United States: Small Employers Get Transition Relief From ACA Excise Tax Penalties

New IRS guidance (Notice 2015-17) provides temporary relief from the steep Sec. 4980D excise tax penalty to small employers who pay or reimburse employees for individual health insurance premiums, or Medicare Part B or Part D premiums. Without this temporary reprieve, the excise tax penalty could cost as much as $100 per day, per employee, plus any applicable wage taxes, interest and related penalties.

The IRS issued the notice on February 18, 2015. The relief […]

By |April 17th, 2015|

United States: Hatch And Ryan Open Door For Business Or Corporate-Only Reform

The Republicans heading the tax committees in both the House and Senate indicated last week that they may be willing to meet President Obama halfway and move a business tax reform plan that would lower corporate rates but leave the rates for individuals and pass-throughs untouched.

Senate Finance Committee Chair Orrin Hatch, R-Utah, acknowledged that business-only reform “may be what we have to do,” while House Ways and Means Committee Chair Paul Ryan, R-Wis., said […]

By |April 17th, 2015|

United States: House Plans Vote On Estate Tax Repeal

House Republican leaders said they hope to bring a bill repealing the estate tax (H.R. 1105) to the House floor for a vote the week of April 13.

The bill was approved by the House Ways and Committee on March 26 on a 22‒10 party-line vote. It would permanently repeal the estate, gift and generation-skipping transfer taxes. Republicans have enough votes to pass the bill in the House with ease, but the bill has no […]

By |April 17th, 2015|