The Small Business Jobs Act of 2010 includes a provision that changes how tax law applies to an employee’s use of an employer-provided cell phone. However, it is unclear whether this change provides the much-needed relief that many tax practitioners, employers, and the public desired.
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Employee Benefits
Individual Insurance Mandate Held Unconstitutional Again
A second federal district court has held that the individual insurance mandate in the health care reform legislation is unconstitutional.
IRS Guidance on FSA and HSA Reimbursements for OTC Drugs
The IRS has issued guidance implementing the Patient Protection and Affordable Care Act’s prohibition on reimbursement of the cost of over-the-counter drugs by HSAs, HRAs, Archer MSAs, and FSAs, which allows reimbursement for an OTC drug only if the individual has a prescription for the drug.
Hybrid Pension Plan Guidance Issued
The IRS released final and proposed regulations providing guidance on so-called hybrid defined benefit pension plans.
Guidance on Unforeseeable Emergency Distributions
The IRS ruled on whether a Sec. 457 government retirement plan or a nonqualified deferred compensation plan could make an unforeseeable emergency distribution to a plan participant in three situations.
Form W-2 Reporting Requirement Extended for Employer-Sponsored Group Health Plans
The IRS announced that employers will not be required to report the cost of employer-sponsored coverage on Forms W-2, Wage and Tax Statement, issued for 2011, due to the difficulty in preparing payroll systems for the requirement.
The Tax Consequences of Point-Based Employee Reward Programs
This article explores the tax consequences of point-based employee recognition programs.
Federal Court Rules Health Care Insurance Mandate Unconstitutional
A federal district court has held that the health care reform legislation’s mandate that individuals obtain health insurance is unconstitutional.
IRS Releases Form and More Guidance on Small Business Health Care Tax Credit
The IRS released a new form and guidance relating to the small business health care tax credit for the 2010 tax year.
Current Developments in Employee Benefits and Pensions (Part II)
This two-part article covers significant developments in late 2009 and 2010 in employee benefits, including executive compensation, health and welfare benefits, qualified plans, and employment taxes. Part II focuses on guidance released and changes to the rules for executive compensation and qualified plans.
IRS Delays Mandatory W-2 Reporting of Health Care Coverage Costs
The IRS issued interim relief to employers regarding reporting the costs of group health plan coverage to employees. Under the notice, notification to employees on Form W-2 will not be required for 2011.
IRS Provides Additional Relief Under Sec. 409A Document Failure Correction Program
The IRS issued further relief for nonqualified deferred compensation (NQDC) plans covered by Sec. 409A
Notice Gives Guidance on In-Plan Roth Rollovers
The IRS issued guidance on how plan participants can make rollovers from a 401(k) or 403(b) plan to a designated Roth account in the same plan.
Current Developments in Employee Benefits and Pensions (Part I)
This article covers significant developments in late 2009 and 2010 in employee benefits. Part I discusses employment taxes, including the Hiring Incentives to Restore Employment Act and medical resident FICA refund claims, and provides an overview of the new health care reform legislation, focusing on guidance released and provisions that require immediate employer-related changes.
Temp. Regs. Explain New Health Plan Requirement to Provide Preventive Services Without Cost Sharing
This item details the cost-sharing requirements relating to coverage of preventive health services mandated by the Patient Protection and Affordable Care Act.
Draft Form for Small Business Health Insurance Credit Released
The IRS has issued a draft form (Credit for Small Employer Health Insurance Premiums) for businesses to use in figuring and claiming the new small business health insurance credit, starting this year.
Regulations Provide Guidance on Hybrid Pension Plans
The IRS released final and proposed regulations providing guidance on so-called hybrid defined benefit pension plans.
Mandatory Reporting of Health Care Coverage Costs Delayed by IRS
The IRS issued a notice providing interim relief to employers regarding reporting the costs of group health plan coverage to employees.
Obtaining Accountable Plan Status for Tool Reimbursement Plans
The tax treatment of tool reimbursement plans has long been a point of contention for businesses that require employees to provide their own tools. Now the IRS has shown a way to obtain that tax-favored status.
The Health Insurance Credit for Small Employers
Beginning in 2010, the Patient Protection and Affordable Care Act provides a credit to small employers who contribute to the purchase of health insurance for their employees. This item explains and illustrates the computations.
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.
