The Supreme Court upheld the availability of premium tax credits under Sec. 36B when they are provided through health exchanges run by the federal government.
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The VITA Program: Vital to Communities, Campuses, Students, and Employers
This column articulates the numerous benefits students, universities, employers, and communities can gain from the VITA program and provides tips on how to start a program, how to recruit and train volunteers, and how to best ensure a successful experience for all constituents.
Late-Filed Form 1040 Not a Tax Return for Bankruptcy Discharge Exception
The Tenth Circuit, in a case of first impression, held that an untimely Form 1040 filed after the IRS has assessed a taxpayer’s tax liability, is not a tax return for purposes of the exception to discharge of a tax debt in bankruptcy.
Taxpayers Who Already Filed 2014 Returns Using Incorrect Forms 1095-A Won’t Have To Pay More Tax
The Treasury Department announced on Tuesday that taxpayers do not have to file amended returns if they already filed their 2014 tax returns relying on forms sent by the government that contained incorrect information about their health coverage and any advance premium tax credit they received.
Thousands Receive Incorrect Health Care Tax Forms; Signup Period Extended
The government announced that many taxpayers who signed up for health insurance on the site have received an incorrect Form 1095-A for 2014. It also announced an extension of time for uninsured taxpayers to sign up for insurance on the website.
Do PPACA Credits and Mandates Apply in States With Federal Exchanges?
Challenges now moving through the federal courts target the IRS’s interpretation that the Sec. 36B premium assistance credit to insurance purchased on both state health insurance exchanges and federal health insurance exchanges.
Enhancing Tax Analysis Skills Through Excel-Based Scenarios
This assignment attempts to address within a first course in federal income taxation of individuals the MTC’s concern for delivering basic tax knowledge and developing student skill sets.
Guidance on Health Care Law Is Issued
The IRS released a package of guidance on 2010’s health care reform legislation, finalizing proposed regulations on minimum essential coverage, identifying the hardship exemptions from the Sec. 5000A individual shared-responsibility penalty for which individuals are not required to provide exemption certificates, and providing indexing adjustments for certain calculations under the Sec. 36B premium tax credit and Sec. 5000A
New Law Creates Tax-Favored Savings Accounts for Disabled Taxpayers
Congress approved the Achieving a Better Life Experience (ABLE) Act of 2014, which will allow disabled individuals to save money to pay for their disability expenses in tax-favored accounts, called ABLE accounts.
Minimum Essential Coverage, Other Health Care Reform Guidance Issued
The IRS released health care guidance, including final regulations on minimum essential coverage, a list of hardship exemptions from individual shared-responsibility penalty, and indexed adjustments for certain calculations under the premium tax credit.
Benefits of Using Convertible Tablet PCs for Tax Instruction
This column looks at the benefits of using a convertible tablet PC to teach tax concepts, whether in academia, in-house training, or continuing education.
Innocent Spouse Relief Under Rev. Proc. 2013-34
The IRS’s new revenue procedure revised the rules for taxpayers who request equitable relief from joint and several tax liability under Sec. 6015(f) or from tax liability arising from the operation of community property laws under Sec. 66(c).
Appellate Courts Reach Conflicting Decisions on Premium Tax Credit Regs.
On the same day, the D.C. Circuit and Fourth Circuit Courts of Appeals issued decisions on whether Regs. Sec. 1.36B-2(a)(1), which authorizes a premium tax credit for insurance purchased on health insurance exchanges established by the federal government, is a valid regulation.
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, including how the credit is calculated in conjunction with the Sec. 162(l) deduction for health insurance premiums of self-employed individuals.
IRS Signals PPACA Compliance Issues for 2015
This month, the IRS made several updates to the Internal Revenue Manual that provide insight on the notices and enforcement methods the Service will use next tax season to ensure taxpayers comply with the health care law.
Guidance Issued on Small-Employer Premium Tax Credit
IRS final regulations provide guidance on how small employers determine full-time-equivalent employees and average annual wages, how to calculate the credit, and what is a “qualifying arrangement” for purposes of the credit.
Sample Course Syllabuses: Undergraduate Accounting Majors
The following syllabuses accompany the August 2014 Campus to Clients column, “The Model Tax Curriculum: 2014 Revisions Provide a Valuable Tool for Accounting Programs.”
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.
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.
employee benefits & pensions
Profits interests: The most tax-efficient equity grant to employees
By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.
