Business Insights, Research & Perspectives

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February 21, 2013

Delinquent Filer Voluntary Compliance (DFVC) Program

Several years ago, a Delinquent Filer Voluntary Compliance (DFVC) Program was instituted to encourage ERISA plans to bring their annual filing into compliance (see Delinquent Filer Voluntary Compliance (DFVC) Program Update, Benefit Beat, 4/1/2002).  The incentive, of course, is significantly reduced penalties.  

February 21, 2013

Employee Plans Compliance Resolution System (EPCRS)

Again in an effort to give plans an opportunity to correct mistakes, the government established an Employee Plans Compliance Resolution System (EPCRS).  This program has been recently modified. 

February 21, 2013

Qualified Transportation Expenses

As mentioned in the January Benefit Beat (see Benefit and Compensation Changes Included in Fiscal Cliff Law), the American Taxpayer Relief Act has retroactively extended the maximum qualified transportation benefit applicable to mass transit and van pooling.  In effect for 2012 and 2013, the mass transit benefit mirrors the qualified parking benefit which was $240 for 2012 and $245 for 2013.

February 12, 2013

Treasury Issues Final FATCA Regulations for Foreign Account Reporting (article)

Enacted as part of the Hiring Incentives to Restore Employment (HIRE) Act, the Foreign Account Tax Compliance Act (more commonly known as "FATCA") provides rules that are intended to encourage foreign institutions, vendors, and service providers to disclose their U.S. owners and interest holders.

February 6, 2013

HRB 65 - 1) Individual Minimum Essential Coverage and 2) Affordability Standard

February 6, 2013 -- The centerpiece of the ACA is health coverage expansion.  One of the ways that this is to be achieved is through a mandate that virtually all people residing in this country maintain a minimum level of coverage or pay a tax.  The Agencies have recently issued two sets of proposed regulations and one final regulation targeted at explaining how this coverage mandate will be accomplished. 

February 5, 2013

IRS Provides Penalty Relief to Farmers and Fishermen for Underpayment of Estimated Taxes (article)

The IRS has announced a waiver of additions to tax under Code Sec. 6654(a) for underpayment of estimated taxes for certain farmers and fishermen due to the delayed start for filing 2012 tax returns. Farmers or fishermen who miss the March 1 deadline will not be subject to the penalty if they file and pay by April 15, 2013. 

February 5, 2013

IRS Finalizes Noncompensatory Partnership Option Regulations (article)

The IRS has issued final regulations relating to the tax treatment of noncompensatory options and convertible instruments issued by a partnership. A noncompensatory option is defined by the final regulations as an option issued by a partnership, other than an option issued in connection with the performance of services. 

January 25, 2013

HRB 63 - Sub-Regulatory Guidance and FAQs Issued

January 25, 2013 -- As has been true since the enactment of the Affordable Care Act (ACA), the governing agencies are using their authority to issue sub-regulatory guidance, often in the form of questions and answers, to provide guidance on how the government believes regulations will be issued.  To this end, FAQs About Affordable Act Implementation Part XI have just been issued.  Of particular note are:

January 25, 2013

Reasonable Compensation - When is it Too Much and When is it Not Enough? (article)

In a closely held business, the lack of arm's length negotiations makes it difficult to separate the value of the services provided by owners and their families from the profits of the businesses.
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