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Stopgap Highway Bill Includes New Tax Compliance Measures
Posted by Chrissy Hammond on Fri, Sep 25, 2015 @ 05:00 PM

An eleventh-hour temporary extension of federal highway and transportation spending is partially paid for by new tax compliance requirements. The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (H.R. 3236) was approved by the House, 385 to 34, on July 29, and the Senate on July 30, by a 91-4 margin. This stop-gap bill changes the filing deadlines of certain returns, modifies mortgage reporting, clarifies the six-year statute of limitations in the case of overstatement of basis, and requires consistency between estate tax value and income tax basis of assets acquired from a decedent. The bill also provides that employees with TRI-CARE or VA coverage may be exempted from the Affordable Care Act's employer shared responsibility requirements and clarifies veterans' eligibility for a health savings account (HSA).

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Topics: tax compliance, Affordable Care Act, Stopgap Highway Bill

Getting Into Tax Compliance with the Affordable Care Act
Posted by Bernard Kaplan on Mon, Jan 20, 2014 @ 09:16 AM

Despite a one-year delay in the effective date of the shared-responsibility provisions of the Affordable Care Act (ACA) to January 1, 2015, employers should begin planning now.

Employers providing group health coverage for employees should begin to assess their existing policies now to determine whether they comply with current ACA regulations and those to be enacted in 2015. If the policies do not comply, organizations must decide whether—and how—to redesign their plans to comply or formulate a plan of action if they choose not to comply.
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Topics: Bernard Kaplan, tax compliance, Affordable Care Act

FATCA Non-Compliance Triggers Harsh Penalties for Withholding Agents
Posted by Robert Kerr on Mon, May 13, 2013 @ 09:18 AM

Little Time Left for Withholding Agents to Prepare for Complicated FATCA Compliance Requirements

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Topics: FATCA, Robert Kerr, tax planning, tax, compliance, tax compliance

Are You Subject to Income Tax in States Where You Have “Economic Nexus” but No Physical Presence?
Posted by Tarra Curran on Wed, Jun 6, 2012 @ 09:23 AM

Internet Sales May Affect Your Tax Liability

If you are selling over the internet, it’s likely that you have customers across the country, but a physical presence in only one or two states. If so, be prepared: you may be subject to income tax in states where you have “economic nexus” but no physical presence.

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Topics: tax planning, tax strategies, Latest Guidance on Tax Issues, tax compliance

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