Alerts & Bulletins
Supporting Organizations: Get Ready for the Expanded Schedule A to Form 990
If you are a supporting organization, completion of the Form 990 for 2014 may be more time consuming due to significant changes to Schedule A. Schedule A now has two new sections: Part IV, Supporting Organizations, and Part V, Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations. In addition, Part I, Reason for Public Charity Status (Line 11), has also been modified. These changes are summarized below. Part I If an organization is claiming public charity status as a supporting organization under Section 509(a)(3), it must check the box for Line 11 and indicate whether it is a Type I, II,. Read More.
Changes Coming to SBCs
Discussed in Cherry Bekaert Benefits Consulting’s (“CBBC”) newest Health & Benefits Update, “Changes Coming to SBCs” , the Departments of Health & Human Services, Labor and Treasury has proposed numerous changes to the health plan Summary of Benefits and Coverage and Uniform Glossary of Terms. The changes clarify many of the existing provisions included in the 2012 final rules and subsequent Frequently Asked Questions. Other revisions being considered include removing references to annual limits for essential health benefits, adding a third coverage example to show potential out-of-pocket costs for treating a foot fracture in an emergency room, and updating and adding new definitions to. Read More.
Expatriate Health Coverage & the ACA
Detailing the Affordable Care Act’s (ACA) treatment of expatriate health coverage, Cherry Bekaert Benefits Consulting (“CBBC”) has issued a Health & Benefits Update to guide self-funded or insured group health plans that may be affected by the ACA’s provisions. Entitled “Expatriate Health Coverage & the ACA”, the Update lists what the ACA considers an expatriate health plan, as well as defines expatriates for both inside and outside the U.S. Also covered are the ACA implications, such as expatriate health plans not being subject to annual and lifetime limits, essential health benefits, and the Summary of Benefits and Coverage requirements. For the complete Health & Benefits Update , visit. Read More.
CBBC Issues 2014 Year-End Wrap-Up
Released as a Health & Benefits Update, Cherry Bekaert Benefits Consulting ’s (“CBBC”) 2014 year-end wrap-up discusses recently issued benefits-related legislative and regulatory activities. Such actions include: Transportation fringe benefits. The Tax Increase Prevention Act of 2014 retroactively adjusts the monthly qualified transportation benefit for commuter highway vehicle and transit passes that may be exempt from income under IRC Section §132, from $130 to $250. No reimbursement for individual insurance premiums. Employers cannot reimburse employees on a pre-tax or post-tax basis for individual insurance purchases, regardless if the coverage was bought through an Affordable Care Act Marketplace. Minimum essential coverage and other rules regarding. Read More.
Tax Extenders, Year-End Tax Planning & Portability – Oh My!
There is nothing like a last minute tax extenders bill from Congress to affect your year-end planning. This past Friday, President Obama signed into law the Tax Increase Prevention Act of 2014 (HR 5771). This law breathes life into the so-called “tax extenders” and applies them retroactively for the 2014 calendar year. This law also includes the Achieving a Better Life Experience (ABLE) Act, which creates tax-favored savings accounts for individuals with disabilities and has some tax-related offsets. What does this mean for you? There are over 50 items in this tax bill and over 500 changes to the Internal. Read More.
South Carolina Tax Credit Update: Angel Investor Tax Credit Deadline Approaching
Are you a South Carolina angel investor who made an eligible investment in a qualified business during 2014? If so, you’re required to submit Form Sch. TC-56A, Application for Angel Investor, by December 31, 2014, for approval and allocation of the credit. Credits will be approved on or before January 31, 2015, by the Department of Revenue for taxpayers up to the annual $5 million limit. Further, if any of your 2014 tax credits are approved, they may be taken on your 2014 South Carolina income tax return. If the annual limit is reached, however, your tax credits will be. Read More.
2014 U.S. GAAP & SEC Review Developments
As the year winds to a close, it is important to remember the recently issued rules and regulations from the Financial Accounting Standards Board (“FASB”) and the Securities and Exchange Commission (“SEC”) that could affect your company’s year-end financial reporting. Keeping these rules and regulations in focus not only ensures they are considered in your year-end reporting, but also allows for consideration of alternative adoption methods often provided for in the issuances. This issue of A Closer Look , published by Accounting Research Manager®, a Wolters Kluwer, CCH premier research solution, summarizes these rules and regulations, as well as the SEC documents that provide. Read More.