News & Analysis as of

Who Is a Full-Time Employee Under the Affordable Care Act?

Beginning January 1, 2015, the large employer mandate of the Affordable Care Act (ACA) requires that all full-time employees be offered minimum essential, affordable coverage. Penalties will be assessed for each month that a...more

Legal Alert: U.S. Supreme Court Resolves Circuit Split: Holds Valuation Misstatement Penalty Applies in Partnership Tax Shelter...

On December 3, 2013, the U.S. Supreme Court unanimously reversed the U.S. Court of Appeals for the Fifth Circuit and held that (1) a federal district court in a partnership-level proceeding had jurisdiction to determine the...more

High Net Worth Family Tax Report, Vol. 8. No. 4 -- December 2013

IRS Explains Federal Tax Consequences of Windsor Case Regarding Same-Sex Marriages - In our last report (Vol. 8, No. 3, September 2013), we told you about the recent Windsor case, in which the Supreme Court held...more

December 2013 and January 2014 Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties and excise taxes. To...more

The ERISA Litigation Newsletter; November 2013

In This Issue: - Labor and Employment and ERISA Class Actions After Wal-Mart and Comcast — Practice Points for Defendants (Part I – Commonality)* - Agencies Release Guidance on HRAs, FSAs, and Employer Payment...more

Three Common Questions Asked by Advisors of Non-Filing Taxpayers

Lawyers in every area run into clients who admit that they have not filed their tax returns. Among the many questions raised by this information are the following three, which come up nearly every time. This outline gives...more

Small businesses beware: IRS deploys "big data" to scrutinize cash transactions

In Brief - The IRS has signaled its intent to prosecute more small businesses for relatively low-value tax violations. - In doing so, the IRS has increased its reliance on data-driven analyses of the...more

IRS Issues Proposed Regulations on Employer-Provided Health Care Coverage Reporting Requirements

The Internal Revenue Service has issued proposed regulations on reporting requirements under the Affordable Care Act (ACA). The regulations, released on September 9, 2013, address two separate ACA reporting requirements: one...more

Proposed Employer Tax Rules Available For Obamacare

The U.S. Department of the Treasury and the Internal Revenue Service have published proposed rules establishing reporting requirements for employers and insurers under the Affordable Care Act (“ACA”), or Obamacare....more

Affordable Care Act Update IRS Issues Guidance on Delay of Employer Shared Responsibility Penalties and Reporting Requirements

On July 2, 2013, the Treasury Department made a surprise announcement that enforcement of the Employer Shared Responsibility Mandate, a provision of the Patient Protection and Affordable Care Act ("PPACA"), would be delayed...more

Monthly Benefits Update - July 2013

Health Care Reform: IRS Transitional Relief Delays Pay or Play Reporting and Penalties - As we reported in an alert on July 3, the IRS has provided transitional relief to employers that delays pay or play reporting and...more

IRS/Treasury Provides One-Year Delay For Certain Employer Health Coverage Reporting And Employer “Pay Or Play” Penalty Taxes

On July 9, 2013, the U.S. Treasury Department and Internal Revenue Service (“IRS”) issued formal guidance (IRS Notice 2013-45; herein, the “Notice”)1 that provides for a one year delay until 2015 with respect to (i) certain...more

IRS Seeking 50% x 4 Penalties In FBAR Nonreporting Case

Taxpayers are required to disclose their ownership interests in foreign bank and financial accounts by filing a Form TD F 90-22.1, ...more

Legal Alert: IRS Issues Transition Relief Guidance on PPACA Reporting and Employer Penalty

On July 9, the Internal Revenue Service (IRS) released Notice 2013-45 (the Notice), granting transition relief from the “Employer Shared Responsibility” provisions and certain health plan reporting requirements under the...more

IRS Guidance Released on the Delayed Implementation of the Affordable Care Act's Play or Pay Rules - Penalties Will Not Apply to...

On the heels of last week’s announcement that the Affordable Care Act’s (ACA) reporting requirements and Play or Pay penalties will not go into effect until 2015, the IRS has released transition relief clarifying that the...more

No Records is Not an Acceptable Excuse

Often taxpayers who have not filed Reports of Foreign Bank or Financial Accounts (FBAR’s) will claim that they do not have records of their offshore accounts, because the accounts are maintained by third parties. In many...more

Department of Justice Sues Taxpayer to Collect $3.5 Million in FBAR Penalties, Possibly Putting Dutch Bank ABN AMRO's Swiss...

Carl R. Zwerner of Miami, Florida, is facing nearly $3.5 million in civil penalties for failing to report a Swiss bank account, according to a lawsuit filed by the Justice Department (United States v. Zwerner, S.D. Fla., No....more

Tax Law Updates - June 2013

If you would like copies of an article that is not linked to a PDF file, or if you would like to receive copies of future articles, please contact Rebecca Sprunger at rsprunger@orrick.com. - 03-29-2013 (U.S.) Final...more

Another Reason Not to Misclassify Employees

As reported in prior Snell & Wilmer publications (See September 2011 Workplace Word, October 2011 Workplace Word and January 9, 2013 Legal Alert), there are numerous reasons why employers need to ensure that they do not treat...more

Current Fiduciary & ERISA Issues in Qualified Plans

Topics we will cover: • Introduction • Issues with Control Groups • Issues with Prohibited Transactions • Fee Disclosure - Excerpt from Who is in the Control Group? • Aggregation Rules (Section...more

Domestic Voluntary Disclosures, Why?

Since 2009 there have been three offshore voluntary disclosure programs offered by the IRS. The major difference among the three programs is the FBAR penalty, known as the civil miscellaneous penalty. ...more

Focus on Tax Controversy and Litigation - June 2013

In this issue: - Supreme Court Holds in Favor of PPL in UK Windfall Profits Case - US District Court Rejects Talley and Permits a Business Expense Deduction for Part of Double Damages Payment Under the False...more

Voluntary Disclosure versus Prosecution

For taxpayer’s who had direct or indirect control over offshore financial accounts which aggregated $10,000 or more in calendar year 2012 a Report of Foreign Bank or Financial Account, known as an FBAR (Form TD 90-F. 22.1) is...more

Health Care Reform Update: Proposed Rules Issued On 90-Day Limit Placed On Waiting Periods For Health Coverage

Beginning in 2014, the Affordable Care Act of 2010 (the "Act") will prohibit group health plans and group health insurers from imposing waiting periods greater than 90 days of employment....more

The Obamacare “Play or Pay” Rules: A Practical Approach

The IRS recently released new proposed regulations to implement the Shared Responsibility or “Play or Pay” provisions of Health Care Reform. The proposed regulations provide a wealth of detail on key issues required to...more

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