The IRS issued two notices defining minimum essential coverage for purposes of the Sec. 36B premium tax credit and providing relief from the shared-responsibility penalty under Sec. 5000A for individuals who are eligible for coverage in plans that are not on a calendar year.
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Employee Benefits
Final Rules Issued on Individual Health Care Mandate
The IRS released final regulations on the penalty or tax imposed on individual taxpayers who do not obtain minimum essential health care coverage beginning in 2014.
Proposed Small Employers’ Health Insurance Premium Tax Credit Rules Issued
The IRS issued proposed regulations governing the Sec. 45R credit for small employers that offer health insurance coverage for employees.
Final Rules Issued on IRS Disclosure of Tax Return Information Under Health Care Law
The IRS issued final regulations about how it will release certain tax return information to the Department of Health and Human Services, as required by 2010’s health care legislation.
Shared-Responsibility Payment: Minimum Value Requirement
To avoid substantial penalties, large employers must provide their employees an opportunity to enroll in minimum essential health care coverage that is affordable and provides minimum value.
Cross-Border Pension Rollover Creates U.S. Taxable Income
As the global workforce becomes increasingly mobile, more and more workers must wade through the intricacies of cross-border taxation.
Health Care Reform and Its Impact in 2014 for Oil and Gas Companies
Oil and gas companies need to be prepared for several provisions of PPACA that go into effect in 2014; the nature of the industry raises some special concerns for oil and gas employers.
Final Regs. Clarify Who Is Subject to 50% Limit on Meal and Entertainment Expenses
The IRS issued final regulations clarifying which party is subject to the 50% limit on deductible meal and entertainment expenses under Sec. 274(n).
IRS Provides Details About Postponed Employer Health Care Penalty and Information Reporting
The IRS made official the postponement of the large-employer health care penalty and certain information reporting rules that had been informally announced July 2.
Treasury Postpones Employer Health Care Penalty, Information Reporting for One Year
Large employers who fail to provide minimum health coverage for employees will not be subject to the shared-responsibility penalty until 2015 after Treasury announced that it would delay certain provisions of 2010’s health care legislation.
Totalization Agreements: Taking Exception to Social Security
A totalization agreement is intended to eliminate dual social taxation and to provide additional benefit protection for workers who have worked in both the United States and another country.
IRS Issues HSA Inflation Adjustments for 2014
The IRS issued the inflation-adjusted figures for the annual contribution limitation for HSAs and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans for calendar year 2014.
Proposed Rules Address Minimum Value of Health Coverage for Premium Tax Credits
The IRS issued proposed regulations for determining whether an eligible employer-sponsored health plan provides minimum value for purposes of the Sec. 36B health insurance premium tax credit.
Loan Guarantees Were Prohibited Transactions That Disqualified IRAs
The Tax Court held that the taxpayers’ guarantees of a loan made to a company owned by the taxpayers’ IRAs were prohibited transactions that caused the accounts to cease to be IRAs.
IRS Issues Guidance on Minimum Essential Health Coverage, Shared-Responsibility Penalty
The IRS issued two notices defining minimum essential coverage for purposes of the Sec. 36B premium tax credit and providing relief from the shared-responsibility penalty under Sec. 5000A for individuals covered by non-calendar year plans.
Sec. 403(b) Plan Preapproval
The IRS has released a revenue procedure establishing a program for the preapproval of Sec. 403(b) plans.
HSA Inflation Adjustments Issued for 2014
The IRS issued the inflation-adjusted figures for the annual contribution limitation for HSAs and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans for calendar year 2014.
Prop. Regs. Clarify “Play or Pay” Rules of the Affordable Care Act
Early this year, the IRS issued proposed regulations clarifying the “employer shared responsibility” provisions of Sec. 4980H (informally known as the “play or pay” rules).
Modifying or Terminating Nonqualified Deferred Compensation Plans
This article reminds readers of Sec. 409A’s general parameters and provides specific guidance on modifying or terminating existing NQDC plans.
Proposed Rules Address Minimum Value of Health Coverage for Premium Tax Credits
The IRS issued proposed regulations for determining whether an eligible employer-sponsored health plan provides minimum value for purposes of the Sec. 36B health insurance premium tax credit.
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