The Tax Exchange - October 2017
On Oct. 12, 2017, President Trump issued an executive order regarding three types of healthcare arrangements: association health plans (AHPs), short-term limited duration health insurance policies, and health reimbursement accounts.
Illinois' Invest in Kids Act provides favorable corporate and individual income tax credits for qualified contributions to scholarship granting organizations—including nonprofits that use at least 95 percent of the contributions for scholarships to lower income elementary or high school students.
A recent case, reaffirms the government’s interest in pursuing the higher willfulness penalty in cases involving failure to disclose foreign bank accounts on the Report of Foreign Bank and Financial Account (FBAR or FinCEN 114).
In 2015, Washington state made sweeping changes to its unclaimed property law and opened an amnesty program. Unclaimed property holders that did not previously apply for amnesty should consider doing so by Oct. 31, 2017, in order to obtain penalty and interest waivers.
Delaware recently released a statement indicating intentions to identify and contact noncompliant unclaimed property holders. Notified holders are expected to enroll in the state's VDA program or they will be referred for audit.