Employers that hire individuals who are members of a “target group” may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2016 and obtained proper certification, you can claim the WOTC on your 2016 tax return. Whether or not you’re eligible for 2016, keep the WOTC in mind in […]
In Chief Counsel Advice, the IRS concluded that an employer can’t exclude from an employee’s gross income payments under an employer-provided fixed indemnity health plan if the coverage value was excluded from the employee’s gross income. Also, an employer can’t exclude from an employee’s gross income payments under an employer-provided fixed indemnity health plan if […]
On Jan. 24, Sen. Rand Paul introduced the “Obamacare Replacement Act.” The bill would repeal the individual and employer mandates and other ACA provisions; provide a 2-year open-enrollment period under which people with pre-existing conditions could obtain coverage; provide an income and payroll tax deduction for health insurance costs; remove the maximum contribution limit for HSAs; […]
Spouses who file joint tax returns share responsibility for the return’s contents and the tax owed, but a spouse who can prove certain points may qualify for innocent spouse relief. In one case, a taxpayer claimed to have no knowledge of income and transfers from offshore accounts, which were unreported. Records showed she had access […]
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