Massachusetts Tax Changes for 2015
|
|
- Milo Britton Hart
- 7 years ago
- Views:
Transcription
1 Massachusetts Tax Changes for 2015 Below you will find brief descriptions of major tax law changes for 2015 pertaining to personal income tax in Massachusetts. Section 179 Expenses For both the corporate excise and the personal income tax, Massachusetts follows the current Code for purposes of I.R.C. 179, which provides an election to expense certain depreciable business assets in its initial year (qualifying property, called Section 179 property) rather than treat them as capital expenditures. To the extent a taxpayer is eligible to deduct trade or business expenses in Massachusetts, the taxpayer is allowed a I.R.C. 179 deduction in the same amount as allowed federally. Beginning in 2015, The Sec 179 increased $500,000 expensing limit and $2 million phaseout threshold have been made permanent federally, for tax years beginning in 2016 those amounts will be indexed for inflation. Earned Income Tax Credit (EITC) For federal income tax purposes, the American Taxpayer Relief Act (P.L ) makes permanent or extends through 2017 enhancements to the earned income tax credit. The Massachusetts earned income tax credit equals 15% of the federal earned income tax credit received by the taxpayer for the taxable year. Therefore, Massachusetts allows 15% of the amount the taxpayer receives federally under I.R.C. sec. 32. Certified Housing Development Tax Credit Pursuant to the Act Promoting Economic Growth across the Commonwealth, (St. 2014, c. 287), Sections 45-48, 60-62, 122 and 125, effective for tax years beginning on or after January 1, 2015, the annual cap on the amount of credit that may be awarded has been increased from $5 million to $10 million. The annual cap for the certified housing development tax credit is part of an over-all cap imposed on the Economic Development Incentive Program credit authorized pursuant to G.L. c. 62, 6(g); G.L. c. 63, 38N. The annual cap is reduced from $10 million back to $5 million for tax years beginning on or after January 1, Economic Development Incentive Program Credit (EDIPC) Pursuant to the Act Promoting Economic Growth across the Commonwealth, (St. 2014, c. 287), Sections 41 and 55, effective for tax years beginning on or after January 1, 2015, the EDIP credit provisions have been expanded to include certified job creation projects. The amount of the credit awarded may be up to $1,000 per job created (up to $5,000 in a Gateway Community or within a city or town whose average seasonally adjusted unemployment rate, as reported by the executive office of labor and workforce development, is higher than the average seasonally adjusted unemployment rate of the commonwealth). The total award per project may not exceed $1,000,000. The credit for a certified job creation project is allowed only for the year subsequent to that in which the jobs are created. Employer Wellness Program Credit
2 Effective for tax years beginning on or after January 1, 2013, a Massachusetts business that employs 200 or fewer workers may qualify for a tax credit for up to 25% of the cost of implementing a certified wellness program for its employees. A taxpayer seeking to claim the credit must apply to the Department of Public Health (DPH) for certification of its wellness program. DPH will approve a dollar amount of credit for a qualifying taxpayer and issue a certificate to be provided in connection with filing a tax return in order to claim the credit. The amount of the credit that may be claimed by a taxpayer cannot exceed $10,000 in any tax year. The credit is set to expire on December 31, Farming and Fisheries Tax Credit The Act Promoting Economic Growth across the Commonwealth, (St. 2014, c. 287), Section 50, creates a small farms and fisheries tax credit effective for tax years beginning on or after January 1, The new credit applies to personal income taxpayers who are primarily engaged in agriculture, farming or commercial fishing. The amount of the credit is 3% of the cost or other basis for federal income tax purposes of qualifying property acquired, constructed or erected during the tax year. Qualifying property is defined as tangible personal property and other tangible property including buildings and structural components thereof which are located in Massachusetts, used solely in farming, agriculture or fishing, and are depreciable with a useful life of at least 4 years. The Act allows the same credit to lessees, and there is a recapture provision. Gambling Loss Deduction For tax years beginning on or after January 1, 2015, G.L. c. 62, 3(B)(a)(18) allows a deduction from Part B income for gambling losses incurred at certain Massachusetts licensed (under General Laws chapter 23K) gaming establishments or racing meeting licensee or simulcasting licensee establishments but only to the extent of winnings from such Massachusetts establishments included in gross income for the calendar year. This deduction is claimed on Schedule Y. The new gambling loss deduction is the only deduction for gambling losses allowed a Massachusetts taxpayer. Massachusetts does not adopt the federal deduction under IRC 165(d) for gambling losses. Health Insurance, Massachusetts Interaction with New Federal Penalty Beginning January 1, 2014, the federal Affordable Care Act instituted a federal mandate on individuals to obtain health insurance. While both Massachusetts and federal health care reform include this individual responsibility requirement, there are differences associated with: the penalties imposed on those who are not exempt from the federal mandate and fail to comply with the mandate requirement; the standards defining what constitutes affordable coverage; and the standards defining the type of health insurance that satisfies the coverage requirement. To avoid any penalty stacking (i.e., aggregation of both the Massachusetts and federal penalties), where a taxpayer is subject to both the Massachusetts penalty and the federal shared responsibility payment, the taxpayer s Massachusetts penalty is reduced by the amount of the federal shared responsibility payment. Also, if the federal shared responsibility payment is greater than the amount that the taxpayer would owe as the Massachusetts penalty, the Massachusetts penalty is reduced to zero.
