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Confusing IRS Code

If you are a 2% shareholder and the company pays for your health, dental, and vision insurance or the company reimburses you for … See more

Actived: 9 days ago

URL: https://www.holdenmoss.com/blog/irs-code-shareholder-health-insurance

FAQ: What is new Form 1095-A, Health Insurance Marketplace …

WebForm 1095-A, Health Insurance Marketplace Statement, is a new information return. The IRS requires the Health Insurance Marketplace to report certain information …

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Excepted Benefits of ACA Minimum Essential Coverage

WebThe ACA created Code Sec. 5000A. Individuals must have minimum essential health insurance coverage, qualify for a health coverage exemption, or make an …

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Small businesses score victory with PACE Act, wait for fix on health

WebSmall businesses received some welcomed news in October with passage of the Protecting Affordable Coverage for Employees (PACE) Act. The new law revises the …

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Participatory Wellness Programs — Holden Moss CPAs

WebHealth contingent programs must satisfy five requirements: (1) Size of award; (2) Frequency of opportunity to take advantage of the program; (3) …

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Shared Responsibility Payment for Individuals — Holden Moss CPAs

WebBeginning January 1, 2014, the Patient Protection and Affordable Care Act (PPACA) requires individuals to carry comprehensive health insurance (referred to as …

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Are IRS FAQs Authoritative

WebThese FAQs are authoritative because guidance published in the IRB is binding on IRS and can be relied upon by taxpayers as authoritative. One example, the …

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Frequently Asked Questions — Holden Moss CPAs

WebA CPA (Certified Public Accountant) is a trusted financial adviser who has passed the rigorous CPA Exam and met work experience requirements before being licensed.

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President signs Highway Bill revising return due dates, making …

WebPresident Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 on July 31.The Act revises some important return …

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Balancing Compensation vs Distributions — Holden Moss CPAs

WebCompensation= the regular monthly salary you pay yourself to live on. Distribution= the money or other assets you pay yourself from the business’s profit – the …

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A Tax Strategy for Gain On The Sale Of Your Home

WebTax rules allow you to exclude up to $500,000 ($250,000 if you are single) of gain on the sale of your home. To qualify for the full exclusion, you must meet both an …

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Your Minimum Acceptable Level of Profit — Holden Moss CPAs

WebRevenues. = Net profit margin. Understanding these profit ratios is a vital part of your financial management, and as the CEO or CFO you should be able to understand …

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PPP Loan Forgiveness: 10 Updates You Need to Know

WebThe Small Business Administration (SBA) and the Treasury Department continued their unrelenting release of new rules surrounding the Paycheck Protection …

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IRS eases strict "use-or-lose" rule for health flexible spending

WebHealth flexible spending arrangements (health FSAs) are popular savings vehicles for medical expenses, but their use has been held back by a strict use-or-lose …

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What Records Can You Discard

WebA new year may find a number of individuals with the pressing urge to take stock, clean house and become a bit more organized. With such a desire to declutter, a …

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Supreme Court Challenges ACA Tax Credit — Holden Moss CPAs

WebBetween now and late June, the U.S. Supreme Court is expected to rule on an important provision of the Patient Protection and Affordable Care Act: the Code Sec. 36B …

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Important 2022 Tax Dates and Deadlines — Holden Moss CPAs

WebDeadlines by Date. Jan. 10, 2022: Deadline for employees who earned more than $20 in tips income in December 2021 to report this income to their employers on …

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FAQ: What are above-the-line deductions

WebAn above-the-line deduction is an adjustment to income (deduction) that can be taken regardless of whether the individual taxpayer itemizes deductions. The …

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Tax Legislation Progresses Before Recess — Holden Moss CPAs

WebAs Congress’ August recess nears, lawmakers are moving tax legislation for individuals and businesses. Bills targeted to tax reform, small business tax relief, and more have been …

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Budget Act Raises Revenue With New Compliance Measures

WebThe new Bipartisan Budget Act of 2015, signed into law by President Obama in November, makes some far-reaching changes to partnership audits along with …

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