The Administration announced on the White House and Treasury websites that it will provide an additional year, until Jan. 1, 2015, before the Affordable Care Act’s (ACA’s) mandatory employer and insurer reporting requirements begin. Since this will make it impractical to determine which employers do not provide minimum essential health coverage, and therefore would owe…

…IRS published on July 3 a list of five basic tips regarding federal tax responsibilities for those who intend to establish a new business. The tips include the following: decide on the type of business to be established (for example, sole proprietorship, partnership, C corporation, S corporation, or Limited Liability Company); become familiar with the…

2010 Statistics of Income: Corporate Income Tax Returns IRS has recently released a Statistics of Income (SOI) Tax report based on corporate income tax returns for the 2010 tax year (defined to include accounting periods ending July 2010 through June 2011). The report provides a summary of statistics, including the number of returns, total assets,…

The Congressional Research Service (CRS) has released a report (RL31852, July 15, 2013) that examines two popular tools for stimulating the economy-Code Sec. 168(k) first-year bonus depreciation and the Code Sec. 179 expensing election. The report looks at the economic effects of those provisions, proposals to change the provisions, and the effect of potential major…

…IRS has posted on its website Publication 5093, “Healthcare Law Online Resources.” (e-News for Tax Professionals 2013-29) The publication is divided into two sections containing links to various government entities. The first section, which is devoted to individuals and families, has links related to the following subjects: healthcare coverage through the marketplace; health coverage and…

…IRS’s Taxpayer Protection Program unequivocally improves identity theft detection, the Treasury Inspector General for Tax Administration (TIGTA) said in a recent audit. (Audit Report No. 2013-40-062) As described in the audit, the program reviews tax returns that are proactively identified by IRS as potential identity theft and stops fraudulent refunds before they are issued. For…

…A taxpayer who owns a vacation home that he or she rents to others “generally must report the rental income” on a federal income tax return, IRS has reminded taxpayers. (Summertime Tax Tip 2013-08) “But you may not have to report that income if the rental period is short,” IRS said. As described by the…

… The Obama administration on Aug. 1 launched what it described as a “one-stop-shop” website aimed at providing employers educational materials related to the Affordable Care Act. The site includes a wizard tool that is tailored based on the size and location of a business. It also has related links to the Small Business Administration,…

A Congressional Research Service (CRS) Report has provided an overview of the potential federal income tax implications for same-sex married couples of the decision in U.S. v. Windsor, (Sup Ct 6/26/2013) 111 AFTR 2d 2013-2385, in which the U.S. Supreme Court struck down section 3 of the Defense of Marriage Act (DOMA). That DOMA provision…

…IRS has announced the launching of its new Affordable Care Act Tax Provisions website. (IRS Health Care Tax Tips 2013-01) The information on the site pertains to individuals and businesses, the agency said. The home page of the site has sections for individuals and families, employers, and other groups (such as insurers and tax-exempt and…