Business Insights, Research & Perspectives

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September 12, 2013

Don’t forget to distribute Medicare Part D Notices by October 15th

Plan sponsors are currently inundated with many disclosure obligations, especially those required by the Affordable Care Act.  On top of those required disclosures, there remains an annual obligation to provide the Medicare Part D creditable notices to Medicare-eligible individuals. 

September 12, 2013

DOL Issues Revised Medicaid/CHIPRA Notice

Several years ago, two additional HIPAA special enrollment events were added to the law by the Children’s Health Insurance Program Reauthorization Act of 2009 (CHIPRA).  These special enrollment events relate specifically to Medicaid.  One special enrollment event arises if an individual loses eligibility for Medicaid.  The other arises when an individual becomes eligible for premium assistance through Medicaid.  “Premium assistance” means that a State’s Medicaid or Children’s Health Insurance Premium (CHIP) program will pay all or a portion of the employer-provided coverage.  Employers sponsoring health plans are obligated to annually provide a premium assistance notice to their workforce.  This notification can be accomplished by using a model notice provided by the Department of Labor (DOL).  

September 11, 2013

HRB 81 - Guidance and Updates

September 11, 2013 -- As October 1st fast approaches, the government is busy issuing a plethora of guidance.  October 1st is an important date in that it is the date the marketplace, sometimes referred to exchange, is open for business.  What this means is that individuals and small businesses can begin to enroll in health coverage through these newly implemented vehicles.  Coverage purchased through these marketplaces will become effective January 1, 2014, at the earliest. 

September 3, 2013

IRS Takes "Place of Celebration" Approach to Same Sex Marriages (article)

The Treasury Department and the IRS announced on August 29 that they will take a place of celebration approach to recognizing same-sex marriages following the U.S. Supreme Court's June 26 decision to strike down Section 3 of the Defense of Marriage Act (DOMA). Same-sex couples who are legally married in jurisdictions that recognize their marriages will be treated as married for federal tax purposes regardless of whether or not the jurisdiction of their residence recognizes same-sex marriage, a senior Treasury official told reporters during a news conference in Washington, D.C.

August 27, 2013

To File or Not to File an Amended Partnership Tax Return Subject to TEFRA Rules (article)

Partners who receive an amended Schedule K-1 from a TEFRA partnership should file Form 8082 as an attachment to their original or amended individual tax return, and file a copy of Form 8082 with the IRS Center where the partnership filed its Form 1065 or Form 1065X. 

August 26, 2013

FATCA Reporting for Payments to Non-Financial Foreign Entities (article)

The Foreign Account Tax Compliance Act ("FATCA") requires withholding agents to withhold 30% on applicable payments to certain foreign entities unless documentation and reporting requirements are met. 

August 22, 2013

Transfer Pricing Enforcement Continues to Evolve at the IRS (article)

As part of its continuing efforts to curb perceived abuses by U.S. multinationals that shift profits off-shore, the IRS has reorganized, realigned and reinforced its transfer pricing compliance practice. While the impetus for these changes may have been to increase compliance efforts against the multinationals, the IRS also is able to focus increased attention on middle-market companies with transfer pricing issues. As a result, middle-market companies should take the necessary precautions to ensure that their transfer pricing is reasonable and properly documented.

August 14, 2013

New LB&I Procedures Simplify Code Sec. 199 Claims Under Audit Involving Contract Manufacturing

The IRS's Large Business and International Division (LB&I) has issued new procedures to its examiners (LB&I-04-0713-006) regarding claims for the Code Sec. 199 domestic activities production deduction by parties to a contract manufacturing arrangement (CMA). The procedures allow the parties themselves to determine who will claim the deduction where both parties have some of indicia of ownership of the property being produced.

August 13, 2013

Final Regs Clarify Application of 50-Percent Deduction Limit for Meals to Multi-Party Arrangements (article)

The IRS has issued final regs to clarify who is subject to the 50-percent limit on meal expense deductions under Code Sec. 274 – the employer or employee leasing company, the employee, or a third-party client. The regs permit the parties to determine who is subject to the 50-percent limit. If there is no agreement, the 50-percent limit applies to the party who pays the expenses under a reimbursement arrangement.

August 13, 2013

IRS Modifies Guidance for Deferring Income on Gift Card Sales to Reflect Evolving Use (article)

The IRS has modified 2011 guidance allowing taxpayers that sell gift cards redeemable for goods or services by an unrelated entity to defer income on those sales. Rev. Proc. 2013-29 modifies Rev. Proc. 2011-18.
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