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1. IRS issues guidance on health insurance premium tax credits   WebExclusive

BY Sally P. Schreiber, J.D.
The IRS issued regulations and revenue procedures Thursday 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. The temporary regulations (T.D. 9683) also provide rules for taxpayers who are victims of domestic abuse to claim the tax credit on a separate return, and add a provision for abandoned spouses.

2. Federal courts disagree on health care credits for federal exchanges   WebExclusive

BY Sally P. Schreiber, J.D.
The appellate courts for the D. C. Circuit and the Fourth Circuit issued conflicting decisions on Tuesday regarding the availability of the Sec. 36B premium tax credit for taxpayers who purchase health insurance on exchanges set up by the federal government. The D.C Circuit held that the regulation permitting taxpayer’s to get premium tax credits under Sec.

3. Court halts IRS regulation of contingent fees for refund claims   WebExclusive

BY Alistair M. Nevius, J.D.
The U.S. District Court for the District of Columbia granted a motion of summary judgment and issued an injunction to prevent the IRS from regulating contingent fee arrangements for the preparation and filing of ordinary refund claims under Circular 230, Regulations Governing Practice Before the Internal Revenue Service (31 C.F.R.

4. One-IRA-rollover-a-year rule will be effective in 2015, IRS says   WebExclusive

BY Sally P. Schreiber, J.D.
Following up on its promise earlier in the year to follow the Tax Court’s holding that the limit of one rollover per year applies on an aggregate basis and not on an IRA-by-IRA basis, the IRS withdrew a proposed regulation from 1981, Prop. Regs. Sec. 1.408-4(b)(4)(ii), which had provided otherwise (REG-209459-78).

5. E-filing of amended returns, elimination of Form 1040X among TIGTA recommendations   WebExclusive

BY Sally P. Schreiber, J.D.
Taxpayers should be allowed to use Form 1040 to amend their returns and should be able to e-file amended returns, according to recommendations made by the Treasury Inspector General for Tax Administration (TIGTA) on Wednesday (TIGTA Rep’t No. 2014-40-028). Although individual tax returns in the Form 1040 series may all be filed electronically, the IRS can only accept Form 1040X, Amended U.S.

6. Limit on direct deposit of refunds will go into effect in 2015   WebExclusive

BY Sally P. Schreiber, J.D.
In its latest attempt to fight tax refund fraud, the IRS said that, beginning in January 2015, it will impose a limit of three electronic direct deposits of tax refunds into a single financial account or prepaid debit card. Taxpayers who exceed the limit will receive the fourth and subsequent refunds in a paper check instead of a direct deposit.

7. Creating the net investment income tax regulations: A conversation with David Kirk   CPEDirect

BY Robert S. Keebler, CPA
From 2008 until 2014, David H. Kirk, one of the two principal authors of the proposed and final net investment income tax regulations (T.D. 9644, REG-130843-13, and REG-130507-11), was an attorney in the Passthroughs and Special Industries Division of the Office of Chief Counsel of the IRS. The net investment income tax, enacted by the Health Care and Education Reconciliation Act of 2010, P.L.

8. The lure of a Sec. 475 election   CPEDirect

BY Jay A. Soled, J.D., Mary B. Goldhirsch, J.D. and Kristie N. Tierney
Prudence is in order any time a taxpayer considers an election under the Internal Revenue Code. When it comes to Sec. 475, this axiom is especially relevant. Sec. 475 permits mark-to-market accounting for eligible taxpayers, which is a substantial deviation from the Code’s traditional standard of income recognition only when it is realized.

9. Spouses must qualify as first-time homebuyers under same provision  

BY Raymond C. Speciale, Esq., CPA
An appellate decision overturns the Tax Court on the statute’s plain language.Reversing the Tax Court, the Eleventh Circuit held that married taxpayers filing jointly did not qualify for the first-time homebuyer credit when one of them was a longtime homeowner. The unambiguous language of Secs. 36(c)(1) and 36(c)(6) requires a married couple to be considered as a unit to qualify under either provision, the circuit court held.

10. District court invalidates husband’s transfer of property to spouse  

BY Mark A. McCoon, CPA, Ph.D.
Applying a five-part test, a district court upholds IRS liens against property nominally owned by the taxpayer’s wife.The District Court for the Northern District of Illinois invalidated a husband’s quitclaim deed that purportedly transferred ownership of the marital residence to his spouse. The husband, Jack L. Stone, had unpaid federal tax liabilities, and the government was seeking enforcement of tax liens against him.
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