Tag Archives: IRS

Why Did I Get Taxed on My Employer-Owned Life Insurance Benefit?

Hidden inside the Pension Protection Act is a provision regarding Employer-Owned Life Insurance (EOLI) that could cost your business hundreds of thousands of dollars.

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2017 Updates on Loss Reserve and Salvage Discount Factors

Every year, the U.S. Treasury Department releases discount factors by accident year and for each line of business. Under certain circumstances, a company may elect to create its own discount factors based on its own experience for unpaid losses and loss adjustment expenses (LAEs). However, this is not an option for salvage and subrogation.

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Taxpayers Must Weigh New Deemed Repatriation Provisions When Calculating 2017 Taxes

One of the major changes by The Tax Cuts and Jobs Act is deemed repatriation (also called the “transition tax”) which, for certain taxpayers, will affect their 2017 tax returns, and therefore require immediate attention.

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The Cost Segregation Secret to Permanent 2017 Tax Savings

With the change in the tax law that became effective January 1, 2018, many taxpayers will benefit from lower income tax rates beginning in 2018.

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New Tax Law Ends Gray Area for Cryptocurrency Traders

Effective with the new tax bill that was signed into law just before the turn of the new year, all cryptocurrency trades have become a taxable event, including swapping one cryptocurrency for another.

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IRS Employer Update: Date for Providing 2017 Forms 1095-B and 1095-C to Employees Extended

The IRS recently issued a notice which extends the time that employers can provide forms 1095-B and 1095-C to employees. While some employers may view this extension of time as a welcome relief, employers should make every effort to provide these forms to their employees as soon as possible.

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It’s Time for Baby Boomer Required Minimum Distributions!

Baby Boomers are reaching the age when they must begin taking required minimum distributions from tax-deferred retirement accounts.

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IRS Allows for Casualty Loss Deduction for Deteriorating Concrete Foundations Made with Pyrrhotite

The IRS recently released a revenue procedure that allows taxpayers to take a deduction related to repairs on the foundation of their personal residence due to faulty concrete. Concrete mixed with the mineral pyrrhotite was recently found to be faulty, which is causing homeowners to pay for costly repairs to fix cracks and their crumbling foundations.

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IRS Now Issuing Penalties to Employers for Obamacare Violations

The IRS recently announced that it is now issuing penalties for employers who have violated the employer mandate for the 2015 tax year. Employers who delegated that responsibility to employees who didn’t understand the complex coding requirements, may now be faced with significant costs.

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Ohio Taxpayers: Respond Promptly to New Federal Adjusted Gross Income (FAGI) Notices

As of November 15, you may receive a Federal Adjusted Gross Income billing notice if there is a discrepancy between tax information reported to the IRS on your individual income tax return vs. your Ohio individual income tax return. It is important to respond to this billing notice immediately.

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