The Internal Revenue Service recently established a webpage specifically designed to assist with the tax provisions associated with the Affordable Care Act. http://www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions-Home?goback=%2Egde_1919825_member_259909507 If you should have any questions regarding above, please contact Mark Flanagan of Aronson’s Employee Benefit Plan Services Group at 301.231.6257.
In January 2012, the IRS extended the Offshore Voluntary Disclosure Program. The program allows U.S. taxpayers to pay penalties and taxes for prior years in connection with the filing of delinquent U.S. international tax reporting forms. The forms that may be filed in a disclosure include the Form 5471 regarding ownership of a foreign corporation […]
Through the end of 2013, investors other than corporations can exclude 100% of the gain on its sale of qualified small business stock (QSBS) from its income, for stock acquired on or after September 28, 2010 and on or before December 31, 2013. There are several criteria to meet the QSBS designation, two of which […]
There are some important U.S. international tax considerations to be aware of when a U.S. person transfers intangible property outside the United States. When a U.S. person contributes intangible property to a foreign corporation as a capital contribution in exchange for stock, a taxable event will generally occur for U.S. federal income tax purposes. The U.S. transferor […]
The world of worker classification is still fraught with great uncertainty. The distinguishing factors between an employee and an independent contractor are different between the federal and state agencies. Thus, it is possible for a worker to be considered an independent contractor by one agency, but be deemed an employee by another. Because companies that […]
When negotiating a stock sale transaction, you are stepping into the shoes of the selling party when it comes to reporting deferred income tax (benefit) items on the closing balance sheet. One little secret of the accounting profession you need to keep in mind is that the deferred income tax provision is not an exact […]