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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.
07.23.12
Retirement Plan Fee Disclosures – Are You Ready?
The final fee disclosure regulations issued by the Department of Labor (DOL) require employers to disclose information about retirement plan and investment costs to workers who direct their own investments in ERISA-covered 401(k) plans and other individual account retirement plans.
07.16.12
What You Need to Know About the Patient Protection and Affordable Care Act
In a long-awaited ruling, on June 28 the U.S. Supreme Court upheld the Patient Protection and Affordable Care Act of 2010 (the Act).
02.24.12
Congress Passes 2012 Payroll Tax Holiday Extension
On Wednesday, President Barack Obama signed the Middle Class Tax Relief and Job Creation Act of 2012, which extends the reduced 4.2% Social Security tax rate through the end of the year.
12.22.11
Illinois Tax Alert
Illinois Governor Pat Quinn signed legislation December 16th which significantly cuts the tax burdens of three large employers and extends a menu of modest relief options for several other business taxpayers.