Articles

Federal Estate Tax Retroactively Reinstated

The Bush era tax cuts slowly phased out the federal estate tax and abolished it altogether for decedents dying in 2010, and replaced it with a rather complicated modified carryover basis regime.  Just about everyone assumed Congress would re... Read More

New Penalties for Failure to File or Furnish Information Returns

Tax law requires businesses to provide information returns, such a 1099s, to each payee that the business has paid $600 or more for the year.  The law also includes penalties for failure to file the same information returns with the IRS.To ensu... Read More

Rental Owners Need to Prepare for New 2011 Reporting Requirement

If you are a rental owner and during 2011 make payments of $600 or more to a service provider (such as a plumber, painter, or accountant) in the course of earning rental income, the 2010 Small Business Jobs Act says that you are required to provi... Read More

Small Employer Simple Cafeteria Plans

For years beginning after Dec. 31, 2010, small employers (average of 100 or fewer employees on business days during either of the two preceding years) may provide employees with a "simple cafeteria plan." Under such a plan, the employer is provided wit... Read More

Mandatory Health Insurance Overview

Many of the provisions of the Health Care Legislation are linked to the mandate that everyone becomes insured.  The chart included here provides an overview of how these provisions interact to achieve that goal.Click here for the chart. Read More

$500,000 Compensation Deduction Limit for Health Insurance Issuers

For services performed during that year, a covered health insurance provider isn't allowed a compensation deduction for an “applicable individual” (officers, employees, directors, and other workers or service providers such as consultants) ... Read More

Tanning Services Excise Tax

For indoor tanning services performed on or after July 1, 2010, a new 10% excise tax is imposed on the amount paid for any indoor tanning service, whether paid for by insurance or otherwise. The tax is imposed on tanning service recipients, although th... Read More

Tax Credits for Small Employers Offering Health Coverage

The Patient Protection and Affordable Care Act provides a tax credit for an eligible small employer (ESE) for nonelective contributions to purchase health insurance for its employees. The term "nonelective contribution" means an employer contribution o... Read More

Insurance for Uninsured Americans with Pre-existing Conditions

Beginning July 1, 2010, a Pre-Existing Condition Insurance Plan will provide new coverage options to individuals who have been uninsured for at least six months because of a pre-existing condition. States have the option of running this new program in ... Read More

Employer Tax-Free Medical Benefits Available to Children under Age 27

As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee's children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010.  Generally, under pre-Act law, ... Read More