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The IRS announced on Oct. 31, 2013, cost-of-living adjustments for the 2014 tax year that apply to dollar limits for 401(k) and other defined contribution retirement plans, as well as defined benefit pension plans.
IRS stated that "some plan limits will remain unchanged because the increase in the Consumer Price Index did not meet the statutory thresholds for adjustment, but other limits will rise in 2014."
The announcement highlighted the new limits for... [Read More]
The Small Business Health Care Tax Credit "is intended to encourage small employers to offer health insurance to their employees. The maximum tax credit was 35% of the employer’s premium payments made on behalf of employees in tax years 2010 – 2013."
Per the Government, "this credit amount will increase to 50% of the employer’s premium payments beginning in the 2014 tax year. It is important to note that to be eligible for the Small Business Health Care Tax... [Read More]
The Hiring Incentives to Restore Employment (HIRE) Act of 2010 "contained a revenue offset provision referred to as the Foreign Account Tax Compliance Act (FATCA)."
FATCA legislation "creates a host of new anti-abuse measures designed to deter U.S. individuals from attempting to hide assets overseas and further delays the effective date of the worldwide allocation of interest provision."
FATCA contains provisions dealing with the following... [Read More]