Under the Affordable Care Act, applicable large employers those with 50 or more full-time employees, including full-time equivalent employees are required to take some new actions. To prepare for 2016, if your organization is an ALE, you need to track information each month in 2015, including: Whether you offered full-time employees and their dependents minimum essential coverage that meets the minimum value requirements and is affordable Whether your employees enrolled in the minimum essential coverage you offered
Welcome to the IMA Tax Policy Blog. The blog format reflects our efforts to provide IMA members with timely, relevant and thought provoking information in a form that is accessible for easy reference. IMA’s Tax Policy Blog will be updated on a regular basis. Weekly news update emails will be sent out to notify subscribers of new information posted on the blog. IMA members are welcome to submit material for the blog, or request specific information. Simply email Editor Stefany Henson at firstname.lastname@example.org with your information or request. Editorial submissions are subject to review.
The Internal Revenue Service today reminded everyone who has one or more bank or financial accounts located outside the United States, or signature authority over such accounts that they may need to file an FBAR by next Tuesday, June 30. FBAR refers to Form 114, Report of Foreign Bank and Financial Accounts, which must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department. It is not a tax form and cannot be filed with the IRS. The form must be filed electronically and is only available online through the BSA E-Filing System website. In general, the filing requirement applies to anyone who had an interest in, or signature or other authority over foreign financial accounts whose aggregate value exceeded $10,000 at any time during 2014. Because of this threshold, the IRS encourages taxpayers with foreign assets, even relatively small ones, to check if this filing requirement applies to them.
The Internal Revenue Service recently joined with representatives of tax preparation and software firms, payroll and tax financial product processors and state tax administrators to announce a sweeping new collaborative effort to combat identity theft refund fraud and protect the nation’s taxpayers. The agreement — reached after the project was originally announced March 19 — includes identifying new steps to validate taxpayer and tax return information at the time of filing. The effort will increase information sharing between industry and governments. There will be standardized sharing of suspected identity fraud information and analytics from the tax industry to identify fraud schemes and locate indicators of fraud patterns. And there will be continued collaborative efforts going forward.
New study shows U.S. has the 4th highest estate tax in the OECD
While other countries continue to cut or eliminate their estate and inheritance taxes, the U.S. maintains the fourth high estate tax rate in the industrialized world at 40 percent. According to a new study from the nonpartisan Tax Foundation, estate and inheritance taxes do not raise enough revenue to justify their administrative, political, and economic costs. Additionally, the report finds that repealing the tax would increase investment, add jobs, and expand the economy.
From IMA member McGladrey …
A new series of videos covering a wide range of topics of importance to manufacturers and distributors may now be found in Focus on Success, McGladrey’s online industry information resource.
In this latest set of short interviews, McGladrey specialists take a look at the opportunities for industry executives as well as provide a glimpse of what companies can expect in the near future. Topics include:
• Tax: Tom Blaze, a partner in McGladrey’s state and local tax practice, looks at the opportunities for cost savings found in credit and incentive programs.