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 shenson@ima-net.org with your information or request. Editorial submissions are subject to review. 

Tuesday
Jul282015

How High Are Gas Taxes in Your State?

By Colby Pastre, The Tax Foundation

This week’s tax map takes a look at state gasoline tax rates, using data from a recent report by the American Petroleum Institute. Pennsylvania has the highest rate of 51.60 cents per gallon (cpg), and is followed closely by New York (45.99 cpg), Hawaii (45.10 cpg), and California (42.35 cpg). On the other end of the spectrum, Alaska has the lowest rate at 12.25 cpg, but New Jersey (14.50 cpg) and South Carolina (16.75 cpg) aren’t far behind. These rates do not include the additional 18.40 cent federal excise tax.

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Tuesday
Jul282015

Free Webinar - Correcting Retirement Plan Mistakes Summer 2015 Updates

When: August 4, 2015; 1:00 p.m. (Central)

How: Register for this event. You will use the same link to attend the event.

Learn how Revenue Procedures 2015-27 and 2015-28 make it easier to:

• Correct elective deferrals failures

• Fix ongoing IRC 415 annual addition limit failures affecting some plans

• Recover overpayments paid to plan participants

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Thursday
Jul232015

Online Tool Helps Individuals and Employers Estimate Health Care Law Credits and Payments

The Taxpayer Advocate Service has developed several tools for individuals and employers to assist in estimating their ACA related credits and payments. Because these tools provide only an estimate, you should not rely upon them as an accurate calculation of the information you will report on your tax return. You should use these estimators only as a guide to assist you in making decisions regarding your tax situation.

The Premium Tax Credit Change Estimator can help you estimate how your premium tax credit will change if your income or family size changes during the year. This estimator tool does not report changes in circumstances to your Marketplace. To report changes and to adjust the amount of your advance payments of the premium tax credit you must contact your Health Insurance Marketplace. Be sure to report all changes directly to that Marketplace because they can affect both your coverage and your final credit when you file your federal tax return.

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Thursday
Jul232015

Webinar Series offered on Affordable Care Act Provisions for Employers and Coverage Providers

If you’re an employer or health coverage provider, you can attend a series of educational webinars this summer to help you understand the Affordable Care Act’s employer provisions and related requirements. The IRS is presenting three different webinars in July that will each be repeated in August and September. The IRS designed these webinars for business owners, tax managers, employee benefits managers and health coverage providers. All time listed below are Eastern Daylight Time.

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Wednesday
Jul152015

A Missed Opportunity

The Economic Cost of Delaying Pro-Growth Tax Reform

The cost of inaction on pro-growth tax reform is too high — doing nothing slows growth and costs jobs. Policymakers have the power to change this course by enacting five key strategies over 10 years that would:

• Contribute more than $12 trillion in GDP

• Increase investment by more than $3.3 trillion

• Add more than 6.5 million jobs to the U.S. economy

Political gridlock imposes a cost on all businesses and leads to economic uncertainty. Worse yet, many important business tax provisions are temporary and require regular Congressional renewal, which often leads to delays and retroactive extensions. At the same time, the U.S. business tax system has become increasingly out of sync with tax regimes in virtually all other developed economies.

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