- Any entity that provides minimum essential health coverage (MEC), under the Affordable Care Act (ACA), to its employees must report that coverage to the employees and to the Internal Revenue Service.
- Under the Affordable Care Act, beginning in 2015, businesses may incur additional taxes or penalties for noncompliance in filing the information returns.
- From Jan. 1, 2014 through June 30, 2015, small employers (non-ALEs) who have reimbursed employees for self-purchased health coverage can continue to reimburse these amounts on a pre-tax basis.
- The repair and maintenance regulation update in Baker Tilly’s 2015 midyear tax letter provides clarification on the deduction and capitalization of expenditures related to tangible property for landlords.
- The US Department of Labor (DOL) issued a report on its inspection of 2011 employee benefit plan audits, Assessing the Quality of Employee Benefit Plan Audits. The report is quite troubling as the DOL found a deficiency rate that is too high for such an important element of the system to protect participants in employee benefit plans.
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