The proposed bill, introduced by congressional Republicans to replace the Affordable Care Act, repeals several taxes, including individual and employer mandates (retroactive to 2016); the 3.8% net investment income tax (beginning in 2018); the 0.9% additional Medicare tax (2018); and the medical device excise tax (2018). The “Cadillac tax” on high-cost employer sponsored health plans […]
When it comes to the proposed bill that Republicans unveiled to replace the Affordable Care Act, the legislative process has ways to go. The replacement plan called the American Health Care Act, is beginning the “markup process” in two U.S. House of Representatives committees on March 8. The lawmakers will discuss, possibly amend and vote […]
You can roll over funds from one IRA to another tax-free as long as you complete the rollover within 60 days. What if you miss the deadline? You may owe tax and an early-distribution penalty if you’re under age 59½. The IRS may waive the penalty if there are extenuating circumstances. In a recent private […]
The IRS announced that an estimated 1 million taxpayers who failed to file a 2013 income tax return may be entitled to unclaimed federal tax refunds totaling more than $1 billion. If you’re one of them, you must file a 2013 return by April 18 if you want to claim refund money. In cases where […]
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