Theresa Arndt, CPA

The IRS issued  Notice 2015-17 clarifying the application of Notice 2013-54 to certain situations. The notice provides relief for employers who are not applicable large employers (ALES), as defined in §4980H. In summary, the IRS will not assess any penalties for reimbursement arrangements for 2014 through June 30, 2015. After June 30, 2015, the IRS states they may start assessing penalties. Specifically, the IRS addresses: The transitional relief through June 30, 2015. The treatment to 2% S corporation shareholders. Reimbursing for Medicare, TRICARE or Medigap. Increasing employee compensation on an after-tax basis in a way that is not tied to health insurance. Treating insurance reimbursements as taxable wages. The IRS confirmed that for the time being, they'll allow an S corporation shareholder to deduct reimbursed insurance as a self-employed health insurance under §162 (l).  The IRS has also clarified that treating insurance rei...

A Jan. 18 deadline looms for about 2 million homeowners who lost their homes to foreclosure between the start of 2008 and the end of 2011. Five lenders could give each of those borrowers as much as $2,000. The National Mortgage Settlement (NMS) administrator mailed Notice Letters and Claim Forms in late September though early October 2012 to those borrowers who lost their home due to foreclosure between January 1, 2008 and December 31, 2011.   The problem is that many qualifying homeowners never received those notices because they were mailed to the address of the foreclosed home.   Therefore, they do not realize they qualify for a refund. The deadline to file a claim is January 18, 2013.   So if you lost your home between 2008 and 2011, keep reading to see if you qualify for relief, how much you might receive and how to file a claim. What is the National Mortgage Settlement? The NMS was reached last February between 49 states and the nation's five largest m...