The IRS has extended the due date for the 2017 information reporting requirements under the Affordable Care Act, for insurers, self-insuring employers, and certain other coverage providers. Specifically, the date is extended for furnishing to individuals the 2017 Forms 1095-B (Health Coverage) and 1095-C (Employer-Provided Health Insurance Offer and Coverage). The new due date is March 2, […]
Currently, taxpayers who pay alimony may be able to deduct the payments from their taxable income, and recipients must claim alimony as taxable income. The Tax Cuts and Jobs Act will revise the rules. For divorce or separation agreements executed after Dec. 31, 2018 (or executed before but modified after this date), alimony payments are neither deductible by […]
The “kiddie tax” has been modified under the Tax Cuts and Jobs Act (TCJA). Under current law, a child’s net unearned income is taxed at the parents’ tax rate if that rate is higher than the child’s. The remainder of the child’s taxable income is taxed at the child’s rate. Under the TCJA, for years […]
Many employers hire seasonal workers this time of year. If your organization is one of them, you might worry about becoming subject to the Affordable Care Act’s (ACA’s) employer mandate — also known as the “play or pay” provision. To determine whether you may be at risk for triggering the mandate and, ultimately, penalties, you’ll […]
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