Tax Law Allows Full Expensing of Business Property in First Year

The Internal Revenue Service (IRS) is reminding small business taxpayers that changes to the tax law mean they can immediately expense more of the cost of certain business property. Many are now able to write off most depreciable assets in the year they are placed into service. The Tax Cuts and Jobs Act (TCJA), passed […]

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IRS Extends Deadline for Obamacare Employee Information Forms

The Internal Revenue Service (IRS), saying that “a substantial number of employers, insurers, and other providers of minimum essential coverage need additional time,” has extended the deadline for supplying Form 1095-B and 1095-C to individuals from Jan. 31, 2019, to March 4, 2019. Form 1095-B is titled “Health Coverage,” while Form 1095-C is called “Employer-Provided […]

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IRS Increases 401(k), IRA and Other Retirement Limits for 2019

The Internal Revenue Service (IRS) has released Notice 2018-83, which details cost-of-living adjustments for retirement contributions in 2019. Section 415 of the Internal Revenue Code requires annual adjustments on benefits and contributions under qualified retirement plans. Employees participating in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan will be able to […]

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Obamacare Open Enrollment Begins Tomorrow

The window for signing up for health insurance plans effective Jan. 1, 2019, closes at the end of Obamacare open enrollment on Dec. 15 of this year, following the opening of the federal exchange — HealthCare.gov — tomorrow. While this opening is of somewhat limited interest to applicable large employers (ALEs) — those companies with […]

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Second Shoe of ACA Business Penalties Drops

The Internal Revenue Service (IRS) in late 2017 began issuing its first wave of Affordable Care Act (ACA) penalties to companies that failed to provide minimum essential health coverage to at least 70 percent of their employees in 2015. Now, the IRS is issuing a new round of penalties for companies that provided coverage but […]

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IRS Issues Proposed Regulations for 20 Percent Business Owner Tax Deduction

The Internal Revenue Service (IRS) has issued proposed regulations for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The new deduction — referred to as the Section 199A deduction or the deduction for qualified business income — was created by the Tax […]

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IRS Preparing to Send 2016 Obamacare Penalty Notices

Even as many applicable large employers (ALEs) grapple with Employer Shared Responsibility Penalty (ESRP) letters from 2015, the Internal Revenue Service (IRS) is preparing to issue more such letters — known as Letter 226-J — for 2015, with still more coming later this year for 2016. Still down the road later this year, the agency […]

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IRS Resumes Sending Out ACA Penalty Notices for 2015

The Internal Revenue Service (IRS) has begun issuing new Affordable Care Act (ACA) penalty notices for calendar year 2015. The notices are officially called Employer Shared Responsibility Payment (ESRP) notices, or what the IRS refers to as Letter 226-J. Under the ACA, Applicable Large Employers (ALEs), generally those companies with 50 or more full-time employees […]

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IRS Allows Provisional Relief for Small Business Health Insurance Tax Credit

The Internal Revenue Service has issued guidance that provides relief for certain small employers who wish to claim the Small Business Health Care Tax Credit for 2017 and later years but  whose businesses reside in counties with no Obamacare small business health insurance available. The Small Business Health Care Tax Credit can benefit certain small employers who […]

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IRS Issues FAQs on Paid FMLA Leave

The Tax Cuts and Jobs Act of 2017 opened a two-year window, from Jan. 1 this year to Dec. 31, 2019, for qualifying companies to receive a tax credit if they offer paid Family and Medical Leave Act (FMLA) time off. This month the IRS issued a set of FAQs to help explain how the […]

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