IRS Video Explaining Individual Shared Responsibility Released
The IRS recently released this video to help explain what to expect in the upcoming 2015 tax filing season with respect to individuals and their health insurance and shared responsibility payments obligations.
The video is only three minutes long, but provides a general outline of what is coming on the topic.
Employer Health Care Arrangements
The IRS recently provided guidance regarding plans some employers had of turning their employee’s health insurance coverage over to the Marketplace. It says that this arrangement fails to satisfy market reforms and may be subject to the $100/day excise tax per employee. Read more on this here.
Questions About Individual Shared Responsibility?
The IRS has a page dedicated to informing the public on these complex new rules.
Telephone Call Scams Increase
The IRS recently issued a consumer alert regarding calls to taxpayers by people pretending to be from the IRS.
Remember, nearly all IRS contact is initiated by mail. If a phone call is the first you’ve heard of a tax issue, it is likely that a scammer trying to obtain your personal information.
You can read more about ways to identify a scam call or email here.
Q&A Regarding Employer Shared Responsibility Provisions Posted
The IRS recently updated their Question and Answer section regarding the shared responsibility provisions in the health care law. This answers many basic questions such as whom the law applies to, the effective date of the law, and definitions of key terms.
2014 Depreciation Rules Still Undecided
2014’s Section 179 depreciation limitation is presently $25,000 with reductions if more than $200,000 in assets are placed in service this year, but most industry folks are hopeful that these limitations will increase once the November elections are over. As the old Congress closes their legislative year, it’s expected that part of the agenda will include increasing those limits back to 2013 levels of $500,000 in deduction and a $2 million ceiling for a reduced deduction…these increased limits, if passed, will likely be retroactive to January 1, 2014.
