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1. Effective filing dates of returns are disputable issues of fact  

BY Charles J. Reichert, CPA
The IRS’s motion for dismissal was denied in a case where determining the timeliness of a taxpayer’s refund claims depended on determining the effective filing date of the taxpayer’s returns.The Court of Federal Claims denied a motion by the IRS to dismiss a taxpayer’s refund claim for two prior tax years, holding that a trial is required to resolve a genuine factual dispute concerning whether the refund claims had been filed before the statute of limitation expired.Facts: Maria Montiel, a citizen and resident of Mexico, filed Form 1040, U.S.

2. Pension plan limitations are increased for inflation   WebExclusive

BY Sally P. Schreiber, J.D.
Taxpayers will be allowed to contribute more money to their retirement savings in 2015 under new pension plan limits announced by the IRS on Thursday. The IRS annually adjusts the limitations on pension plan contributions in cases where cost-of-living increases meet the statutory requirements for inflation adjustment. A list of the more significant items that are increased for 2015 includes:The elective deferral limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $17,500 in 2014 to $18,000 in 2015.The catch-up contribution limit for employees age 50

3. Asset protection of retirement funds after Clark   CPEDirect

BY Daniel S. Rubin, Esq.
What’s in a name? According to the U.S. Supreme Court, nothing.In June, the Supreme Court in Clark v. Rameker, No. 13-299 (U.S. 6/12/14), said that just because funds are held in an account called an individual retirement account (IRA), it doesn’t necessarily mean that they are retirement funds.

4. Final regs. allow deduction for local lodging expenses   WebExclusive

BY Alistair M. Nevius, J.D.
Regulations issued on Tuesday finalize rules the IRS put into effect in 2012 allowing employees to deduct certain expenses paid or incurred for local lodging as business expenses (T.D. 9696). Normally, lodging expenses a taxpayer incurs while not traveling away from home are considered personal expenses under Sec.

5. IRS signals PPACA compliance issues for 2015   WebExclusive

BY Andrew Phillips, J.D., Lindsey Buchholz, J.D., Jennifer Villarino, J.D. and Jim Buttonow, CPA/CITP
This month, the IRS made several updates to the Internal Revenue Manual (IRM) that provide insight on the notices and enforcement methods the Service will use next tax season to ensure taxpayers comply with the Patient Protection and Affordable Care Act (PPACA), P.L. 111-148. Most compliance efforts focus on the premium tax credit and the individual shared-responsibility payment.

6. Gain exclusion lost upon reacquisition of former principal residence   CPEDirect

BY Charles J. Reichert, CPA
A repossession of a former principal residence pursuant to default on a contract for deed results in the partial recognition of gain previously excluded under Sec. 121.The Tax Court held that the portion of a taxpayer’s gain excluded under Sec. 121 was properly recognized when he repossessed his former principal residence, under the general rule of Sec.

7. Exemption from PFIC regime for indirect ownership expanded  

BY Dahlia B. Doumar, J.D., LL.M. and Carl A. Merino, J.D., LL.M.
The IRS clarifies that shares held through a variety of tax-exempt organizations, plans, and accounts are generally excluded.On April 14, Treasury and the IRS announced they will amend the regulations under Sec. 1291 to provide that a U.S. person who indirectly owns stock of a passive foreign investment company (PFIC) through a tax-exempt organization or account will not be treated as a U.S.

8. Taxpayer wins partial IRA rollover contribution issue on appeal  

BY Laura Jean Kreissl, Ph.D. and Darlene Pulliam, CPA, Ph.D.
Partially reversing the Tax Court, the Eighth Circuit holds that a taxpayer made a timely partial rollover contribution to his IRA.The Eighth Circuit held that the IRS and Tax Court improperly denied a taxpayer’s claim of a partial qualifying rollover contribution to his individual retirement account (IRA) by ignoring a partial repayment of a distribution made less than 60 days earlier.

9. Inherited home triggers denial of first-time homebuyer credit  

BY Raymond C. Speciale, Esq., CPA
A home in which a taxpayer inherited an ownership interest was his principal residence, even though he lived there only a few months, the Tax Court holds.The Tax Court held that a home inherited by a taxpayer disqualified him from a first-time homebuyer credit for a new residence.

10. Most qualified plan distributions to pay accident or health premiums are taxable  

BY Sally P. Schreiber, J.D.
Final regulations exclude amounts to pay for disability insurance replacing retirement contributions.The IRS finalized regulations providing that distributions from qualified retirement plans to pay accident or health insurance premiums are taxable unless a statutory exclusion applies. However, arrangements where amounts are used to pay premiums for disability insurance to replace retirement plan contributions in the event of a participant’s disability are not treated as taxable under the regulations if they meet certain requirements.
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