The Affordable Care Act (ACA) has changed the health insurance landscape in the United States. For small businesses with fewer than 50 employees, special attention must be paid to employer reimbursements of healthcare in order to avoid substantial fines and penalties. Before the ACA, many small businesses had their employees carry individual insurance policies. In ... [Read more]
Insights and Analysis
The Foreign Account Tax Compliance Act (FATCA), which has recently come in to force, applies to any person or entity described as a U.S. person. There is some ambiguity as to who may actually be a U.S. person. For instance, would the non-U.S. spouse of a U.S. citizen living abroad be subject to FATCA’s provisions? ... [Read more]
The Foreign Account Tax Compliance Act (FATCA) becomes fully effective on July 1, 2014. The Internal Revenue Service (IRS) has announced a number of changes to the former Offshore Voluntary Disclosure Program (OVDP) as well as FATCA enforcement that impacts U.S. taxpayers with foreign assets. The major changes taxpayers should be aware of are on ... [Read more]