Alerts

March 13 Deadline for QSEHRA Notices Has Been Extended

The March 13 deadline for employers to furnish initial written notice regarding qualified small employer health reimbursement arrangements (“QSEHRA”) has been extended indefinitely until the government can provide additional guidance to employers. The Internal Revenue Service (“IRS”) announced this extension in IRS Notice 2017-20 . QSEHRAs were made available in the 21st Century Cures Act (“Cures Act”), enacted on December 13, 2016. For the first time, the government allowed small employers (typically 50 or fewer full-time or full-time equivalent employees) without a group health plan to reimburse eligible employees for health insurance coverage they purchase individually, as long as the coverage meets minimum. Read More.

How Reviewing Your Accounting Methods Regularly Is a Smart Business Move

It’s a good idea to review your methods of accounting on a regular basis, because making strategic changes to your accounting methods could help you to: Minimize your income tax bill (by changing to a more advantageous method) Comply with new laws and regulations Reflect changes in your business activities or environment Minimize your audit risk (by correcting an impermissible accounting method) There is an extra incentive for voluntarily correcting a method of accounting that is not currently permissible. Not only do you reduce your audit risk, but in most cases you can take any additional income into account over. Read More.

How to Know When Payments from Indemnity and Wellness Plans Are Taxable

When individuals receive payments from fixed-indemnity health insurance plans (sometimes better known as supplemental insurance plans, which are the kinds of plans that pay participants a set amount of money for a hospital stay, each doctor’s visit or a certain medical diagnosis) or a wellness program, does that money count as taxable income? Is it subject to income and employment tax withholding? It can be, if specific criteria are met, such as the insurance premiums were paid from pre-tax dollars and a set amount is paid regardless of how much a person incurs in medical expenses. Chief Counsel Advice (“CCA”) 201703013 clearly outlines the scenarios. Read More.

Compensation: Lessons Learned from Two Court Cases

Two recent court cases send a very clear message about what the Internal Revenue Service (“IRS”) thinks about trying to change compensation arrangements after they’ve already been agreed upon. That message is: While you have many choices for how to structure your compensation, the choice must be made when you enter into an arrangement to provide services. It can sometimes be changed later, but not with respect to amounts that have already been earned. In other words, if you try to change your compensation arrangement after the fact to avoid or delay taxes, the IRS is very likely to challenge. Read More.

State-by-state Chart of Corporate Tax Return Due Dates

September 1, 2017: The AICPA updated their state-by-state quick reference chart in March. All the links in this article have been updated to reflect the most current chart. This year, the due dates for tax returns for C corporations with fiscal years ending other than June 30 have changed. The due dates are a month later than in the past. This change has prompted many states to re-examine their due dates. The American Institute of Certified Public Accountants has released a new state-by-state quick reference chart of tax return due dates for C corporations that have a December 31 year end. Do you know if your tax return due. Read More.

Certain Deductions of Conservation Easements Now Require IRS Notification

Since this alert was published, the deadline for special reporting has been extended. Please read the new alert, “Reporting Required for Certain Deductions of Conservation Easements,” for details. If you contribute a conservation easement to a qualified organization, then you’re not just protecting the natural value of that land for future generations. You may also be able to claim that contribution as a charitable deduction on your tax return. If you have invested in or plan to invest in a pass-through entity so you can benefit from a deduction for a charitable contribution of a conservation easement, a recent notice from the Internal Revenue Service (“IRS”) could affect. Read More.

Tax Day 2017: Updated Tax Filing Deadlines for Your 2016 Tax Returns

Updated as of September 1, 2017: C corporations with a fiscal year ending June 30, 2017, can apply for a seven-month extension. The extension period for all other corporations remains unchanged, so that the extended due date of all C corporation returns is the fifteenth day of the tenth month after the year end. Also, AICPA updated their state-by-state quick reference chart in March. All the links in this article have been updated to reflect the most current chart. Updated as of February 6, 2017: Some states have chosen to change their corporate tax due dates in response to the. Read More.

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