G. Edgar “Eddie” Adkins Jr., CPA, received the 2022 Arthur J. Dixon Memorial Award, the highest honor bestowed by the accounting profession in the area of taxation.
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Topics
Employee Benefits
Automatic extension provided for furnishing health coverage statements
Final regulations provide an automatic extension of time for providers of minimum essential coverage to furnish statements to individuals regarding their coverage.
Plan approval program expands to Sec. 403(b) retirement plans
The IRS and Treasury will allow churches, public schools, and charities with Sec. 403(b) retirement plans use the same individually designed retirement plan determination letter program that qualified retirement plans use.
Employer-provided and company-owned vehicles
General or special methods of valuing employer-provided vehicles are available for determining the employer’s and employee’s tax treatment of this fringe benefit.
Retirement account inflation adjustments issued for 2023
The IRS issued the retirement account inflation adjustments for 2023, including the maximum contribution amounts for 401(k) plans and IRAs.
Final regulations adopt ‘family-friendly’ health care affordability test
Previous regulations had based the affordability of employer-offered coverage for family members on the cost of an employee’s self-only coverage.
Rembrandt and retirement: The pitfalls of collectibles and self-directed IRAs
This item explores how certain tax provisions may affect potential investors planning to indirectly invest in collectibles.
Key proposed provisions of ‘SECURE 2.0’
This item discusses a few key provisions of SECURE 2.0 and differences between it and the RISE & SHINE Act.
Social Security concerns for remote workers and international assignees
When a worker moves across international borders, the cost can be significant, and there could be a substantial impact on the worker’s future retirement benefits.
Ukraine aid eligible for leave-based donations programs
Employees may exclude from gross income the value of leave donated to their employers funding payments to relieve victims of the Russian invasion of Ukraine.
Inflation boosts HSA amounts for 2023
Health savings account maximum contributions, along with minimum deductibles and maximum out-of-pocket expenses of accompanying high-deductible health plans, will be higher next year.
Proposed regulations revise premium tax credit’s affordability test
The existing benchmark of self-only coverage “unduly weakens” the purpose of the Affordable Care Act, the IRS and Treasury say, noting a presidential executive order to strengthen and protect the act.
‘SECURE 2.0’ would further expand retirement savings options
Legislation augmenting the SECURE Act of 2019 now goes to the Senate after passing the House.
IRS reproposes unified plan rule exception for multiple-employer plans
Proposed regulations provide an exception from the “unified plan rule” for multiple-employer plans consistent with the SECURE Act and give guidance on how to implement the exception.
Proposed regulations update RMDs for SECURE Act changes
The regulations governing required minimum distributions from retirement plans would be updated to reflect various recent statutory changes under proposed regulations released on Wednesday.
Taking possession of coins in IRA causes a taxable distribution
A taxpayer has taken a distribution from a self-directed IRA if he or she takes physical possession of IRA assets;
Qualified COVID-19 paid leave benefits: Reporting on Form W-2
Under IRS guidance, employers are required to report qualified sick leave or family leave wages paid in 2021 either in box 14, “Other,” of Form W-2, Wage and Tax Statement, or in a separate statement.
Standard mileage rates to go up in 2022
The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.
Recent executive compensation and fringe benefit changes
The TCJA significantly affected the tax treatment of executive compensation and employee fringe benefits, amending deduction limitations in Sec. 240 and Sec. 162(m) and enacting a new excise tax under Sec. 4960 on excessive tax-exempt organization executive compensation.
Automatic extension for furnishing health coverage statements proposed
Proposed regulations would permanently allow an automatic extension for furnishing health care Forms 1095-B and 1095-C and would also specify that Medicaid services to test for and diagnose COVID-19 are not “minimum essential 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.
