This column addresses the call for more active teaching methods by providing tax educators an interactive spreadsheet assignment to incorporate into an introductory taxation course.
Advertisement
Topics
Specialized Issues
Supreme Court: Health Care Mandate Is Constitutional as a Tax
The Supreme Court declared the mandate requiring U.S. citizens and legal residents to maintain minimum essential health coverage to be a permissible exercise of Congress’s taxing powers under the Constitution.
Taxpayers Who Did Not Establish Insolvency Must Recognize COD Income
Taxpayers who settled a credit card debt for $4,412 less than they owed in 2008 had to include that amount in income because they did not prove they were insolvent under Sec. 108(a)(1)(B) at the time of the debt discharge (Shepherd, T.C. Memo. 2012-212). Sec. 108(a)(1)(B) excludes cancellation of debt
Debtors’ Taxes Are Not Discharged in Bankruptcy Where Tax Return Was Filed Late
A federal appeals court held that bankrupt debtors who filed their income tax return 17 months after their income taxes were assessed were not entitled to have those taxes discharged in the bankruptcy proceeding.
2013 HSA Inflation Adjustments Released
The IRS issued the inflation-adjusted figures for the annual contribution limitation for HSAs and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans for calendar year 2013.
Taxes From Postpetition Farm Sale Are Not Dischargeable
The Supreme Court ruled that taxes on gain from the sale of a farm after its owner had filed a Chapter 12 bankruptcy petition were not taxes incurred by the bankruptcy estate.
Supreme Court Upholds Health Care Law
The Supreme Court declared the mandate requiring U.S. citizens and legal residents to maintain minimum essential health coverage to be a permissible exercise of Congress’s taxing powers under the Constitution.
Final Regs. Issued on Health Insurance Premium Tax Credits
The IRS issued final regulations governing the Sec. 36B health insurance premium tax credit enacted by 2010’s health care legislation.
Farm Debtors Must Pay Capital Gain Tax in Full, the Supreme Court Holds
The U.S. Supreme Court ruled that farmers who sold farm assets during a bankruptcy reorganization under Chapter 12 of the Bankruptcy Code were liable for the full amount of the capital gains tax that resulted from the sale
Opportunities for Incorporating International Tax Law Into All Levels of the Tax Curriculum
Considering the global nature of today’s businesses, covering international topics is necessary at all levels of the business curriculum.
HSA Inflation Adjustments Issued for 2013
The IRS issued the inflation-adjusted figures for the annual contribution limitation for HSAs and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans for calendar year 2013.
IRS Proposes New Equitable Innocent Spouse Relief Rules
The IRS issued a proposed revenue procedure changing the way it will treat requests for equitable innocent spouse relief under Secs. 66(c) and 6015(f).
Integrating Circular 230 into the Tax Curriculum: Appendix
This appendix provides a more detailed suggested solution to the five questions presented in the Feb. 2012 Campus to Clients column.
Integrating Circular 230 into the Tax Curriculum
Circular 230 is crucial to tax education because it forms the ethical standards of tax practice. Students who plan to become tax practitioners must become well acquainted with Circular 230 along with the underlying laws and regulations governing tax practice.
Timing Considerations of Discharging Taxes in a Chapter 7 Bankruptcy
This article discusses liquidations under Chapter 7 and focuses on individuals who are attempting to have their debts discharged, or wiped out, in bankruptcy.
Individuals Who Are Eligible for Medical Services at IHS Facilities May Still Participate in HSAs
The IRS explained that people who are eligible to receive medical services at Indian Health Service facilities are not automatically disqualified from making tax-free contributions to HSAs.
More-Generous Rules Proposed for Equitable Innocent Spouse Relief
The IRS issued a proposed revenue procedure changing the way it will treat requests for equitable innocent spouse relief under Secs. 66(c) and 6015(f).
Year-End Individual Taxation Report
This article covers developments from the past year affecting taxation of individuals, including last year’s tax relief, health care, and small business legislation, regulations, cases, and IRS guidance.
Creating Slides for Effective Presentations
This column reviews four books that address communication and the use of visual aids in professional presentations.
Two-Year Innocent Spouse Limitation Period Upheld Again
The Fourth Circuit overturned a Tax Court decision and upheld a Treasury regulation that sets a two-year statute of limitation on claims for innocent spouse relief, marking the third time the Tax Court has been overruled on this issue by a higher court.
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.
