March 6, 2014 at 1:01 am
Here are some interesting insights from Eide Bailly's national tax office! H&S Companies is a proud partner of Eide Bailly's Practicewise group, giving our clients access to more specialty services, and our firm's professionals access to a powerhouse of knowledge and resources.
The information below provides a short review of various tax information items Eide Bailly recently published. To read more, click the "Learn more" link shown after each summary.
Year-End Tax Reporting Information
Our updated letter regarding year-end tax reporting information is available on our website. You can download it here. You can also access it by going to http://www.eidebailly.com and clicking Tax Services from the Services list.
Updates on the Affordable Care Act
New guidance on various aspects of the Affordable Care Act has been continuous. In November 2013, Notice 2013-71 was released modifying the "Use It or Lose It" requirements on flexible spending accounts (FSAs). The Affordable Care Act puts a cap of $2,500 on employee FSA contributions starting in 2013. Notice 2013-71 allows $500 of this $2,500 to be carried over to the following plan year and used for qualifying medical expenses incurred in the following year. Learn More.
Impact of the ACA on HRAs and Cafeteria Plans in 2014
Health Reimbursement Arrangements (HRAs) are, in general, considered group health plans as defined in the Affordable Care Act (ACA) and are subject to coverage mandates on such plans. The Internal Revenue Service and Department of Labor recently issued guidance that addresses the application of two particular ACA mandates to HRAs and health flexible spending accounts. Learn More.
Health Care Reform Update: "Pay or Play" Delayed for Some
Regulations issued February 10, 2014, provided a one-year transition relief delay for most employers or groups with 50 to 99 full-time equivalent employees for purposes of the penalty provisions (up to $3,000 per employee per year) in the Affordable Care Act's employer shared responsibility provisions. Learn More.
Trust Tax Planning: Deducting Distributions Made After Year-End
If you are the trustee, executor, or even a beneficiary of a trust or estate required to file a fiduciary income tax return, time is running out on a potential 2013 election that could prove to be very beneficial in reducing fiduciary income tax. Learn More.
Eide Bailly's National Tax Office serves as a resource for clients to help analyze complex tax issues related to business decisions. Our professionals are committed to helping clients stay informed about tax news, developments and trends through various specialty areas, including cost segregation studies, wealth transfer, state and local taxation, international tax, tax exempt organizations and tax legislation.
From cost segregation and repair regulations to year-end payroll reporting, learn about the tax issues that are affecting your business through our free 2104 Tax Trends Webinar Series, taught by experienced Eide Bailly professionals.
February 13, 2014 at 3:34 pm