The “American Health Care Act” would: 1) repeal the individual and employer mandates; 2) abolish income-based subsidies for buying health coverage; 3) provide tax credits for buying insurance, which would be based on age and capped at high incomes; 4) allow insurers to impose a 30% charge for those with a gap between coverage; and […]
IRS tells its auditors how to audit 401(k) hardship distributions. The IRS’s Tax Exempt and Government Entities Division has issued a memo that explains substantiation guidelines for IRS auditors when they examine whether a 401(k) plan hardship distribution is “deemed to be on account of an immediate and heavy financial need” under safe harbor standards. […]
The IRS’s Small Business / Self-Employed Division (SB/SE) has issued a memo that details a pilot program for auditing expenses farmers claim on Form 1040, Schedule F, “Profit or Loss From Farming.” Schedule F is used to report farm income and expenditures. The memo instructs auditors to focus on expenses including deposits, prepaid supplies, equipment […]
The federal income tax filing deadline for calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes is March 15. While this deadline is nothing new for S corporation returns, it’s earlier than previous years for partnership returns. In addition to providing continued funding for federal transportation […]
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