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Tax and Employee Benefits

Important Changes to IRS Audit Rules Requiring Immediate Action For Partnerships and Limited Liability Companies (“LLC”)

Recently enacted changes which may affect your business regarding IRS audits of partnerships and limited liability companies (LLCs) have gone into effect for tax years beginning on or after January 1, 2018.  Under the new Rules regarding partnership adjustments and audits, the IRS is no longer requi...

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Employee Options When Employer Fails to Issue W-2 Form

Employers have a legal obligation to provide employees a Form W-2 stating the employee’s wages and withholdings for the year by January 31 of the following year. This obligation remains even when an employer has closed its doors and ceased operating. Employees should confirm that their employer (...

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Employers and Coverage Providers Given More Time to Deliver 2017 Health Coverage Information Returns

The Internal Revenue Service (IRS) recently issued a notice (Notice 2018-6) that extends the due date for furnishing required Affordable Care Act (ACA) forms to individuals and employees until March 2, 2018.  Previously, the deadline to furnish individuals with their 2017 Form 1095-B (Health Coverag...

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Significant Estate Planning Opportunities for High Net Worth Individuals

With the signing of the Tax Cuts and Jobs Act (the “Act”) by President Trump on December 22, 2017, the most sweeping tax legislation in decades has been enacted.  The Act doubles the estate and gift tax exemption amount to $11,200,000 to those individuals dying in 2018, up from what was to be a $5,6...

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GOP Tax Bill Prompts Late Tax Tips for 2017

Republican lawmakers joined President Trump on Wednesday, December 20, 2017, to celebrate their largest legislative achievement to date, currently named “The Tax Cuts and Jobs Act” (the “Act”).  The Act makes several sweeping changes, including a provision that, effective in 2018, caps the amount of...

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Study Estimates Affordable Care Act Penalties Could Reach $31 Billion

Nationwide, employers’ potential exposure to the Affordable Care Act’s (ACA) employer penalties, which apply if an applicable employer fails to offer adequate, affordable coverage, could reach $31 billion for 2016 according to a new report from Accenture, a global management consulting firm.  This e...

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IRS to Begin Use of Private Collection Agencies

Pursuant to federal legislation enacted by Congress in 2015, the IRS announced today that it will begin collecting unpaid taxes through...

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Supreme Court Hears (Another) Challenge to the Affordable Care Act

The Affordable Care Act (ACA) has seen a number of challenges since its passage in 2010. In continuing this trend, the Supreme Court of the United States heard oral arguments on the latest challenge to the law at the end of March, this time from the Little Sisters of the Poor. Read More

Sweeping Spending Package Could Force Hard Decisions

Congress has approved, and President Obama has signed, a sweeping spending package that would delay or suspend the Affordable Care Act’s “Cadillac tax,” medical device tax, and health insurance tax. The changes are generally seen as a significant blow to the ACA – one that could embolden those seeki...

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PACE Act Impacts Small Employers

On October 1, 2015, Congress passed the Protecting Affordable Coverage for Employees (PACE) Act. PACE repeals the mandated expansion of the definition of “small employer” under the Affordable Care Act from 50 to 100 employees. Previously, the Affordable Care Act had included a provision changing th...

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