3 Health Insurance, Penalty for Failure to Purchase - Tax Year 2015 Pursuant to G.L. c. 111M, s. 2, the Massachusetts Health Care Reform Act requires most adults 18 and over with access to affordable health insurance to obtain it. In 2015, individuals must be enrolled in health insurance policies that meet minimum creditable coverage standards defined in regulations adopted by the Commonwealth Health Insurance Connector Authority (the Connector). Individuals who are deemed able to afford health insurance but fail to comply are subject to penalties for each month of non-compliance in the tax year (provided that there is no penalty in the case of a lapse in coverage of 63 consecutive days or less). The penalties, which will be imposed through the individual's personal income tax return, shall not exceed 50% of the minimum monthly insurance premium for which an individual would have qualified through the Connector. These penalties apply only to adults who are deemed able to afford health insurance. On an annual basis, the Connector establishes separate standards that determine whether individuals, married couples and families can afford health insurance, based on their incomes and affordable health insurance premiums. Those who are not deemed able to afford health insurance pursuant to these standards will not be penalized. Individuals also have the opportunity to file appeals with the Connector asserting that hardship prevented them from purchasing health insurance (and thus that they should not be subject to tax penalties). Health Savings Accounts Massachusetts adopts the federal deduction allowed to individuals for contributions to a Health Savings Account, subject to federal limitations which are adjusted annually for inflation. Health Savings Accounts (HSAs) are designed to help individuals save for future qualified medical and retiree health expenses on a tax-free basis. For calendar year 2015, the maximum annual aggregate contribution is equal to $3,350 for an individual plan or $6,650 for a family plan. The contribution limitations are increased for individuals age 55 or older (but not covered by Medicare) by the end of the calendar year. For calendar year 2015, the maximum annual aggregate contribution for an individual age 55 or older is equal to $4,350 for an individual plan or $7,650 for a family plan. Historic Rehabilitation Credit The Fiscal year 2015 Budget extends the Massachusetts Historic Rehabilitation Tax Credit, including the $50 million annual limit, for an additional five years from December 31, 2017 to December 31, The Act Promoting Economic Growth across the Commonwealth, (St. 2014, c. 287), Section 53 amends MGL, Chapter 62, Section 6J(b)(1)(i), which provides that a taxpayer who acquires a qualified historic structure is allowed to receive any tax credits for qualified rehabilitation expenditures previously awarded to the transferor of the qualified historic structure if certain criteria is met: (A) the rehabilitation was not placed in service by the transferor; (B) no credit has been claimed by anyone other than the acquiring taxpayer as verified by the Department of Revenue to the Historical Commission; (C) the taxpayer completes the rehabilitation and obtains certification from the Historical Commission; and, (D) the taxpayer complies with all other requirements under the Historic Rehabilitation Tax Credit statute and related regulations and rules. In the case of a multi-phase project, tax credits may be transferred for any phase that meets the criteria in subsections (A) through (D). This change is effective August 13, 2014.
4 Real Estate Tax Credit for Persons Age 65 and Older (Circuit Breaker) Certain taxpayers age 65 or older may be eligible to claim a refundable credit on their state income taxes for the real estate taxes or rent paid during the tax year on the residential property they own or rent in Massachusetts that is used as their principal residence. If the credit due the taxpayer exceeds the amount of the total income tax payable for the year by the taxpayer, the excess amount of the credit will be refunded to the taxpayer without interest. For tax year 2015, the maximum credit allowed for both renters and homeowners is $1,070. To be eligible for the credit for the 2015 tax year: the taxpayer or spouse, if married filing jointly, must be 65 years of age or older at the close of the 2015 tax year; the taxpayer must own or rent residential property in Massachusetts and occupy the property as his or her principal residence; the taxpayer's "total income" cannot exceed $57,000 for a single filer who is not the head of a household, $71,000 for a head of household, or $85,000 for taxpayers filing jointly; and for homeowners, the assessed valuation as of January 1, 2015, before residential exemptions but after abatements, of the homeowner's personal residence cannot exceed $693,000. Tax Rates M.G.L. Chapter 62, Section 4, establishes the personal income tax rates to be applied against different classes of Massachusetts taxable income. The tax rate on most classes of income is scheduled to decrease in years where the state achieves revenue growth benchmarks set forth by the formula in M.G.L. Chapter 62, Section 4(b). Accordingly, effective for tax years beginning on or after January 1, 2015, the 5.2% tax rate on most classes of taxable income is decreased to 5.15%. The tax rate on short-term gains from the sale or exchange of capital assets and on long-term gains from the sale or exchange of collectibles (after a 50% deduction) remains at 12%. Major Federal Tax Law Changes for 2015 That Do Not Pertain to Personal Income Tax in Massachusetts Below you will find brief descriptions of federal tax law changes for 2015 that do not pertain to personal income tax in Massachusetts. Each topic includes links to further detailed information. Transportation Fringe Benefits Based on IRS's Revenue Procedure/inflation adjustment formula, the Massachusetts exclusion amount for tax year 2015 is $250 per month for employer-provided parking and $130 per month for combined transit pass and commuter highway vehicle transportation benefits. Massachusetts adopts this federal exclusion under the Internal Revenue Code, as amended and in effect on January 1, Any federal tax law changes to these exclusions will not be automatically adopted. Massachusetts will continue to follow the Code of January 1, Massachusetts does, however, adopt
5 the IRS's Revenue Procedure/inflation adjustment formula used in determining annual exclusion amounts.
