The IRS released final regulations on the penalty or tax imposed on individual taxpayers who do not obtain minimum essential health care coverage beginning in 2014.
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Specialized Issues
Proposed Rules Reset Limitation for Pursuing Equitable Innocent Spouse Relief
The IRS issued proposed regulations under Secs. 6015(f) and 66(c) changing the deadline for taxpayers to request innocent spouse relief from joint liability.
Technology for Tax Compliance
This column suggests ideas for helping tax students learn about technology used in the accounting profession, as well as some of the ethical concerns raised by its use.
Proposed Rules Address Minimum Value of Health Coverage for Premium Tax Credits
The IRS issued proposed regulations for determining whether an eligible employer-sponsored health plan provides minimum value for purposes of the Sec. 36B health insurance premium tax credit.
Innocent-Spouse Defense Against Assessments on a Joint Return
Sec. 6015 provides two potential sources of relief to spouses and former spouses facing joint and several liability problems.
IRS Issues Guidance on Minimum Essential Health Coverage, Shared-Responsibility Penalty
The IRS issued two notices defining minimum essential coverage for purposes of the Sec. 36B premium tax credit and providing relief from the shared-responsibility penalty under Sec. 5000A for individuals covered by non-calendar year plans.
Making the Connection Between Tax and Strategic Business Decision-Making
Cross-discipline approaches can be used to expand students’ ability to apply knowledge learned in one area of accounting to other areas.
Chapter 13: Tax Considerations
Since the bankruptcy law was amended in 2005, many individuals have been channeled to Chapter 13, under which a debtor typically pays off a greater amount of debt through a court-approved repayment plan.
Rules Proposed for Individual Health Care Mandate
The IRS released proposed rules for the Sec. 5000A shared-responsibility payment—the penalty or tax imposed on individual taxpayers who do not obtain minimum essential health care coverage beginning in 2014.
Developments in Individual Taxation
This article covers recent developments in individual taxation. The items are arranged in Code section order.
IRS Issues Guidance on 0.9% Additional Medicare Tax
The IRS issued proposed regulations concerning the 0.9% Medicare surtax, which took effect Jan. 1, 2013.
Enhance Tax Courses With Documentaries, News Segments, and Other Nonfiction Video Resources
Valuable nonfiction film and video resources for tax courses, specifically documentary films, news segments, and news stories can be found at many video libraries and video-sharing websites.
Individual Health Care Mandate Rules Under Sec. 5000A Proposed
The IRS released proposed rules for the Sec. 5000A shared-responsibility payment—the penalty or tax imposed on individual taxpayers who do not obtain minimum essential health care coverage beginning in 2014.
Measuring Insolvency Under Sec. 108
While determining if a taxpayer is bankrupt is straightforward, determining whether a taxpayer is insolvent can be tricky.
Medicare Premium Deduction for Self-Employed Individuals
The IRS Chief Counsel’s Office clarified that all Medicare premiums are insurance constituting medical care and may be deducted under Sec. 162(l) as an above-the-line deduction by self-employed individuals.
A Powerful Learning Tool: Lessons From an Exam Reflection Assignment
Reflection is a valuable learning tool for the classroom and for professionals in practice: Both groups can learn from reflecting on their successes and failures and the steps that led to these outcomes.
Taxpayers Not Insolvent for Purposes of Sec. 108 Exclusion
The Tax Court held that a married couple had failed to prove the FMV of their two homes and the husband’s pension and thus could not prove they were insolvent.
Taxpayer Cannot Revive Equitable Innocent Spouse Claim
A U.S. District Court dismissed a taxpayer’s claim that she was entitled to innocent spouse relief under Notice 2011-70, which announced the removal of the two-year limitation period for claims for equitable innocent spouse relief under Sec. 6015(f).
Chief Counsel: Self-Employed Can Deduct Medicare Premiums
The Office of Chief Counsel advised that self-employed individuals may deduct Medicare premiums from their self-employment income.
Removal of Two-Year Limit on Innocent Spouse Claims Does Not Revive Taxpayer’s Case
A federal court dismissed a taxpayer’s claim that she was entitled to innocent spouse relief under Notice 2011-70, which announced the removal of the two-year limitation period for claims for equitable innocent spouse relief under Sec. 6015(f).
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.
