ACA minimum essential coverage & “excepted benefits”
Post

ACA minimum essential coverage & “excepted benefits”

What are “excepted benefits” for ACA minimum essential coverage? The ACA created Code Sec. 5000A. Individuals must have minimum essential health insurance coverage, qualify for a health coverage exemption, or make an individual shared responsibility payment. Minimum essential coverage includes most government-sponsored health care programs, such as Medicaid, Medicare, and TRICARE.  Eligible employer-sponsored plans; individual...

Are IRS Q&As Authoritative Guidance?
Post

Are IRS Q&As Authoritative Guidance?

The Tax Code is among the most complex of all federal statutes. To explain the Code, the IRS issues guidance. Recently, the IRS has used the “Frequently Asked Question (FAQ)” format to explain some of the tax laws. At the same time, questions have arisen about the FAQs. May taxpayers rely on them like other...

How do I? Make Tax-Free Gifts for Tuition
Post

How do I? Make Tax-Free Gifts for Tuition

With the soaring cost of college tuition rising on a yearly basis, tax-free tuition gifts to children and grandchildren can help them afford such an expensive endeavor, as well as save the generous taxpayers in gift and generation skipping taxes. Under federal law, tuition payments that are made directly to an educational institution on behalf...

November 2016 Tax Compliance Calendar
Post

November 2016 Tax Compliance Calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of November 2016. November Employers. During November, ask employees whose withholding allowances will be different in...