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1. 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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

10. 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.
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