IRS Working to Remedy Incorrect Payroll Tax Penalty Assessments
The Internal Revenue Service (“IRS”) is working to fix an issue that has resulted in the erroneous issuance of letters assessing penalties for failure to deposit payroll taxes in a timely manner. Because Emancipation Day was observed in Washington, D.C. on Friday, April 15, 2016, the deadline for tax deposits otherwise due that day was extended to April 18. However, the IRS computer programming did not recognize this extension, and many payroll tax deposits made between April 15 and April 19 were flagged as late payments. The IRS will contact affected taxpayers once the issue is resolved, and taxpayers are. Read More.
IRS Issues 2017 Health Savings Account Inflation-Adjusted Amounts
The Internal Revenue Service has announced the 2017 inflation-adjusted amounts for Health Savings Accounts (“HSA”). Cherry Bekaert Benefits Consulting ’s (“CBBC”) May 2016 Health & Benefits Update provides details on the HSA amount changes for next year. Click here to download the CBBC Health & Benefits Update.
Florida Tax Law Changes Coming this Summer
On April 13, 2016, Florida Governor Rick Scott signed House Bill 7099 (H.B. 7099) which makes various changes to Florida’s tax laws. The bill includes amendments to income/franchise and sales/use tax rules that will be effective July 1, 2016. This Alert highlights the changes which are most likely to impact residents and companies conducting business in Florida, as follows: Florida Corporate and Partnership Tax Return Due Dates As a result of the new federal due dates for corporate and partnership tax returns, Florida has also changed its due dates. These changes maintain the general rule that Florida tax returns be filed on the. Read More.
Don’t Miss Out on a Credit Opportunity
We have good news for innovators! Your company’s research and development efforts may also reduce your income tax liability. The recently enacted Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”) includes the following important changes to the Research & Development (“R&D”) credit: The credit was retroactively reinstated effective January 1, 2015; The credit was made permanent; The credit can now be used by eligible small businesses to offset Alternative Minimum Tax (“AMT”) liabilities; and The credit can now be used by eligible start-up companies to offset payroll taxes. Read on for a closer look at what these changes. Read More.
May 31 Deadline for Filing Forms 1095-C on Paper
Cherry Bekaert Benefits Consulting’s (“CBBC”) latest Client Alert provides instructions for Applicable Large Employers to file paper copies of the 2015 Affordable Care Act Information Return Forms 1095-C to the Internal Revenue Service by the May 31st deadline. Visit the CBBC Web site to download the April 2016 Health & Benefits Client Alert .
PATH Act Impact on REITs
If you are considering the establishment of, or are currently involved in the ownership and/or management of, a Real Estate Investment Trust (REIT), you will be impacted by many provisions of the recently enacted Protecting Americans from Tax Hikes (PATH) Act of 2015. This Bulletin provides context for the changes to the tax regime applicable to REITs that were made by the PATH Act, and how these changes will affect you. Unlike most provisions of the Act, which provide for extensions of tax provisions that were in affect either immediately before the Act’s passage or that expired December 31, 2014,. Read More.
Revised Summary of Benefits and Coverage Now Final
Read Cherry Bekaert Benefits Consulting’s latest Client Alert to learn about the enhancements announced on April 6, 2016.