Today we will address the new reporting requirements for large employers concerning health coverage. List of Reporting Guidelines from the IRS: Under the health care law, applicable large employers (ALE) are employers with 50 or more full-time employees, including full-time equivalent employees, in the preceding year. They are required to report some information regarding health coverage by filing information returns with the IRS and furnishing statements to full-time employe
Today we will revisit an important topic that affects many of our clients — the current status of the tax extender legislation. Unfortunately, it is still in limbo. The New Ways and Means Committee Chairman Kevin Brady was called on by major industry groups to address tax extenders less than a day after he won the position, which was recently vacated by new House Speaker Paul Ryan (R-W). This year, like last, these temporary tax provisions have been expired for almost a year.
For the past couple of months, we've been informing you of important tax law updates and information for 2016. In this post you will find information on all those topics in one place. Health Savings Account Limits The IRS has provided the annual inflation-adjusted contribution, deductible, and out-of-pocket expense limits for 2016 for health savings accounts (HSAs). Eligible individuals may, subject to statutory limits, make deductible contributions to an HSA. For calendar ye
Today we will address some inflation adjusted tax changes for 2016. For gifts made and estates of decedents dying in 2016, the exclusion amount will be $5,450,000 up from $5,430,000 from 2015. For gifts made in 2016, the gift tax annual exclusion will be $14,000, which is the same as 2015. For 2016, the credit allowed for an adoption of a child with special needs will be $13,460, which is up from $13,400 in 2015. The maximum credit allowed for other adoptions will be the amou