The Tax Exchange
Tax discussions for the business leader
Taxpayers with international activities will quickly realize that tax reform has taken the complex world of international taxation and added several additional layers of complexity.
Employers required to file IRS Forms 1095-B or 1095-C for 2017 to report information about their workforce and health plans now have additional time to comply with some requirements.
With the passage of federal tax reform, both business and personal income taxpayers will need to consider how the federal changes will affect state law. Currently, state conformity to the federal tax code is as varied as the state names themselves, that is to say, state conformity must be observed on a state-by-state basis.
Understand the latest guidance from Pennsylvania regarding net operating losses, including how changes to the NOL limitation for the 2017 and later tax years must be taken into account as fourth quarter events.
Earlier this spring, Florida Gov. Rick Scott signed House Bill 7109, providing for a reduction in the real property rental sales tax effective Jan. 1, 2018. Lessors and lessees of commercial real property should review their current or upcoming real property rental payments to confirm the correct state tax rate is charged.
The IRS intends to start assessing large employers with shared responsibility payments if their health plans are not compliant with the Affordable Care Act (ACA). The IRS expects to send letters before Dec. 31, 2017, to assess payments for 2015. Review any assessments carefully.