Tax Warrior Chronicles

PPP Update #13 – Revised Forgiveness Guidance: New IFRs and Applications

Posted on Thu, Jun 18, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

 

Since our last blog, the Treasury issued two additional Interim Final Rules (the 18th and 19th), revised the original loan forgiveness application for changes made by the Paycheck Protection Flexibility Act (PPFA), and issued a new EZ loan forgiveness application. If you are up to date with our blogs, we are starting to compare the Paycheck Protection Program (PPP) to extra-innings in the longest baseball game

Read More

Healthy Tax Considerations During Your Company’s Open Enrollment Period

Posted on Tue, May 16, 2017

By: Joseph Brunell, CPA

 

Are you deciding on employer-offered health insurance or calculating the right retirement plan contribution amounts for your nest egg?   June and January are typically the months when companies offer open enrollment to their employees, a limited-window time when you can enroll in or change health insurance and retirement plans for the upcoming year.  Health savings and flexible spending accounts may be available depending on the plans your employer offers.  These two accounts can provide tax planning opportunities to lower your tax liability and increase your retirement plan funding.

Read More

Good News for Small Businesses Under ObamaCare

Posted on Wed, Mar 08, 2017

By: Michael Donahue, CPA, MT, CFP

 

The Affordable Care Act (“the ACA”) has been operational for some time now.  During its life, the ACA has been subjected to praise and criticism in addition to numerous legislative calls for repeal.

Read More

BREAKING NEWS: Supreme Court Upholds ObamaCare Tax Credits

Posted on Thu, Jun 25, 2015

 

In a 6-3 decision today, the Supreme Court held that the Affordable Care Act (“The Act”) authorized federal tax credits for eligible Americans living in states with their own exchanges and also in the 34 states with federal exchanges.  The ruling is a major win for the Obama administration.  For business owners, nothing changes but there are still many moving parts of the Act from both a compliance and planning perspective.

Read More

Affordable Care Act Refresher and Important Tax Dates

Posted on Thu, Jun 19, 2014

Beginning this year, all taxpayers will be affected, to some extent, by the Affordable Care Act (“ACA”).  We'd like to remind you, our loyal blog readers, of the approaching deadlines created by the ACA and make you aware of the new guidance issued by the IRS in February 2014 that may be to your benefit. 

Read More

Tax Withholding Requirements of the ACA: Is Your Business Ready?

Posted on Tue, Jan 28, 2014

A host of tax changes occurred last year (2013) and now the filing season—the moment of truth--is here. Do you have all the information you need to make the right decisions concerning your business taxes? Through our blog, e-newsletter and timely email messages, we’ll be covering these changes through the filing season, just as we have done throughout 2013.

Read More

*UPDATED 7/2/13* - Affordable Care Act Quick Reference Chart for Businesses

Posted on Wed, May 22, 2013

7/2/13 - THE OBAMA ADMINISTRATION HAS ANNOUNCED TODAY THAT THE REQUIREMENT WITHIN THE AFFORDABLE CARE ACT FOR BUSINESSES WITH 50 OR MORE EMPLOYEES TO PROVIDE HEALTH INSURANCE WILL BE DELAYED UNTIL JANUARY 1, 2015. THE ADMINISTRATION CITED "CONCERNS ABOUT THE COMPLEXITIES OF THE REQUIREMENTS AND THE NEED FOR MORE TIME TO IMPLEMENT THEM EFFECTIVELY."  THESE COMPANIES WILL NOT BE PENALIZED FOR NOT PROVIDING HEALTH INSURANCE THROUGHOUT 2014. 

Read More

Unseen Employer Tax Issues from the Affordable Care Act

Posted on Thu, Apr 11, 2013

Our blog post on Wednesday, March 20th,  outlined the income and Social Security tax implications for employers and other service recipients depending on the classification of certain individuals who provide the services to them (i.e., whether these service providers are “employees” or “independent contractors”).  This is a longstanding area of controversy that is likely to continue at least until the tax law clearly defines what an “employee” really is. There is another possible wrinkle that has recently surfaced for employers and other service recipients.

Read More