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Client Alerts
11.25.14
2014 Changes to Capitalization of Tangible Property Costs Will Impact Many Taxpayers
During 2014, final rules and regulations became effective for handling the acquisition, repair, improvement and disposition of real estate and tangible personal property. Many types of expenditures are covered in the final regulations, and they will likely affect all taxpayers that acquire, produce or improve tangible property.
02.11.14
Affordable Care Act Delayed Until 2016 for Mid-Size Businesses
CHICAGO -- On February 10, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued final regulations implementing the employer responsibility provisions under the Affordable Care Act (ACA) that take effect in 2015.
02.03.14
Financial Checkup for February 2014
As you pull together your tax information for the preparation of your 2013 income tax returns, keep these things in mind.
01.20.14
2014 Employee Benefit Plan and Transportation Limits
The Internal Revenue Service (“IRS”) recently announced the 2014 cost-of-living adjustments for retirement, health and welfare plans and transportation programs.
09.19.13
IRS Guidance On Same-Sex Marriage Creates Tax Planning Opportunities
The IRS recently issued much-anticipated guidance on same-sex marriages and federal taxes following the Supreme Court’s June 26, 2013 decision in E.S. Windsor to strike down Section 3 of the Defense of Marriage Act (DOMA). All legally married same-sex couples will be treated as married for federal tax purposes regardless of whether the couple lives […]
09.16.13
Deadline to Provide Notice of Health Insurance Marketplace Coverage is Due October 1
The Patient Protection and Affordable Care Act (PPACA) requires many employers to notify their employees of the availability of health care coverage under the new health care exchanges that are required to be operational by January 1, 2014. All employers subject to the Fair Labor Standards Act (FLSA) must provide this notice. In general, employers […]
07.15.13
PCORI Fee Deadline Approaching for Health Insurance Policy Issuers and Sponsors of Self-Funded Health Plans
The Patient Protection and Affordable Care Act (“PPACA”) requires certain issuers of health insurance policies and employers sponsoring self-funded health plans to pay a fee to fund the Patient-Centered Outcomes Research Institute that was established under PPACA (“PCORI Fee”). For plans and policies with years that ended between October 1, 2012 and December 31, 2012, […]
07.09.13
Postponement of Key Affordable Care Act Provision
Large employers that fail to provide minimum health coverage for employees will not be subject to the shared-responsibility penalty until 2015 according to the Department of Treasury, which announced Tuesday it would delay certain provisions of 2010’s Affordable Care Act (ACA). In a Treasury blog post titled, “Continuing to Implement the ACA in a Careful, […]
01.07.13
American Taxpayer Relief Act of 2012
On January 1st, Congress passed "fiscal cliff" legislation that prevented automatic spending cuts and also extended many tax laws. President Obama signed the American Taxpayer Relief Act of 2012 (the Act). The new law makes permanent Bush-era tax rates for individuals and couples with annual incomes of less than $400,000 and $450,000, respectively.
09.04.12
The Illinois Small Business Job Creation Tax Credit
The Illinois Small Business Job Creation Tax Credit creates a $2,500 tax credit against withholding tax for small employers who hire new, full-time Illinois employees beginning July 1, 2012. The program is an extension of the pilot program that expired on June 30, 2011.
