The employer penalty or shared-responsibility payment for employers who have 50 to 99 full-time equivalent employees in 2014 has been delayed until 2016 to offer health care coverage to their employees or be subject to the shared-responsibility payments. However, these employers will still be required to report on their workers and health care coverage in 2015.To be eligible for the delay, employers must not reduce their workforce or hours of service in order to qualify and they must maintain th...
May 27, 2014 12:00 am
Federal tax law always seems to contain a few cliffs—i.e., rules under which a $1 increase in taxable income, for example, can cost a taxpayer as much as thousands of times that $1. Beginning in 2014, there is a new cliff that will hit middle income individuals who are close to being able to qualify for the health reform law's premium assistance credit. The new cliff—the health care premium credit.
May 27, 2014 12:00 am
Under the Affordable Care Act, large employers with at least 50 full-time or full-time equivalent employees could pay penalties if they fail to offer affordable, minimum value health coverage to their employees. Consequently, employers must determine if they meet the 50-employee threshold. Making this determination can be complex because of the IRS controlled and affiliated group rules, which state that employees of entities in a controlled group are added together since controlled group members...
May 27, 2014 12:00 am
The employer mandate provisions of the Affordable Care Act (ACA) apply to any employer that employs at least 50 full-time (or full-time equivalent) employees. Under the mandate, an employer that does not offer health insurance coverage to substantially all (95 percent) of its full-time employees (and their dependents) potentially could be subject to a penalty tax. The mandate was scheduled to go into effect on Jan.
May 27, 2014 12:00 am
The March 31, 2014 deadline for individuals and families to obtain required health care coverage to avoid being penalized has passed. The penalty to be assessed as part of the taxpayers 2014 tax return will be the greater of:. 1 percent of your yearly household income.
May 27, 2014 12:00 am
The following tax items are among a number of provisions that have expired and are not available for 2014, unless Congress acts to retroactively revive and extend them: Credit for non-business energy property. New energy efficient home credit. Energy efficient appliance credit.
May 7, 2014 12:00 am
As a result of January 1, 2014 changes to the Ohio tax laws, we are no longer able to prepare paper commercial activity returns, and the electronic payment requirement makes it impractical for our offices to prepare and file this return on your behalf. The amendment in the most recent budget bill to allows the Department to require annual CAT taxpayers to file and pay electronically for returns filed on or after January 1, 2014. Taxpayers may file and pay electronically through the Ohio Business...
May 7, 2014 12:00 am
In a news release, IRS has reminded U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2013, that they may have a U.S. tax liability and a filing requirement in 2014, and that the June 16 filing deadline is quickly approaching.
May 7, 2014 12:00 am
The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable. IRA rollovers to be limited. A law limits the number of IRA rollovers that can be made in any 1-year peri...
May 7, 2014 12:00 am
HSAs allow eligible individuals to make deductible contributions that can later be withdrawn tax-free to reimburse the individual for eligible medical expenses. For 2015, the limitation on HSA deductions is $3,350 for an individual with self-only coverage under a High Deductible Health Plan (HDHP) or $6,650 for an individual with family coverage. An HDHP is defined under IRC Sec.
May 7, 2014 12:00 am
