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.
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Final regulations provide an automatic extension of time for providers of minimum essential coverage to furnish statements to individuals regarding their coverage.
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.
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.
Legislation augmenting the SECURE Act of 2019 now goes to the Senate after passing the House.
A taxpayer has taken a distribution from a self-directed IRA if he or she takes physical possession of IRA assets;
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.
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.”
Information reporting on Form W-2 or a separate statement allows self-employed taxpayers to claim qualified sick leave and qualified family leave equivalent credits.
Dependent care assistance program benefits carried over or available during an extended claims period under special temporary COVID-19 relief provisions retain their status as excludable from employees’ gross income and wages, the IRS explains in a notice.
The Supreme Court’s denial of Altera’s petition could have significant tax and financial reporting consequences for companies that have excluded SBC costs from CSA intangible development cost pools.
Compensatory equity, such as company stock, held by employees that was acquired in connection with the performance of services may result in unexpected issues.
Dependent care assistance program benefits carried over or available during an extended claims period under special temporary COVID-19 relief provisions retain their status as excludable from employees’ gross income and wages, the IRS explains in a notice.
An employer’s failure to comply with SEP rules results in very costly penalties.
DEDUCTIONS
Business meal deductions after the TCJA
This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction.
TAX RELIEF
Quirks spurred by COVID-19 tax relief
This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.