Holding true to its holiday tradition, the IRS yet again decided to extend the deadline by which providers of minimum essential coverage (including certain applicable large employers (“ALEs”)) must furnish information statements to individuals regarding their 2019 insurance coverage. However, due to the effective elimination of the ACA’s individual mandate penalty through the Tax Cuts and Jobs Act (“TCJA”), the IRS went one step further than in past years by allowing certain providers to forgo the individual furnishing requirement, if certain notice requirements are met instead.
Continue Reading Notice 2019-63 Delivers Relief for Providers of Minimum Essential Coverage
Tax Reform
IRS Withholding Guidance Expected in January
By S. Michael Chittenden on
Posted in Employment Taxes
In a news release, the IRS today announced that it anticipates issuing initial withholding guidance to implement the changes under the tax reform bill in January 2018. Employers and payroll service providers are encouraged to implement the changes in February. In the release, the IRS indicated that the withholding guidance will work with the existing…