2014 Filing Season Update. Massachusetts Department of Revenue
Massachusetts Department of Revenue Welcome! This year s filing season update presentation is different from prior years. The new format allows you to quickly learn about new tax law and administrative
More information2015 -- S 0163 S T A T E O F R H O D E I S L A N D
======== LC000 ======== 01 -- S 01 S T A T E O F R H O D E I S L A N D IN GENERAL ASSEMBLY JANUARY SESSION, A.D. 01 A N A C T RELATING TO TAXATION - PERSONAL INCOME TAX Introduced By: Senators Goldin,
More informationbusiness owner issues and depreciation deductions
business owner issues and depreciation deductions Individuals who are owners of a business, whether as sole proprietors or through a partnership, limited liability company or S corporation, have specific
More information2015 Tax Relief for the Elderly Ordinance
2015 Tax Relief for the Elderly Ordinance General and Administration Sections Section 1. The Town of Easton amends and restates the ordinance relating to tax relief for elderly homeowners, adopted pursuant
More informationTax Implications of Health Care Reform
Tax Implications of Health Care Reform Presented by: Art Sparks, CPA Partner Certified Public Accountants Summary Summary The Patient Protection and Affordable Care Act (PPACA) and the companion Health
More informationHow To File A Tax Return In Massachusetts
I E O EN S P E TI T E E M V T DEPARTMENT OF REVENUE MASSACHUSETTS P L A C I D A M S V B L IBERTATE Commonwealth of Massachusetts Department of Revenue 2009 Massachusetts Premium Excise Return for Life
More informationChapter 32a Medical Care Savings Account Act
Chapter 32a Medical Care Savings Account Act 31A-32a-101 Title and scope. (1) This chapter is known as the "Medical Care Savings Account Act." (a) This chapter applies only to a medical care savings account
More informationAn Overview of The Tax Relief Act on 2010
An Overview of The Tax Relief Act on 2010 On December 17, 2010, the President signed a multi-billion dollar tax cut package, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act
More information2013 Year End Tax Planning Seminar
2013 Year End Tax Planning Seminar Walter H. Deyhle, CPA, CFP December 4, 2013 GRF s Tax Team 2 Disclosure This presentation and these materials are designed to provide accurate and authoritative information
More informationChristy Tinnes, Brigen Winters and Christine Keller, Groom Law Group, Chartered
Preparing for Health Care Reform A Chronological Guide for Employers This Article provides an overview of the major provisions of health care reform legislation affecting employers and explains the requirements
More informationIncome, Gift, and Estate Tax Update
Income, Gift, and Estate Tax Update Individual Income Tax Rates p. 1 Phil Harris Department of Agricultural and Applied Economics University of Wisconsin-Madison Marriage Penalty Relief p. 1 Capital Gains
More informationWhat s New for the 2009 Income Tax Return and the 2010 Tax Year
LAW OFFICES OF BLOOM, BLOOM & ASSOCIATES, P.C. 31275 NORTHWESTERN HIGHWAY SUITE 145 FARMINGTON HILLS, MI 48334-2531 (248) 932-5200 WWW.BLOOMLAWFIRM.COM E-MAIL INFO@BLOOMLAWFIRM.COM KENNETH J. BLOOM*+ FACSIMILE
More informationABC Company 123 Main Street Anywhere, USA 12345 www.sampleabccompany.com 800.123.4567
WHAT HEALTH CARE REFORM MEANS FOR YOUR BUSINESS Your promotional imprint here and/or back cover. ABC Company 123 Main Street Anywhere, USA 12345 www.sampleabccompany.com 800.123.4567 The Patient Protection
More informationAnswers about. Health Care REFORM. for your business
Answers about Health Care REFORM for your business Since the time of its enactment in 2010, the health care reform law has remained controversial at least in part due to a constitutional challenge to the
More informationBunting, Tripp IngleyLLP
