Business Insights, Research & Perspectives

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May 24, 2013

IRS’ Final Colleges and Universities Compliance Project Report Uncovers Widespread Noncompliance (article)

In April 2013, the IRS released its final report on tax-law compliance among non-profit colleges and universities, a project launched by the agency's Exempt Organizations (EO) Division in October 2008. 

May 23, 2013

FBAR Must be Received by June 30; Electric Filing Mandatory Thereafter (article)

The deadline for filing FBARs for calendar year 2012 is fast approaching. Taxpayers who have financial interests in or signature authority over certain foreign financial accounts must file Treasury Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts ("FBAR") by June 30 of each year. 

May 21, 2013

IRS Instructs Examiners Not to Challenge Treatment of Eligible Milestone Payments (article)

The IRS has directed examiners in the Large and International Business (LB&I) Division not to challenge a taxpayer's treatment of eligible milestone payments under certain conditions (LB&I 04-0413-002). The new directive applies only for the amounts deducted on original timely filed returns, and not for claims, whether formal or informal.

May 13, 2013

Personal Guarantees Made to Corporation Owned by IRAs Were Prohibited Transactions Disqualifying IRAs (article)

Personal guarantees made by IRA owners on loans made to a corporation owned by the IRAs constituted prohibited transactions and disqualified the IRAs, causing gain from a sale by the IRAs to be personally taxable to the taxpayers (Peek et al v. Commissioner, 140 T.C. No. 12, 5/9/2013). 

May 10, 2013

HRB 74 - Notice to Employees of Coverage Options; Updated COBRA Model

May 10, 2013 --One of the provisions of the Affordable Care Act (ACA) requires employers to give employees an explanation of the health plan options available under the Marketplace previously known as the exchange.  This requirement was to commence March 1, 2013, but was delayed until future guidance is issued (see prior CBIZ Health Reform Bulletin, 

May 9, 2013

HRB 73 - Early Retiree Reinsurance Program

May 9, 2013 -- The Early Retiree Reinsurance Program (ERRP) was included as part of the Affordable Care Act.  The program was intended to be a bridge to January 1, 2014, when the marketplace, previously known as exchanges, would be available.

May 7, 2013

HRB 72 - Minimum Value and Affordability; Shortened Exchange Application

May 7, 2013 -- As the first week of May is upon us, so are additional regulations implementing the Affordable Care Act (ACA).  The Internal Revenue Service has just issued proposed regulations offering guidance on minimum value and affordability.  While these regulations are only proposed, they can be relied on until further guidance is issued.

May 6, 2013

COBRA Policies and Procedures Reign Supreme

A recent Northern District of Ohio case reminds plan administrators of the importance of a well documented well communicated COBRA procedure.  In the case of Rayle v. Wood County Hospital, 2013 WL 1654898 (N.D. Ohio, April 16, 2013), a COBRA disability extension was denied because the qualified beneficiary did not follow the proper notice procedure. 

May 6, 2013

The Government Administrations are Here to Help

As we have reported in prior Benefit Beats, the various government agencies responsible for plan compliance, whether retirement or welfare benefit, are taking the approach that they want to provide tools to encourage and facilitate compliance; see these prior Benefit Beat articles:

May 6, 2013

Health Savings Account: 2014 Cost of Living Adjustments

In Rev Proc 2013-25, the IRS released the 2014 cost of living adjustments (COLA) for health savings accounts.  The HDHP out-of pocket limits and the statutory HSA contribution amounts have increased slightly.  The $1,000 catch up contribution available to accountholders aged 55 and over is not subject to a cost of living adjustment and thus, remains at $1,000.  Note: these are the figures that will be used for the Affordable Care Act required cost sharing limits in 2014.

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