Posts Categorized: Tax Issues

Happy New Year from the IRS

in Affordable Care Act, Tax Issues

Yet another end-of-year brings another late-breaking IRS notice. The IRS has extended the deadlines that apply to employers and coverage providers for reporting health coverage through the 2015 Forms 1094/1095.  Specifically, IRS Notice 2016-4: Extends the date for providing Forms 1095-B and 1095-C to individuals from February 1, 2016 to March 31, 2016; and Extends the filing date with the IRS for Forms 1094-B, 1095-B, 1094-C, and 1095-C  from March 31, 2016 to June 30, 2016, if filing electronically, and from February 29, 2016 to May 31, 2016 if not filing electronically. These extensions are automatic, and supersede the 30… Continue Reading

Upcoming 2015 Tax Conference

in Tax Issues

The Kilpatrick Townsend Tax Team will present its annual Tax Conference on issues facing in-house tax professionals and their advisors on December 10 in our Atlanta office.  If you would like to attend this event, please RSVP.

IRS Proposes Change to Section 83(b) Election Requirements

in Executive Compensation, Tax Issues

The IRS has issued proposed regulations to eliminate the requirement that a taxpayer include a copy of a Code Section 83(b) election with his or her income tax return for the year of the election. This was done to facilitate e-filings of tax returns that were previously unavailable to taxpayers who made Section 83(b) elections because of the requirement to submit a copy of the election with the return. A taxpayer will still be required to mail a copy of the Section 83(b) election to the IRS within 30 days after making the election, as well as retain a copy… Continue Reading

State Income Tax Imputation for Same Sex Spouses

in Court Cases, Tax Issues

Since the Supreme Court allowed same sex marriage in all fifty states, employers have been busy turning off state income tax imputation for health benefits for those states that previously had not allowed same sex marriage. However, that only affects the period from and after June 26, 2015. Many employers have wondered what they should do with state income tax imputation that occurred January 1, 2015 through June 25, 2015. To date, only two states have issued definitive guidance on that issue – Michigan (Tax Notice, July 16, 2015) and Ohio (Notice EW 2015-01, July 2, 2015). For both Michigan… Continue Reading

More Incentive to File IRS Returns Correctly and Timely

in Affordable Care Act, Tax Issues

The Trade Preferences and Extensions Act signed at the end of June includes an unpleasant surprise for employers.  Penalties for many types of information returns employers are required to provide under the Internal Revenue Code and that are filed on or after January 1, 2016, will more than double, including for Forms W-2, Forms 1099, and the new information returns that are required as part of the Affordable Care Act to report full-time employees and individuals covered under group health plans (Forms 1095).  These penalties are provided in Code Sections 6721 and 6722. The penalty for each return that is… Continue Reading