Dear Clients and Friends, As the end of 2011 approaches, now is a good time to start year-end tax planning to minimize your individual and business tax burden. Generally, year-end tax planning involves
More informationANALYSIS OF AMERICAN TAXPAYER RELIEF ACT OF 2012 (INCLUDING CALIFORNIA CONFORMITY)
ANALYSIS OF AMERICAN TAXPAYER RELIEF ACT OF 2012 (INCLUDING CALIFORNIA CONFORMITY) AMERICAN TAXPAYER RELIEF ACT OF 2012 In the wee hours of New Year s morning, the Senate passed the American Taxpayer Relief
More informationSENIORS Clauses 41, 41B, 41C, 41C½
Mark E. Nunnelly Commissioner of Revenue Sean R. Cronin Senior Deputy Commissioner TAXPAYER S GUIDE TO LOCAL PROPERTY TAX EXEMPTIONS SENIORS Clauses 41, 41B, 41C, 41C½ The Department of Revenue (DOR) has
More informationInSight. A Littler Mendelson Report. Health Care Reform: Are You Prepared? A Timeline for Employers to Follow
A Littler Mendelson Report InSight An Analysis of Recent Developments & Trends In This Issue: April 2010 The Patient Protection and Affordable Care Act was signed into law on March 23, 2010. Amendments
More informationACA Learning Series Marketplace and MassHealth Coverage at Tax Time
ACA Learning Series Massachusetts Health Care Training Forum (MTF) Marketplace and MassHealth Coverage at Tax Time The Individual Mandate: State and Federal Comparison December 18, 2014 Agenda Overview
More informationThe Insurance Mandates of the Affordable Care Act
1 A. Affordable Care Act Individual Mandate The Insurance Mandates of the Affordable Care Act 1. All citizens of the United States are subject to the individual mandate as are all permanent residents and
More informationWHAT HEALTH CARE REFORM
WHAT HEALTH CARE REFORM MEANS FOR YOUR BUSINESS Celebrating A Tradition our of Excellence 85th Year of Since Excellence 1924 2322 Tremont Drive Baton Rouge, LA 70809 225.928.4770 www.htbcpa.com 178 Del
More information(7) For taxable years beginning after December 31, 2012, every. nonresident estate having for the taxable year any gross income
IC 6-3-4 Chapter 4. Returns and Remittances IC 6-3-4-1 Who must make returns Sec. 1. Returns with respect to taxes imposed by this act shall be made by the following: (1) Every resident individual having
More informationHEALTH CARE REFORM: FREQUENTLY ASKED QUESTIONS (Group, Individual, Seasonal)
Group Health Insurance Q & A HEALTH CARE REFORM: FREQUENTLY ASKED QUESTIONS (Group, Individual, Seasonal) 1. Will small employers continue to have 12 month rates as they exist today? a. Yes. Employer groups
More informationHow To Get A Small Business Tax Credit
2010 FOCUS ON BUSINESS December 1, 2010 FEDERAL TAX UPDATE 2010 SMALL BUSINESS JOBS ACT & MISCELLANEOUS TAX PROVISIONS PRESENTED BY: DAVID P. VENISKEY, CPA TAX PARTNER EFP ROTENBERG, LLP TAX RATES Income
More informationHealth Care Reform Implications for Employers with Seasonal Employees
Health Care Reform Implications for Employers with Seasonal Employees Many industries (e.g. ski resorts, retail, restaurants, agriculture, fishing and tourism) have a significant number of seasonal employees.
More informationCongress passes 2012 Taxpayer Relief Act and averts fiscal cliff tax consequences
We will continue to expand on the provisions of the taxpayer relief act as more information becomes available. If you have any questions please feel free to contact us. Congress passes 2012 Taxpayer Relief
More informationPATRICK J. RUBEY & COMPANY, LTD. CERTIFIED PUBLIC ACCOUNTANTS
PATRICK J. RUBEY & COMPANY, LTD. CERTIFIED PUBLIC ACCOUNTANTS American Taxpayer Relief Act January 1, 2013 Here are the act s main tax features: Individual tax rates All the individual marginal tax rates
More informationTHE FEDERAL LOW-INCOME HOUSING TAX CREDIT AND HISTORIC REHABILITATION TAX CREDIT
THE FEDERAL LOW-INCOME HOUSING TAX CREDIT AND HISTORIC REHABILITATION TAX CREDIT This outline provides an overview of the federal low-income housing tax credit and historic rehabilitation tax credit. I.
