Small Business Health Insurance Reimbursement Penalty Eliminated Congress recently acted to remove one of the most unreasonable penalties small business owners could possibly face. In the last few years, along with the continued implementation of the Affordable Care Act, the IRS had begun enforcing a penalty against employers who reimbursed their employees for the cost […]
Businesses that attempt to gain healthcare coverage for their employees via ACA exchanges are risking severe penalties, up to $36,500 per year per employee according to a recent IRS ruling. Some employers had hoped to reduce their health care costs by allowing their employees to purchase individual coverage on the ACA exchanges and then reimbursing […]
A few days ago, I came across the article linked below regarding IRS notices many small businesses are receiving regarding potential income under-reporting. The gist of it is that credit card processing companies are now required to issue Forms 1099-K to businesses that accept credit and debit cards as a form of payment. The forms report […]
The IRS announced on October 22nd that the start of the 2014 tax filing season would be delayed by one to two weeks as a result of the 16 day federal government shutdown. Originally the start of the filing season had been planned for January 21st, 2014, but now the IRS plans to begin accepting […]
The IRS has announced that, as part of a number of functions which are suspended during the federal government shutdown, federal income tax refunds will not be issued during the lapse in appropriations. The nation’s tax law remains unchanged however, so taxpayers should continue to file and pay their taxes according to the normal schedule. […]
Over the course of the past month two regulatory rulings have been issued which provide greater clarity regarding the federal treatment of legally married same-sex couples in the wake of the U.S. Supreme Court decision which struck down the Defense of Marriage Act earlier this summer. First, on August 29th the IRS ruled that all […]
On June 26th the U.S. Supreme Court ruled that the federal Defense of Marriage Act, or DOMA, was unconstitutional. The decision will influence the way that legally married same-sex couples are taxed, with many of the consequences yet to be determined. One of the biggest questions outstanding is the federal marital status of couples who […]
The IRS has announced an easier way for taxpayers to claim the home office deduction in 2013. Now taxpayers can simply calculate their deduction at $5 per square foot of home office, up to 300 square feet. Previously, taxpayers had to keep track of utilities, repairs and maintenance, homeowner’s insurance and all the other costs […]