Tax help for working parents
Federal and state credits and employer-provided care may help reduce the high cost of child care.
Employee benefits
2017 pension contribution limits announced
While many limits remained the same as 2016, some were raised to reflect cost-of-living increases.
Defined benefit plan participants can receive lump sum and annuity under new rules
The IRS issued new rules giving retirement plan participants greater flexibility in choosing how to receive their pension benefits.
IRS allows self-certification for late rollovers of retirement plan funds
The IRS issued a procedure permitting taxpayers, in certain circumstances, to give an IRA trustee or retirement plan administrator a certification statement to treat a rollover as timely even if the taxpayer failed to complete the rollover within 60 days after a distribution.
Final regulations ease allocations of rollover distributions from designated Roth accounts
The separate distribution rule no longer applies.
Final regulations change allocation rules for Roth IRA rollovers
The regulations allow taxpayers to allocate pretax amounts to direct rollovers, rather than having to make pro rata allocations.
IRS releases 2017 health savings account limits
The IRS issued the inflation-adjusted figures for calendar year 2017 for the annual contribution limits for health savings accounts.
What CPAs need to know about new PPACA forms
This filing season, certain employers, as well as providers of minimum essential coverage, will have to meet significant information-reporting requirements.
How employers should handle retroactive reinstatement of transit benefits parity
The IRS issued procedures for employers to use to handle the retroactive application of the increased amount of the 2015 income exclusion for monthly transit benefits.
IRS extends health care information return due dates
In response to concerns by employers and insurers about meeting the current due dates for information returns required under the health care law, the IRS delayed the due dates for these returns for the upcoming filing season.
No FICA refund after employer’s bankruptcy
Determining the present value of nonqualified deferred compensation need not consider the employer's financial condition.
Employer health care information-reporting requirements start soon
Large employers face a strict reporting regime under health care reform.
IRS issues 2016 pension contribution limits
Because of low inflation this year, many limits remain unchanged, but some are increasing.
Employer health plans must cover inpatient hospital and physician services
The IRS added a requirement that employer-sponsored health plan benefits must include substantial coverage of inpatient hospital and physician services for the plan to count as providing minimum value.
Health reform prohibits most reimbursement plans
Transition relief continues through 2015 for S corporation 2% shareholder-employees, but stand-alone health reimbursement arrangements and employer payment plans can be subject to penalties.
HSA amounts for 2016
The IRS issued the inflation-adjusted figures for calendar year 2016 for the annual contribution limits for health savings accounts and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.
Defined benefit plans to be prohibited from replacing annuities with lump-sum payments
The IRS announced that it would amend its regulations under Sec. 401(a)(9) to provide that qualified defined benefit plans cannot replace any joint and survivor, single life, or other annuity currently being paid, with a lump-sum payment or other accelerated distribution.
IRS issues guidance for multiemployer plans to apply for benefit suspension approval
The IRS released regulations and a revenue procedure containing guidance for sponsors of multiemployer plans that have insufficient funds to pay benefits, to apply for approval of a suspension of benefits.
2016 inflation adjustments for HSAs released
The inflation-adjusted amounts include the annual contribution limitation, the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.
CHIP buy-in programs may qualify as minimum essential coverage
The existence of Children’s Health Insurance buy-in programs that qualify as minimum essential coverage will not make taxpayers ineligible for the premium tax credit except in periods when they are actually enrolled in the program.