More informationSection 12 - TAXATION
Section 12 - TAXATION ORDINANCE PERTAINING TO ELIMINATION OF BOARD OF ASSESSORS AND APPOINTMENT OF PART-TIME ASSESSOR RESOLVED, that the present Board of Assessors of the Town of Deep River be eliminated
More informationTax Issues for Working Nevada Families. William S. Boyd School of Law & Nevada Legal Services
Tax Issues for Working Nevada Families William S. Boyd School of Law & Nevada Legal Services HELP! Nevada Legal Services Low Income Taxpayer Clinic ( LITC ) at 855 657 5489 (toll free) or 702 314 3555
More informationTax Items For Businesses Ohio Tax Law Changes
FRUSH & ASSOCIATES, INC. OVERVIEW Recap of 2013 ACA Act NII Surtax Medicare Wage Surtax Tax Items For Businesses Ohio Tax Law Changes Circular 230 Disclosure Pursuant to the rules of professional conduct
More informationSmall Business Tax Credit for Employee Health Expenses
Small Business Tax Credit for Employee Health Expenses Summary: Provides a sliding scale tax credit to small employers with fewer than 25 employees and average annual wages of less than $40,000 that purchase
More informationHow To Pass The Health Care Bill
Timeline/Summary of Tax s in the Health Reform Laws Effective Date Retrospective to Enactment Health professionals State loan repayment tax relief. Excludes from gross income payments made under any State
More informationPrescribed Side Effects of the Patient Protection and Affordable Care Act (PPACA): Healthcare Reform Update
August 14, 2013 Presented by: Jay Hutto, CPA Prescribed Side Effects of the Patient Protection and Affordable Care Act (PPACA): Healthcare Reform Update Click HERE to listen to webinar. August 14, 2013
More informationTax Related Identity Theft on the Rise
TAX RELATED IDENTITY THEFT ON THE RISE...1 ISSUE 2014-1 WINTER 2014 SIMPLIFIED HOME OFFICE DEDUCTION.... 1 PENALTY FOR PAYING OR REIMBURSING EMPLOYEE INDIVIDUAL HEALTH PLAN PREMIUMS... 2 DEFENSE OF MARRIAGE
More informationSPECIAL REPORT: PROJECTED 2016 INFLATION-ADJUSTED TAX BRACKETS AND OTHER KEY FIGURES
SPECIAL REPORT: PROJECTED 2016 INFLATION-ADJUSTED TAX BRACKETS AND OTHER KEY FIGURES TABLE OF CONTENTS Tax rate schedules 3 Standard deductions 5 Kiddie tax 5 Personal exemption 5 Phase-out of personal
More informationClient Letter: Individual Tax Provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
Source: Tax Legislation > 111th Congress (2009-2010) > Enacted > Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (P.L. 111-312) > Practice Tools > Client Letter: Individual
More informationPart III Administrative, Procedural, and Miscellaneous
Part III Administrative, Procedural, and Miscellaneous 26 CFR 601.602: Tax forms and instructions. (Also Part I, 1, 42, 59, 62, 135, 146, 147, 148, 213, 220, 512, 513, 877, 877A, 911, 2032A, 2503, 2523,
More informationHawaii Individual Income Tax Statistics
Hawaii Individual Income Tax Statistics Tax Year 2012 Department of Taxation State of Hawaii Hawaii Individual Income Tax Statistics Tax Year 2012 Department of Taxation State of Hawaii November 2014 Prepared
More informationAnd Changes under Healthcare Reform affecting businesses
And Changes under Healthcare Reform affecting businesses 1 Individual Mandate 2 First there were two choices Under the Affordable Care Act every individual must have Minimum Essential Healthcare Coverage
More informationCapital Gains Tax on Real Estate Sales
Capital Gains Tax on Real Estate Sales I Taxation on Sale of Principal Residence Q 1 What happens if I sell my principal residence? A Individuals are generally permitted to exclude from income up to $250,000
More informationUnderstanding the Affordable Care Act Premium Tax Credit
Understanding the Affordable Care Act Premium Tax Credit Most Americans are Required to Have Health Care Coverage The Affordable Care Act (ACA), or health care law, requires most U.S. citizens and legal
More informationJANUARY 2015 UPDATE ON PAYROLL, EMPLOYMENT TAXES AND INFORMATION RETURNS
JANUARY 2015 UPDATE ON PAYROLL, EMPLOYMENT TAXES AND INFORMATION RETURNS This letter sets forth employee payroll tax withholding rates, employer payroll tax rates in effect for 2015 and some pertinent
More informationPost Election Focus: Stars, Stripes & Taxes
Post Election Focus: Stars, Stripes & Taxes Presented By: Margo Cook, CPA December 6, 2012 Click HERE to listen to webinar. Post Election Focus: Stars, Stripes & Taxes Presented By: Margo Cook, CPA December
More informationPatient Protection and Affordable Care Act Compliance Checklist for Employers
October, 2014 Patient Protection and Affordable Care Act Compliance Checklist for Employers Under the Employer Mandate in the Affordable Care Act, effective January 1, 2015, employers with 50 or more full-time
More information2016 Tax Planning & Reference Guide
2016 Tax Planning & Reference Guide The 2016 Tax Planning & Reference Guide is designed as a reference and is not intended to function as tax advice. Please consult your professional accounting advisor
More informationThe Patient Protection and Affordable Care Act
Private Wealth Management Products & Services March 2010 The Patient Protection and Affordable Care Act Health care act includes variety of tax changes President Obama signed the Patient Protection and
More informationThe Massachusetts Health Insurance Program
The Massachusetts Health Insurance Program Howard Merkowitz Massachusetts Department of Revenue Presented September 19, 2007 2007 FTA Revenue Estimation and Tax Research Conference Raleigh, North Carolina
More informationNJ CUPA HR The Affordable Care Act & Its Implication for Employers April 4, 2014
NJ CUPA HR The Affordable Care Act & Its Implication for Employers April 4, 2014 About NJBIA Represents 21,000 companies of all sizes and types, which employ over 1 million workers in the State. Advocate
More informationTHE AFFORDABLE CARE ACT ( ACT ), NEW EMPLOYER MANDATES, AND IMPACTS ON EMPLOYER- SPONSORED HEALTH INSURANCE PLANS
Community THE AFFORDABLE CARE ACT ( ACT ), NEW EMPLOYER MANDATES, AND IMPACTS ON EMPLOYER- SPONSORED HEALTH INSURANCE PLANS Prepared for the 2014 Massachusetts Municipal Association Annual Meeting On March
More informationAdvisory. The Health Care Reform Bill: How Will Its Tax Provisions Impact You and Your Business? April 2010. Impact on Employers
certified public accountants business consultants Advisory April 2010 The Health Care Reform Bill: How Will Its Tax Provisions Impact You and Your Business? The recently passed Patient Protection and Affordable
More informationEmployer Shared Responsibility (ESR) Questions and Answers.
