The Affordable Care Act will impose a 40% excise tax on health care plans that provide excess benefits (so-called Cadillac health plans) starting in 2018. To prepare for its implementation, the IRS is asking taxpayers to comment on proposed rules.
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Thousands receive incorrect health care tax forms; signup period extended
The government says it sent thousands of incorrect Forms 1095-A to taxpayers who signed up for health insurance on the HealthCare.gov website. It is working to correct those forms by early March.
Revenue recognition implementation concerns finance executives
A recent KPMG survey shows that 64% of U.S. companies are uncertain about the path they’ll take to adopt the new, converged revenue recognition standard. Also, regulation is cited as the top compliance concern for 51% of corporate finance executives.
Employers have more time to claim work opportunity tax credit
Qualifying employers must file a certification that the employee being hired is a member of a targeted group, no later than the 28th day after the employee begins work.
FASB, IASB to propose clarifying revenue recognition guidance
FASB and the IASB decided to propose clarifying certain areas of the converged revenue recognition standard that are causing implementation problems for some financial statement preparers.
Sec. 4980D excise tax relief is available for certain small employers
The IRS said that small employers will not be subject to the Sec. 4980D excise tax for health insurance employer payment plans that do not comply with the market reforms required under the health care law.
FASB issues targeted consolidation guidance changes
The Financial Accounting Standards Board issued a standard that is intended to make targeted improvements to consolidation guidance for certain legal entities.
Some ERM practices going stagnant, survey indicates
Senior finance executives say their organizations are often not in alignment about the need for structured enterprise risk management, a survey on behalf of the AICPA shows.
Employee consent to employment tax refunds could be obtained electronically
The IRS issued a proposed revenue procedure that would permit employers who file refund claims for overpaid Federal Insurance Contributions Act and Railroad Retirement Tax Act taxes to obtain their employees’ consent to the refund claims electronically.
Small businesses won’t have to file Form 3115 to comply with repair regs.
Small business taxpayers will be allowed to make certain accounting method changes under the tangible property (or “repair”) regulations without filing Form 3115, Application for Change in Accounting Method, the IRS announced.
FASB, AICPA working to clarify uncertain tax position guidance
The staffs of the Financial Accounting Standards Board and the AICPA will work together to clarify guidance for certain disclosures regarding uncertain tax positions.
FASB addresses income tax disclosures for undistributed foreign earnings
FASB has made tentative decisions on certain disclosures it plans to require related to income taxes, with a focus on undistributed foreign earnings. The board is attempting to simplify financial reporting by streamlining disclosures.
AICPA releases Q&A on effect of new mortality tables
The Society of Actuaries’ Retirement Plans Experience Committee released in 2014 its RP-2014 Mortality Tables Report, which includes new mortality tables developed for use by pension plans.
New conflict minerals guidance developed
New questions and answers developed by the AICPA Conflict Minerals Task Force provide nonauthoritative guidance to practitioners performing independent private-sector audit engagements of conflict minerals reports.
Most outstanding claims for FICA tax refunds will be denied, IRS announces
The IRS announced that it would disallow all claims for refund that were filed for Federal Insurance Contributions Act taxes withheld on severance payments in light of the Supreme Court’s decision in Quality Stores, Inc., that those payments were subject to tax.
IASB proposal would clarify how entities classify a liability
An IASB proposal issued Tuesday is designed to improve presentation in financial statements by clarifying how entities classify debt, particularly when it is coming up for renewal.
Q&A: Should you dump the billable hour?
A growing number of industry pricing experts are urging CPA firms to jettison the venerable billable hour and replace it with value pricing. In this Q&A session, value-pricing champion Ron Baker provides an in-depth look at the benefits of making the switch.
Regulation remains top risk for 2015
Some familiar risks are top-of-mind for executives and board members, and new concerns are emerging as well, according to survey results released Monday.
SEC proposes requiring companies to disclose hedging policies for personnel
The proposal is designed to inform investors whether company personnel can receive incentive compensation through hedging even if the company performs poorly and the stock value drops.
Final rules govern foreign tax credit splitter arrangements
The IRS finalized temporary regulations issued in 2012, called anti-splitter rules because they aim to prevent foreign income from being inappropriately split from foreign tax in calculating the foreign tax credit.
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