A small custom homebuilder in a growing suburban area was maintaining a modest stream of business. He had enough jobs to keep his crew busy, but not enough to expand. Nearly all of his projects came through referrals from former customers, who recommended his company to their friends and neighbors.
When taxpayers contribute property to charitable institutions, they generally follow up by claiming a charitable deduction on their tax returns. But that deduction isn’t a given — you must comply with the IRS’s strict requirements.
Question: We’re a small employer and would like to make health coverage available to our employees through the Small Business Health Options Program (SHOP). Is there a specific time of the year when we must sign up for this coverage?
The IRS generally considers rental real estate investments as passive activities, meaning taxpayers can use any related losses only to offset income from passive investments. The tax code does grant an exception for rental activity losses incurred by real estate professionals, but it’s not enough just to qualify as a real estate professional.
Late last year, the IRS announced limited relief for required information reporting under the Affordable Care Act (ACA). The agency extended the deadline for furnishing Forms 1095-B and 1095-C to individuals for the 2016 tax year.
When President Obama signed into law the 21st Century Cures Act on December 13, 2016, most of the media coverage focused on the provisions related to medical innovation. But the law also includes some good news for small businesses that have been prohibited in recent years from providing their employees with Health Reimbursement Arrangements (HRAs).
As of this writing, the future of the Affordable Care Act (ACA) is unclear. Employers should continue to comply as usual in the short term. But, in the longer term, you may have more options regarding how to run your health care plan.