Employer Shared Responsibility (ESR) Questions and s. Recent ESR Questions asked by members of the accounting community, answered by senior members of Paychex Compliance Department. Question 1. When using
More informationClient Letter: Individual Tax Provisions of the American Taxpayer Relief Act of 2012
Client Letter: Individual Tax Provisions of the American Taxpayer Relief Act of 2012 Dear Client, On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (the Act) into law.
More informationBy: Michael Shelby, CPA, MST
By: Michael Shelby, CPA, MST Introduction Michael K. Shelby, CPA, MST Principal of Michael K. Shelby, CPA, LLC Main office in Lanham, Satellite office in Annapolis Currently staff of 5, need to add at
More informationProperty Tax Relief Programs
Property Tax Relief Programs You may be eligible for tax relief! This booklet is designed to help you understand options available to you Board of Assessors David Brown, Chair Susan Miller Carol Leipner
More informationEmployer s Guide To Health Care Reform
Employer s Guide To Health Care Reform A nonprofit independent licensee of the Blue Cross Blue Shield Association National strength. Local focus. Individual care. SM As part of our commitment to being
More informationTAX CHANGES IN THE HEALTHCARE REFORM ACT
TAX CHANGES IN THE HEALTHCARE REFORM ACT Paul Varner 1 June 3, 2010 Jackson, Mississippi 2010 Butler, Snow, O Mara, Stevens & Cannada, PLLC. All rights reserved. Tax Law Changes In Healthcare Reform THREE
More informationHealth Savings Account Custodial Agreement
Health Savings Account Custodial Agreement The Participant named on the HSA Application is establishing a Health Savings Account under Code Section 223, as amended; naming Branch Banking & Trust Company
More informationSTATE TAX INCENTIVES FOR LONG-TERM CARE INSURANCE Credit/Deduction
STATE TAX INCENTIVES FOR LONG-TERM CARE INSURANCE State / Alabama A deduction is allowed for the amount of premiums paid pursuant to a qualifying insurance contract for qualified longterm care coverage.
More informationWhat s News in Tax Analysis That Matters from Washington National Tax
What s News in Tax Analysis That Matters from Washington National Tax The Impact of the Affordable Care Act on International Assignees and Their Health Care Plans Employers and individuals in the United
More informationHealthcare Provisions 2013/2014. What Small Businesses Need to Know
Healthcare Provisions 2013/2014 What Small Businesses Need to Know Healthcare Provisions 2013/2014 PPACA The healthcare reforms in the Patient Protection and Affordable Care Act (PPACA), commonly referred
More informationHealth Care Reform and Tax Implications
IMPACT OF HEALTH CARE REFORM ON INDIVIDUAL AND SMALL BUSINESS TAXES ATLANTA ASHEVILLE BIRMINGHAM CHICAGO DALLAS DENVER JACKSONVILLE LOS ANGELES MELBOURNE MEMPHIS MIAMI MINNEAPOLIS NEW YORK ORLANDO PHOENIX
More informationHow do the 2016 Presidential Tax Plans Compare So Far?
How do the 2016 Presidential Tax Plans Compare So Far? 10-Year GDP Growth 10.0% 16.0% -1.0% 13.9% 15.0% -9.5% 11.5% 10-Year Capital Investment Growth 28.8% 46.6% -2.8% 43.9% 48.9% -18.6% 29% 10-Year Wage
More informationYEAR-END UPDATE FOR PAYROLL AND RELATED TAXES WITH ADDITIONAL INFORMATION FOR INDIVIDUALS
YEAR-END UPDATE FOR PAYROLL AND RELATED TAXES WITH ADDITIONAL INFORMATION FOR INDIVIDUALS JANUARY 2014 This memo provides information that is useful in the annual preparation of employment related forms
More informationHighlights of the 2010 Tax Relief Act
On December 7, 200, President Barack Obama signed into law H.R. 4853, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 200 (the 200 Tax Relief Act). This massive bill affects
More informationOverview of Tax Aspects of Select Health Care Reform Proposals
Overview of Tax Aspects of Select Health Care Reform Proposals 1 2 BASED ON 3 IN GENERAL The President s proposal would eliminate the current exclusion for employer-subsidized accident and health In lieu
More informationPENALTIES Employer Shared Responsibility under the Affordable Care Act (ACA)
PENALTIES Employer Shared Responsibility under the Affordable Care Act (ACA) What employers need to know to make informed decisions about ACA compliance. Employer Shared Responsibility Under the employer
More informationAmerican employers need prompt action on these six significant challenges. We urge Congress and the administration to address them now.
