There were rules established by the Patient Protection and Affordable Care Act that must be implemented in a timely manner by employers for their employees. One of these rules is the requirement for employers to provide all current employees with the health insurance exchange notice. This notice must be issued to employees by October 1, 2013, and must be provided regardless of whether or not the employer provides health care coverage. Employers can distribute notices to employees in person, by first-class mail, or electronically, subject to certain requirements outlined by the Department of Labor. The DOL website has more information on this rule at http://www.dol.gov/ebsa/healthreform/.
On June 26th, the US Supreme Court issued their ruling stating that the Defense of Marriage Act was unconstitutional. This ruling paves the way for same-sex couples, legally married by a state to enjoy the same rights and privileges under federal rules as heterosexual married couples.
IRS has announced the availability of the 2011 Statistics of Income (SOI) for Individual Income Tax Returns, Publication 1304 (Rev. 08-2013), on it website. The Report indicates that for the 2011 tax year, taxpayers’ adjusted gross income (AGI), less deficit, reported on these returns totaled $8.4 trillion—a 3.5% increase from the prior year.
Congratulations to Farley S. Kaufmann, who successfully completed the National Association of Certified Valuators and Analysts (NACVA®) process to earn his designation as a Certified Valuation Analyst (CVA). Requirements to earn the CVA include being a licensed certified public accountant, completing NACVA’s five-day training program, and successfully completing the association’s comprehensive examination.
Joel Lebewitz, partner at Lurie Besikof Lapidus & Company and MN Cup review board member, discusses two tax credits available to start-up businesses and their investors: the Research and Development Credit and the Angel Tax Credit.