Holt Pros wishes you and your family a very Happy Thanksgiving!
You can review the entire article provided by the National Society of Accountants at Year End Tax Tips For Businesses by NSA
The page is called the “ACA Information Center for Applicable Large Employers (ALEs),” but the Internal Revenue Service said Sept. 23 that it will provide information and resources for employers of all sizes. The information center has sections for employers to determine whether they are an ALE under the health care law, along with resources for ALEs and outreach materials.
Under the employer mandate, or shared-responsibility provisions, ALEs must provide full-time employees with affordable health care coverage that meets minimum-value standards or potentially face penalties. They also must report on their offers of minimum essential coverage to employees. Both ACA provisions are in effect for 2015.
TAX TIP from the NSA Federal Taxation Committee
The IRS has indicated that they plan to increase visits to taxpayers and small businesses in the areas of payroll tax collection and compliance. Most of our individual and small business clients are not prepared or qualified to deal with such a visit. It’s a good time to remind our clients that they are not required to deal with the IRS alone. If an IRS agent shows up at their door, they may politely tell the agent that they wish to have someone represent them and decline to grant an interview or give immediate access to their files. IRC 7521(b)(2) requires the IRS to suspend the interview at any time this request is made by the taxpayer.
Every taxpayer has the Right to Retain Representation. Taxpayers who cannot afford representation may be eligible for assistance from a Low Income Taxpayer Clinic.