IRS Eases Interim Rules for Grandfathered Health Plans

  • December 1, 2010

Reversing course, the IRS has amended interim final rules the agency issued earlier this year to allow certain changes in coverage without loss of "grandfathered status" under the Patient Protection and Affordable Care Act (PPACA). All group health plans may switch insurance companies and preserve their grandfathered status, as long as the structure of the coverage does not violate one of the other rules for maintaining grandfathered plan status.

IRS Releases Audit Technique Guide on Deductible Repairs vs. Capitalized Expenses

  • December 1, 2010

The IRS has released an Audit Techniques Guide (ATG) that addresses whether an expense should be considered a currently deductible repair or is required to be capitalized under current law. This latest ATG is important for taxpayers in two respects: first, it provides insight into how examiners will review a taxpayer's change in accounting method (CAM) request dealing with the recharacterization of previously capitalized expenses as currently deductible.

Deficit Commission’s Tax Proposals Spark Debate

  • December 1, 2010

A preliminary report by the National Commission on Fiscal Responsibility and Reform has sparked debate over the preservation of many popular tax credits and deductions. The preliminary report generally proposes to eliminate a host of tax credits and deductions, both for individuals and businesses, in exchange for lower individual and corporate tax rates. The Commission is expected to send a final report to Congress on December 1, 2010, where it is almost certain to receive a controversial welcome.

Year-End Planning: Last Minute Tips for Individuals

  • December 1, 2010

With the end of the 2010 tax year rapidly approaching, there is only a limited amount of time for individuals to take advantage of certain tax savings techniques. This article highlights some last-minute tax planning tips before the end of the year.

Tax Rates in Turmoil as 2010 Draws to a Close

  • December 1, 2010

As 2010 ends, taxpayers are confronted with the reality that scheduled increases in individual income tax rates, significant reductions in many popular tax incentives and more changes will occur when the calendar reads 2011. One year ago, it appeared highly unlikely that taxpayers would be faced with such uncertainty. Today, that uncertainty is generating many questions and few answers.

Year-End Tax Planning: Actions to Take to Save Taxes

  • November 5, 2010

The midterm elections have changed the Congressional landscape, with Republicans winning control of the House of Representatives and picking up seats in the Senate. Even so, it's still too early to know exactly how this will affect open tax issues for 2010 and 2011. In short, year-end planning—which always involves some educated guesswork—is a bigger challenge this year than in past years.

Introducing a new service: the Health Care Reform Tax Plan

  • November 1, 2010

Health Care Reform will affect your business. Our Health Care Reform Tax Plan ensures that you are not caught off guard by complicated new regulations, and that you are able to take advantage of available incentives.

IRS Defers Reporting of Employer-Provided Health Insurance Costs on Form W-2

  • November 1, 2010

Employers are eligible for a one-year deferral of mandatory reporting of the costs of employer-provided health insurance on an employee's Form W-2, Wage and Tax Statement. According to the IRS, many employers need more time to make the necessary changes to their payroll systems to ensure accurate reporting.

Third Quarter Federal Tax Developments

  • November 1, 2010

The third quarter of 2010 brought many tax developments from Congress, the IRS, and the courts. We have highlighted some of the more important federal tax developments for you. Please give our office a call or send us an email if you have any questions about these developments.