015.

November 19, 2015

Proposed Regulations Provide More Detailed Rules Governing Innocent Spouse Relief

Among the changes are expanded rules on when the requesting spouse can be relieved of liability for penalties and interest.

November 1, 2015

Flipping the Tax Classroom for a Better Student Learning Experience

Students’ verbal and written communication skills require improvement.

November 1, 2015

For Minimum Value, Employer Must Cover Inpatient Hospital and Physician Services

The IRS has proposed a requirement for employer-sponsored health plans to count as providing minimum value.

September 1, 2015

Supreme Court Allows Premium Tax Credits in Federal Exchanges

The Supreme Court upheld the availability of premium tax credits under the PPACA when they are provided through health exchanges run by the federal government.

September 1, 2015

Trade Preferences Act Amends the Tax Code

The Trade Preferences Extension Act of 2015, enacted on June 29, contains a few tax provisions in addition to the trade measures that were the focus of the bill.