Reimbursements to Employees for Health Insurance That They Purchase May Now...
Recent IRS interpretation of the ACA or Obama Care rules: Reimbursements to Employees for Health Insurance That They Purchase May Now Be Taxable Wages Old Law: In 1961 the IRS ruled that an...
View ArticleIRS 2013 audit rates vary among taxpayers
Recently-released statistics from the IRS show a drop in audits among all income groups for fiscal year (FY) 2013 with the overall individual audit rates at their lowest level since FY 2006. At the...
View ArticleAppeals courts split on tax credits for Affordable Care Act Marketplaces
On July 22, two federal appeals courts roughly 100 miles apart reached very different conclusions about one of the most widely-used provisions of the Affordable Care Act: the Code Sec. 36B premium...
View ArticleEmployers get first look at health insurance information reporting
Since passage of the Affordable Care Act, several key requirements for employers have been delayed, including reporting of health coverage offered to employees, known as Code Sec. 6056 reporting. As...
View ArticleFAQ: Can a participatory wellness program require a specific outcome?
No. Participatory wellness programs do not require a specific outcome in order for a participant to receive a reward. Background Wellness programs have grown in popularity since passage of the...
View ArticleNew challenges for 2014 year-end tax planning
Before the fast-approaching new year, it’s important to take some time and reflect on year-end tax planning. The weeks pass quickly and the arrival of January 1, 2015 will close the doors to some tax...
View ArticleEmployers prepare for employer mandate and Code Sec. 6056 reporting
As January 1, 2015 draws closer, many employers are gearing up for the “employer mandate” under the Affordable Care Act. For 2015, there is special transition relief for mid-size employers. Small...
View ArticleCareful planning required for new ACA requirements on 2014 returns
The Affordable Care Act—enacted nearly five years ago—phased in many new requirements affecting individuals and employers. One of the most far-reaching requirements, the individual mandate, took...
View ArticleFAQ: What is new Form 1095-A, Health Insurance Marketplace Statement
Form 1095-A, Health Insurance Marketplace Statement, is a new information return. The IRS requires the Health Insurance Marketplace to report certain information about every individual who receives...
View ArticleSupreme Court Takes Up Challenge To ACA Premium Assistance Tax Credit
Between now and late June, the U.S. Supreme Court is expected to rule on an important provision of the Patient Protection and Affordable Care Act: the Code Sec. 36B premium assistance tax credit. The...
View ArticleIRS releases TY 2016 Draft Forms for Applicable Large Employer ACA reporting
The IRS has released draft forms for Affordable Care Act (ACA) reporting under Code Secs. 6055 and 6056 for tax year (TY) 2016. These draft forms reflect changes from the forms used for TY 2015 and...
View ArticleWhite House, Capitol Hill talk tax reform in 2017
The change in administrations in Washington has generated a new focus on tax reform. The White House and lawmakers from both parties have discussed tax cuts, infrastructure spending, and more to...
View ArticleCongressional leaders highlight tax reform proposals
As the new administration and Congress get to work, tax reform is high on the agenda. Although legislative language has not been yet released, statements from tax writers in Congress shed some light on...
View ArticleTax reform proceeds to possible summer enactment
Lawmakers continue to debate comprehensive tax reform, aiming for a package to clear Congress and signed into law by the President before summer. At the same time a “mini” tax reform package in an...
View ArticleDebate over health care and taxes moves to Senate
The future of the Affordable Care Act and its associated taxes has moved to the Senate following passage of the American Health Care Act (AHCA) in the House in April. Traditionally, legislation moves...
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