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The Tax Corner – March 2015

IRS Releases Initial Guidance for High-Cost Healthcare Plans On February 24, 2015, the Internal Revenue Service released a notice which offers initial guidance on the Affordable Care Act's 40 percent excise tax on high-cost health plans. The tax will be effective in 2018 for so-called “Cadillac” healthcare plans. The IRS notice addresses the definition of [...]

By | March 16th, 2015|Accountants, IRS, March 2015, Newsletter, Reporting, Taxes|0 Comments

The Tax Corner – February 2015

By Nancy Espinoza, Tax Manager IRS Releases Updated Affordable Care Act “Shared Responsibility” Information In January 2015, the IRS released updated information on the employer shared responsibility provisions of the ACA (Affordable Care Act) which became effective as of January 1, 2015. The IRS encourages employers to be prepared and to make decisions regarding the [...]

The Tax Corner – December 2014

By Nancy Espinoza, Tax Manager IRS Announces 2015 Pension Plan Limits The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan will increase in 2015 from $17,500 to $18,000. The catch-up contribution limit for employees aged 50 and over who participate in 401(k), [...]

By | December 16th, 2014|Accountants, December 2014, Newsletter, Taxes, Unemployment|0 Comments