IMRS Hot Issues
Important Information Concerning the Affordable Care Act (ACA)
- Recent Guidance:
- Notice 2015-16, Section 4980I — Excise Tax on High Cost Employer-Sponsored Health Coverage
- Notice 2015-17, Guidance on the Application of Code § 4980D to Certain Types of Health Coverage Reimbursement Arrangements
- Notice 2015-9, Penalty Relief Related to Advance Payments of the Premium Tax Credit for 2014
- Notice 2015-8, Section 45R – 2015 Guidance with Respect to the Tax Credit for Employee Health Insurance Expenses of Certain Small Employers
- Revenue Procedure 2015-15 provides the 2015 monthly national average premium for qualified health plans that have a bronze level of coverage for taxpayers to use in determining their maximum individual shared responsibility payment under § 5000A(c)(1)(B) of the Internal Revenue Code and § 1.5000A-4 of the Income Tax Regulations
- Information on IRS.gov
- Employer Shared Responsibility Provisions
- Information Reporting by Applicable Large Employers
- Information Reporting by Providers of Minimum Essential Coverage
- Publication 974– Premium Tax Credit (PTC)
- Instructions for Form 8965 - Updated Jan. 23, 2015 -- If you downloaded the Instructions for Form 8965 before January 22, 2015, please see recent developments for Form 8965.
For more information about the Affordable Care Act and filing your 2014 income tax return visit IRS.gov/aca
IRS Makes it Easier for Small Businesses to Apply Repair Regulations to 2014 and Future Years
Requested by many small businesses and tax professionals, the simplified procedure is available beginning with the 2014 return taxpayers are filling out this tax season. The new procedure allows small businesses to change a method of accounting under the final tangible property regulations on a prospective basis for the first taxable year beginning on or after Jan. 1, 2014. Also, the IRS is waiving the requirement to complete and file a Form 3115 for small business taxpayers that choose to use this simplified procedure for 2014.
See Revenue Procedure 2015-20 for more information.
Directory of Tax Return Preparers Now On IRS.Gov
A new searchable online public directory helps taxpayers find tax professionals to prepare federal tax returns. News Release IR-2015-22 and Frequently Asked Questions: Directory of Federal Tax Return Preparers with Credentials and Select Qualifications have more information.
Application of Quality Stores Supreme Court Decision to Claims for Refund of Employment Taxes
Announcement 2015-8 addresses the application of the Court’s holding to claims for refund of employment taxes. In United States v. Quality Stores, Inc., 134 S.Ct. 1395 (2014), the Supreme Court held that the severance payments at issue in the case were wages subject to tax under the Federal Insurance Contributions Act (FICA).
Phone Prompts for Non-Streamlined IAs (IMRS Issue #14-0001981)
Taxpayers wishing to initiate or revise installment agreements that did not meet streamlined criteria were not being connected directly to a customer service representative who could assist them. Effective 1/12/2015 changes were made to the telephone routing criteria so that as long as the taxpayer or practitioner provides us with the SSN the calls should route to an agent that can assist them without the need for an additional transfer.