Reporting & Filing Requirements
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.