In June 2014, the Board of Directors of the American Benefits Council (the Council) approved a long-term public policy strategic plan, A 2020 Vision: Flexibility and the Future of Employee Benefits. It
More informationObama Tax Compromise APPROVED by Congress
December 17, 2010 Obama Tax Compromise APPROVED by Congress on Thursday, December 16, 2010 The $858 billion tax deal negotiated by President Obama and Republican leadership was overwhelmingly approved
More informationAmerican Farm Bureau Federation
American Farm Bureau Federation Overview of Health Care Reform and its Impact on Agricultural Employers 1 (as of October 2012) This is an overview of the employer mandate contained in the Patient Protection
More information2015 Tax Implications. of Long Term Care Insurance (LTCi) for Individuals and Businesses. Tax Solutions Guide for Individuals and Businesses
Tax Solutions Guide for Individuals and Businesses 2015 Tax Implications of Long Term Care Insurance (LTCi) for Individuals and Businesses Insurance Strategies LTC1419 What are the Tax Implications of
More informationHealth Savings Accounts (HSA)
What is a Health Savings Account? Health Savings Accounts (HSAs) were created so that individuals covered by qualified highdeductible health plans could receive tax-preferred treatment for money saved
More informationHomestead Tax Credit
Homestead Tax Credit Prepared by Al Runde Wisconsin Legislative Fiscal Bureau One East Main, Suite 301 Madison, WI 53703 Homestead Tax Credit Introduction The homestead tax credit program directs property
More informationBill Draft 2015-SVxz-2D: IRC Update.
2015-2016 General Assembly Bill Draft 2015-SVxz-2D: IRC Update. Committee: Revenue Laws Study Committee Date: January 13, 2015 Introduced by: Prepared by: Trina Griffin Analysis of: 2015-SVxz-2D Committee
More informationNAR Frequently Asked Questions Health Insurance Reform
NEW MEDICARE TAX ON UNEARNED NET INVESTMENT INCOME Q-1: Who will be subject to the new taxes imposed in the health legislation? A: A new 3.8% tax will apply to the unearned income of High Income taxpayers.
More informationThe Patient Protection and Affordable Care Act ( ACA ) and Your Facility
The Patient Protection and Affordable Care Act ( ACA ) and Your Facility By Christine Garrity: Chief Administrative Officer & General Counsel for The Professional Golfers' Association of America President
More information*Brackets adjusted for inflation in future years. 2015 Long Term Capital Gains & Dividends Taxable income up to $413,200/$457,600 0% - 15%*
Income Tax Planning Overview The American Taxpayer Relief Act of 2012 extended prior law for certain income tax rates; however, it also increased income tax rates on upper income earners. Specifically,
More informationThe Income Tax Effects of Health Care Reform on Small Businesses and Real Estate Investors
The Income Tax Effects of Health Care Reform on Small Businesses and Real Estate Investors BY J. RUSSELL HARDIN, PH.D. INTRODUCTION IF REAL ESTATE INVESTORS AND SMALL BUSINESS OWNERS intend to maximize
More informationSUMMARY: This document contains final regulations relating to qualified
[4830-01-u] DEPARTMENT OF THE TREASURY Internal Revenue Service (IRS) 26 CFR Parts 1 and 602 [TD 8933] RIN 1545-AX33 Qualified Transportation Fringe Benefits AGENCY: Internal Revenue Service (IRS), Treasury.
More informationYour guide to health care reform provisions
Your guide to health care reform provisions February 2014 edition Since the Patient Protection and Affordable Care Act (PPACA) was enacted in March 2010, businesses have been impacted by federal health
More informationHealth-Care Reform. Begley Insurance Group, Inc. Mary Angelo 5225 Old Orchard Rd. Skokie, IL 60077 800-867-7074
Begley Insurance Group, Inc. Mary Angelo 5225 Old Orchard Rd. Skokie, IL 60077 800-867-7074 Health-Care Reform August 14, 2012 Page 1 of 8, see disclaimer on final page One primary goal of the Patient
More informationSELECTED PROVISIONS OF MAJOR TAX LEGISLATION BY ACT 1981 to 2006 PROVISION ERTA 1981 TRA 1986 OBRA 1989 OBRA 1990 OBRA 1993 TRA 1997 EGTRRA 2001
SELECTED PROVISIONS OF MAJOR TAX LEGISLATION BY ACT 1981 to 2006 PROVISION ERTA 1981 TRA 1986 OBRA 1989 OBRA 1990 OBRA 1993 TRA 1997 EGTRRA 2001 Tax Rates Reduced marginal tax rates by 23% over 3 years,
More informationMINNESOTA SERVICE COOPERATIVES. Model Collective Bargaining Language. For Adoption of Group Medicare Supplemental Insurance
MINNESOTA SERVICE COOPERATIVES Model Collective Bargaining Language For Adoption of Group Medicare Supplemental Insurance Instructions. The model collective bargaining language that follows addresses the
More information18 DEPARTMENT OF ADMINISTRATIVE AND FINANCIAL SERVICES
18 DEPARTMENT OF ADMINISTRATIVE AND FINANCIAL SERVICES 125 MAINE REVENUE SERVICES Chapter 104: FILING OF MAINE TAX RETURNS SUMMARY: This rule describes the requirements for filing certain Maine tax returns,
