Year-end tax legislation renews extenders, cuts IRS funding
Eleventh-hour votes in Congress in December renewed a package of tax extenders for 2014, created new savings accounts for individuals with disabilities, cut the IRS’ budget, and more. At the same...
View ArticleTop 10 tax developments of 2014 with impact on 2015
2014 was a notable year for tax developments on a number of fronts. Selecting the “top ten” tax developments for 2014 necessarily requires judgment calls based upon uniqueness, taxpayers affected, and...
View ArticleIRS enters filing season with reduced enforcement and service due to budget cuts
The IRS is expected to shortly open the 2015 filing season and both the agency and taxpayers are preparing for some turbulence. The IRS is going into the filing season with a reduced budget, which...
View ArticleHow do I? Comply with the Affordable Care Act individual mandate?
Beginning January 1, 2014, the Affordable Care Act (ACA) required individuals to carry minimum essential health coverage or make a shared responsibility payment, unless exempt. Individuals will report...
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 ArticleFAQ: What are “excepted benefits” for purposes of ACA minimum essential...
The ACA created Code Sec. 5000A. Individuals must have minimum essential health insurance coverage, qualify for a health coverage exemption, or make an individual shared responsibility payment. Minimum...
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...
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