IRS Driving Ahead with the Cadillac Tax

Discussed in the August edition of Cherry Bekaert Benefits Consulting’s (“CBBC”) Health & Benefits Update, the Internal Revenue Service (“IRS”) has issued new regulations to address additional concerns regarding the Cadillac Tax that will impact most employer-sponsored group health plans. To download the Update, which provides a brief summary of the Cadillac Tax issues addressed by the IRS’ recent notice, please visit the CBBC website. Also check out the March Update for more details on the Cadillac Tax.

Georgia Resident? Don’t Miss Your Opportunity to Retroactively Claim Georgia Tax Refund for Texas Franchise Taxes Paid

We are excited to announce a tax refund opportunity for Georgia individual residents holding interests in pass-thru entities that conduct business in Texas. As you may be aware, in December 2014, the Georgia Tax Tribunal clarified that the Texas Franchise Tax is a tax “on or measured by income”.  This means an individual Georgia resident owning an interest in a pass-thru entity doing business in Texas is allowed to subtract a portion of pass-through income already taxed in Texas at the entity level. Just recently, the final issues of the case have been settled and the decision will not be. Read More.

DOL’s Proposed Changes to Overtime Pay Will Impact Retail Industry

Possibly impacting employers in the retail industry, the U.S. Department of Labor (“DOL”) has proposed changes to overtime pay rules under the Fair Labor Standards Act (FLSA). Announced earlier this month, the DOL is proposing setting the minimum salary threshold at the 40th percentile of weekly wages for full-time salaried workers based upon Bureau of Labor Statistics data. The DOL also proposes publishing the minimum salary 60 days before going into effect, and is considering whether nondiscretionary bonuses will be allowed to fulfill a portion of the FLSA’s standard salary test requirement. If approved, the FLSA’s final overtime rules could. Read More.

Last Chance to File for Late Partial Disposition Election is Coming Soon

As you’re probably aware, under the old rules for tangible property, when replacing a portion of your asset, the replacement was required to be capitalized alongside the original portion of the asset that was disposed. This left you with the original asset and replaced portion on your fixed asset records, creating duplicate assets and depreciation deductions. With the new tangible property regulations (TPR), however, you have an opportunity to eliminate retired or disposed assets from your fixed asset records, and take advantage of a one-time election for partial disposition deductions. Claiming losses on partial dispositions for previous tax years is. Read More.

July 31 Filing Deadline for PCOR Fees

Discussed in the June edition of Cherry Bekaert Benefits Consulting’s (“CBBC”) June Client Alert , plan sponsors with applicable, self-funded arrangements including most Health Reimbursement Arrangements must pay the Patient Centered Outcomes Research Fee (PCOR) by Friday, July 31, 2015 for plan years that ended in 2014. Fees have to be submitted by the plan sponsor and not through a third party. When filing the PCOR, plan sponsors are required to use the updated Form 720, Quarterly Federal Excise Tax Return for 2015. The full Client Alert is available via the CBBC website .

Workplace Wellness

Covered in the latest Health & Benefits Update , enforcement agencies are addressing how workplace wellness programs meet compliance with the myriad of federal standards like the Health Insurance Portability and Accountability Act (HIPAA). For instance, the Departments of Labor, Health and Human Services, and Treasury issued final workplace wellness regulations that update previous HIPAA guidance and incorporate changes in the Affordable Care Act (ACA). The complete Health & Benefits Update discussing workplace wellness is available on the Cherry Bekaert Benefits Consulting website.

Reminder! Due Date for the BEA Foreign Investment Survey is June 30th

Every five years, the Bureau of Economic Analysis (“BEA”), a division of the U.S. Department of Commerce, gathers information regarding investments in foreign affiliates by U.S. persons, which include business entities, estates and individuals. The survey generally requests financial, operational, and ownership information about investments outside of the U.S. This is not a tax filing, and no payments are due. However, failure to file the required forms can result in substantial penalties. In the past, the BEA would send out notifications letting you know if you needed to file. This year, however, the rules have changed. If you are a. Read More.

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