More informationHow much can I deduct if I am an active participant in a qualified plan?... 2
Table of Contents What is an Individual Retirement Account (IRA)?...................................... 1 Who may establish a Traditional IRA?............................................... 1 How much
More informationH. R. ll IN THE HOUSE OF REPRESENTATIVES A BILL
F:\M\ELLISO\ELLISO_0.XML [HIH] TH CONGRESS ST SESSION... (Original Signature of Member) H. R. ll To amend the Internal Revenue Code of to replace the mortgage interest deduction with a nonrefundable credit
More informationAMENDMENT TO YOUR TRADITIONAL IRA
INDIVIDUAL RETIREMENT ANNUITY DISCLOSURE STATEMENT AMENDMENT This disclosure statement explains the rules governing a Traditional IRA. The term IRA will be used in this disclosure statement to refer to
More information956 CMR COMMONWEALTH HEALTH INSURANCE CONNECTOR AUTHORITY 956 CMR 8.00: STUDENT HEALTH INSURANCE PROGRAM
Section 8.01: General Provisions 8.02: Definitions 8.03: Mandatory Health Insurance Coverage 8.04: Student Health Insurance Program Requirements 8.05: Waiver of Participation due to Comparable Coverage
More information2010 TAX RELIEF GUIDE FOR SENIORS
Y 2010 TAX RELIEF GUIDE FOR SENIORS Are you eligible? ou could be saving hundreds or even thousands of tax dollars each year, but you may not be not aware of the many breaks available. This publication,
More informationThe Pa'ent Protec'on and Affordable Care Act. Bill Po5er, Senior Tax Director
The Pa'ent Protec'on and Affordable Care Act Bill Po5er, Senior Tax Director Determination of FTE in a Controlled Group Businesses organized in multiple forms may be considered as a single employer Controlled
More informationMost of ATRA s provisions benefit individual taxpayers through extensions of lower tax rates, certain deductions 10% 10% 15% 15% 25% 25% 28% 28%
TAX ACT OVERVIEW American Taxpayer Relief Act saves taxes for many, boosts them for some On Jan. 1, Congress passed the American Taxpayer Relief Act of 2012 (ATRA) to address the fiscal cliff a combination
More informationPersonal Income Tax Bulletin 2008-1. IRAs
PENNSYLVANIA DEPARTMENT OF REVENUE ISSUED: JANUARY 16, 2008 Section 1. Introduction. 1. FEDERAL TAX PERSPECTIVE. Personal Income Tax Bulletin 2008-1 IRAs When Congress enacted ERISA in 1974 to regulate
More informationHighlights of Individual Tax Law Changes
Highlights of Individual Tax Law Changes Reduced capital gains and qualified dividends rate extended for two years. Capital gain. For tax years beginning in 2010, for both regular tax and AMT purposes,
More informationSEMA MEMBERS WANT TO KNOW
SEMA MEMBERS WANT TO KNOW WHEN DID OBAMACARE TAKE EFFECT? It is being phased-in over 10 years beginning in 2010, with new requirements and benefits being added each year. The most consequential change
More informationUpdates to Affordable Care Act: Law, Regulatory Explanation and Analysis, 2014
Updates to Affordable Care Act: Law, Regulatory Explanation and Analysis, 2014 Chapter 2. Individuals 205. Individual Health Insurance Mandate In December 2013, the Administration announced that individuals
More informationENACTED LEGISLATION 10/24/2013. Updated references to January 1, 2013
Jim McNulty ENACTED LEGISLATION Internal Revenue Code (IRC) Update Bill (SF106) Updated references to January 1, 2013 Includes changes to American Taxpayer Relief Act of 2012 Coupled with all items except
More informationHistoric rehabilitation credit Authority: Ga. Code Ann. 48-7-29.8
Georgia Tax Credits (Updated July 17, 2013) Donated conservation property Authority: Ga. Code Ann. 48-7-29.12 Nonrefundable for each qualified donation of real property for conservation purposes Taxpayers
More informationStaying Healthy, Wealthy & Wise: The Aftermath of the Fiscal Cliff. Heather Kovalsky, CPA
Staying Healthy, Wealthy & Wise: The Aftermath of the Fiscal Cliff Heather Kovalsky, CPA 2013 Tax Changes The Patient Protection and Affordable Care Act American Tax Relief Act of 2012 The Patient Protection
More information2014 Tax Newsletter HIGHLIGHTS. Potential Tax Reform. 2014 Income Tax Rates. 2014 Tax Extenders. Repair Regulations. Affordable Care Act
5700 Crooks Rd., Ste. 201 Troy, MI 48098 Phone: 248.649.1600 2014 Tax Newsletter Dear Client: 1785 W. Stadium Blvd., Ste. 101 Ann Arbor, MI 48103 Phone: 734.665.6688 www.smcpafirm.com Although 2014 was
More informationEnhance and permanently extend the research tax credit, and increase the rate of the alternative simplified research credit (ASC) from 14% to 17%.
This update covers some of the provisions being suggested in the President s new budget for fiscal year 2015. I ve highlighted the items that are of greatest importance. 2015 Tax Proposals For Businesses
More information