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Tax

Tuesday, 15 August 2017

How tax reform may affect financial reporting

Written by Thomson Reuters

As Congress and the Trump administration push for major changes to the U.S. tax code, large companies are encouraging the Financial Accounting Standards Board (FASB) to monitor how the changes may affect U.S...

Published in Audit & Assurance

Since the Michigan Supreme Court refused to hear LaBelle Management Inc.v Dept. of Treasury, (“LaBelle”), the Michigan Court of Appeals decision became final and binding precedent. Therefore, Michigan Department of Treasury (“Treasury”) issued a “Notice to Taxpayers Regarding LaBelle” on February 28, 2017...

Published in Tax
Monday, 10 July 2017

Three Considerations for Michigan Unitary Taxation

Written by Michael Bannasch, CPA, MST

Although Michigan was late to the unitary taxation bandwagon, the issue is so complex, and sometimes so controversial, that there have been some growing pains in order to get the kinks worked out and get things running smoothly. There have been several major court cases, with the latest being LaBelle Management, Inc. v. Department of Treasury, in which the court opined on the meaning of indirect ownership for purposes of meeting the unitary group control test...

Published in Tax
Wednesday, 28 June 2017

Must our plan cover a surrogate’s pregnancy expenses?

Written by Thomson Reuters

Question: Can our company’s major medical plan exclude coverage for the pregnancy and birth-related medical expenses of a participant who acts as a surrogate for someone else? Answer: Federal agencies haven’t yet issued specific guidance on this issue. But at least two legal hurdles may prohibit enforcement of an exclusion from coverage for the pregnancy and birth-related medical expenses of a participant acting as a surrogate: the Pregnancy Discrimination Act (PDA) and the Affordable Care Act (ACA). The PDA The Equal Employment Opportunity Commission interprets the PDA (which applies to most employers with 15 or more employees) as prohibiting employer-sponsored major medical plans from excluding coverage for pregnancy-related medical conditions...

Published in Tax
Wednesday, 28 June 2017

Key ACA indexing adjustments for 2018 have been announced

Written by Thomson Reuters

The IRS has announced 2018 indexing adjustments for two key percentages under the Affordable Care Act (ACA). They are as follows: 1.Affordability. This is the required contribution percentage used to determine whether employer-sponsored health coverage offered by an applicable large employer (ALE) is “affordable” for purposes of employer shared responsibility...

Published in Tax
Wednesday, 28 June 2017

Skiing the slalom of ACA and EEOC rules on wellness programs

Written by Thomson Reuters

Sometimes complying with federal regulations governing health care plans can be like skiing a slalom course. You have to weave through obstacles and be ready to make a tough decision at every twist and turn. Such is the case today for employers sponsoring wellness programs that feature certain design elements intended to maximize employee participation. Issue overview Years ago, the Affordable Care Act (ACA) codified parameters for the financial incentives you can offer employees to motivate them to take part in a wellness program...

Published in Tax
Monday, 19 June 2017

IRS warns of new phone scam

Written by Thomson Reuters

The IRS has warned taxpayers of a new scam linked to the Electronic Federal Tax Payment System (EFTPS).The IRS reports the scam is being seen nationwide. In this scam, a con artist, claiming to be from the Service, says that certified letters were sent but were returned as undeliverable. The scammer threatens arrest if a payment is not made through a prepaid debit card...

Published in Tax
Tuesday, 30 May 2017

Would a benefits transfer trigger loss of grandfathered status?

Written by Thomson Reuters

Question: Our company is planning to close one of our manufacturing plants and eliminate the health plan offered there. Some of the employees will be transferred to another plant and transfer to the plan at that plant, which we’ve maintained as a grandfathered plan. Would this transfer affect the plan’s grandfathered status? Answer: The continuation of your plan’s grandfathered status will depend on whether there’s a bona fide employment-based reason for the transfer...

Published in Tax
Tuesday, 30 May 2017

CMS extends renewal policy for some noncompliant policies

Written by Thomson Reuters

In late February, the Centers for Medicare and Medicaid Services (CMS) issued a bulletin announcing another extension of an important transition policy. The policy allows states to permit insurers in the individual and small group markets to renew health insurance policies they would otherwise have to cancel because of noncompliance with certain insurance market reforms under the Affordable Care Act (ACA). The bulletin generally continues previous extensions announced in 2014 and 2016 of the transition policy first announced in 2013. Implementation options Under this latest guidance, states may permit insurers that have continually renewed eligible nongrandfathered individual and small group policies since January 1, 2014, to again renew such coverage for a policy year beginning on or before October 1, 2018...

Published in Tax
Tuesday, 30 May 2017

The road to further reform: AHCA’s proposed provisions

Written by Thomson Reuters

As you likely recall, on May 4, the U.S. House of Representatives passed the American Health Care Act (AHCA) by a vote of 217 to 213. After the bill is scored by the Congressional Budget Office (CBO), the Senate is expected to review it as it prepares its own version of the bill...

Published in Tax
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