Trump Signs PPP Application Extension Bill
On July 4, President Donald Trump signed into law a Paycheck
Protection Program (PPP) application extension bill that Congress
had quickly passed just before the Independence Day holiday.
According to...
Supreme Court Upholds ACA Contraceptive Rule
The U.S. Supreme Court upheld the Trump Administration’s rule under
the Affordable Care Act (P.L. 111-148) that any nongovernment,
nonpublicly traded employer can refuse to offer contraceptive c...
Guidance on Reporting COVID-19 Qualified Sick and Family Leave Wages
The IRS has issued guidance to employers on the requirement to
report the amount of qualified sick and family leave wages paid to
employees under the Families First Coronavirus Response Act
(Families ...
Mid-Year Safe Harbor Plan Amendments and COVID-19 Relief
The IRS has clarified and provided relief for mid-year amendments
reducing safe harbor contributions. An updated safe harbor notice
and an election opportunity must be provided even if the change is
o...
IRS Amends 199A Regs on Suspended Losses and RICs
The IRS amended final regulations with guidance on the Code
Sec. 199A deduction for suspended losses and shareholders of
regulated investment companies (RICs). The amendments address the
tre...
Final Regulations Issued on FDII and GILTI Deduction
The Treasury and IRS have issued final regulations covering
the Code Sec. 250 deduction for foreign-derived
intangible income (FDII) and global intangible low-taxed income
(GILTI). Proposed ...
IRS Encourages Abusive Conservation Easement Taxpayers to Settle
The IRS is calling on any taxpayers involved in syndicated
conservation easement transactions who receives a settlement offer
from the agency to accept it soon. The Service made this request in
the wa...
Tax reform discussions continue in Congress on variety of approaches
House and Senate lawmakers have started their August recess,
leaving pending tax legislation for after Labor Day. In past years,
September has been a busy month for tax legislation and this year
is li...
FAQ: Why use a partnership instead of an S corporation?
Taxpayers that plan to operate a business have a variety of
choices. A single individual can operate as a C corporation, an S
corporation, a limited liability company (LLC), or a sole
proprietorship. ...
IRS fine-tunes offshore voluntary compliance program
Since 2009, the IRS has operated an Offshore Voluntary Disclosure
Program (OVDP) for U.S. taxpayers who have failed to disclose
foreign assets or report foreign income from those assets to the
IRS or ...
Timing gains and losses: selloff before rising rates
In 2012, many taxpayers will have additional considerations when
analyzing whether to sell investments before the end of the year or
retain them in 2013. First, the Bush-era tax cuts are scheduled to
...
How do I? Make a Section 83(b) stock election
Stock is a popular and valuable compensation tool for employers and
employees. Employees are encouraged to stay with the company and to
work harder, to enhance the value of the stock they will earn. E...
Supreme Court hands down landmark health care decision; now what?
On June 28, the U.S. Supreme Court issued its long-awaited landmark
decision on the Patient Protection and Affordable Care Act (PPACA)
and its companion law, the Health Care and Education
Reconciliati...
How do I? Avoid pitfalls within a flexible spending account?
Under a flexible spending arrangement (FSA), an amount is credited
to an account that is used to reimburse an employee, generally, for
health care or dependent care expenses. The employer must
maintai...
FAQs: When can I deduct job-hunting expenses?
Job-hunting expenses are generally deductible as long as you are
not searching for a job in a new field. This tax benefit can be
particularly useful in a tough job market. It does not matter
whether y...
FAQ: What is a limited liability company?
A limited liability company (LLC) is a business entity created
under state law. Every state and the District of Columbia have LLC
statutes that govern the formation and operation of LLCs....
Estimated tax: Getting it right
Estimated tax is used to pay tax on income that is not subject to
withholding or if not enough tax is being withheld from a person's
salary, pension or other income. Income not subject to withholding
...
The small employer health insurance premium credit
Under the Patient Protection and Affordable Care Act (PPACA)
enacted in March 2010, small employers may be eligible to claim a
tax credit of 35 percent of qualified health insurance premium
costs paid...
FAQ: Are long-term insurance premiums tax deductible?
Long-term care premiums are deductible up to certain amounts as
itemized medical expense deductions. The amount is based upon your
age. Unfortunately, most taxpayers do not have enough other medical
e...
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