The Supreme Court declared the mandate requiring U.S. citizens and legal residents to maintain minimum essential health coverage to be a permissible exercise of Congress’s taxing powers under the Constitution.
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Employee Benefits
Preparing for the Medical Device Excise Tax
Taxpayers may face a number of unresolved issues in preparing to comply with the new excise tax on sales of medical devices.
2013 HSA Inflation Adjustments Released
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 2013.
Supreme Court Upholds Health Care Law
The Supreme Court declared the mandate requiring U.S. citizens and legal residents to maintain minimum essential health coverage to be a permissible exercise of Congress’s taxing powers under the Constitution.
Sample Text for Sec. 83(b) Election Released by IRS
The IRS released sample language for making the Sec. 83(b) election and examples of the amount of income taxpayers would recognize if they made the election.
Golden Parachute Calculations: 10 Misunderstood Aspects of Secs. 280G and 4999
When a company experiences a change in control, the golden parachute rules are intended to discourage excessive compensation for “disqualified individuals” by imposing adverse tax consequences on both the company and the disqualified individuals.
Guidance Issued on New $2,500 Health FSA Limit
The IRS guidance on implementation by employers of the $2,500 annual limit on employee salary reduction contributions to health flexible spending arrangements.
IRS Issues Guidance, Requests Comments on Smart Cards and Debit Cards Used for Transit Fares
The IRS asked for comments on issues regarding the use of smart cards and debit or credit cards to pay transit fares.
Final Regs. Issued on Health Insurance Premium Tax Credits
The IRS issued final regulations governing the Sec. 36B health insurance premium tax credit enacted by 2010’s health care legislation.
Benefiting From Unique Attributes of ESOPs
An employee stock ownership plan (ESOP) is a stock bonus plan or a combination of a stock bonus plan and money purchase pension designed to invest primarily in stock of the employer.
HSA Inflation Adjustments Issued for 2013
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 2013.
IRS Proposes Expanding Tax Return Information It Will Disclose to HHS Under Health Care Acts
The IRS issued proposed regulations relating to how it will release certain tax return information to the Department of Health and Human Services, as required by 2010’s health care legislation.
Timing of Deduction for Bonus Accruals Under Pooled Arrangements
Rev. Rul. 2011-29 favorably upholds the current deductibility of a bonus pool that is determined based on a formula or board-approved amount by year end with employment required on a payment date within 2½ months of year end.
New Guidance on W-2 Reporting of Health Plan Costs
The IRS released new guidance on the requirement that employers provide information to employees on the cost of employer-provided group health plan coverage.
Sec. 402(b) and Foreign Pension Plans
Cross-border transfers of employees affect their pension plans and other deferred compensation arrangements. In some of these instances, some or all of the amounts may be subject to U.S. taxation.
Employer Health Coverage Questions Addressed
The IRS and Treasury, along with two other federal departments, further described planned guidance on provisions for employer-sponsored health coverage mandated by the Patient Protection and Affordable Care Act.
IRS, Labor Department Proposals Aim to Increase Retirement Options and Transparency
Federal initiatives designed to broaden options and increase transparency in retirement plans were announced February 2.
Prop. Regs. Would Ease Required Minimum Distribution Rules for Older Retirees Who Purchase Certain Annuities
The IRS issued proposed rules that would permit IRA participants to enter into contracts for annuities that begin at an advanced age, using a certain amount of their account balances without having these amounts count for calculating required minimum distributions from the IRAs .
Individuals Who Are Eligible for Medical Services at IHS Facilities May Still Participate in HSAs
The IRS explained that people who are eligible to receive medical services at Indian Health Service facilities are not automatically disqualified from making tax-free contributions to HSAs.
IRS Issues New Guidance on W-2 Reporting of Health Plan Costs
The IRS released new guidance on the requirement that employers provide information to employees on the cost of employer-provided group health plan coverage.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
