Tax Alerts

IRS Modifies Applicability of HDHP Relief, Notice 2023-37

In light of the end of the COVID-19 public health emergency, the Treasury Department and the IRS have released guidance modifying prior guidance regarding benefits related to testing for and treatment of COVID-19 that can be provided by a high deductible health plan (HDHP). Specifically, the relief described in Notice 2020-15, which provides that a health plan will not fail to be a HDHP if it provides benefits related to the testing and treatment of COVID-19 prior to the satisfaction of a deductible, applies only with respect to plan years ending on or before December 31, 2024.

For subsequent plan years, a high deductible health plan (HDHP) is not permitted to provide health benefits associated with testing for and treatment of COVID-19 without a deductible, or with a deductible below the minimum deductible (for self-only or family coverage) for an HDHP.

Preventive Care Safe Harbor

Generally, an HDHP is not permitted to provide benefits for any year until the minimum deductible for that year is satisfied. However, an HDHP may provide preventive care benefits without a deductible, or with a deductible below the minimum annual deductible. The preventive care safe harbor described in Notice 2004-23, I.R.B. 2004-15, 725 includes screening services but generally not any service or benefit intended to treat an existing illness, injury, or condition, such as the flu. The guidance clarifies that the preventive care safe harbor therefore does not include screening for COVID-19. If COVID-19 testing were to be recommended with an “A” or “B” rating by the USPSTF, then that testing would be considered preventive care under Code Sec. 223(c)(2)(C).

FL - Taxpayer did not qualify as private trust

The Florida Department of Revenue (department) determined that a taxpayer was not a private trust excluded from the definition of […]

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FL - Taxpayer did not qualify as private trust

FL - Governor proposes tax cuts in state of the state address

In his State of the State Address, Florida Gov. Ron DeSantis proposed $1.1 billion in tax cuts, the continuation of […]

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FL - Governor proposes tax cuts in state of the state address

FinCEN Commences Beneficial Ownership Reporting Under Bipartisan Corporate Transparency Act

The Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), has begun accepting beneficial ownership information report under the bipartisan Corporate Transparency Act, enacted in 2021. This effort requires companies doing […]

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FinCEN Commences Beneficial Ownership Reporting Under Bipartisan Corporate Transparency Act

Employee Benefit Plan Filing Extension Procedures Updated

Starting in 2024, Form 5558 is no longer used to request an extension of time to file Form 5330, Return of Excise […]

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Employee Benefit Plan Filing Extension Procedures Updated

More Than 1,000 Projects Registered Through IRS ECO Tool, IR-2024-14

The Internal Revenue Service said that more than 1,000 projects have been registered through the agency’s Energy Credits Online tool. The tool was created to help taxpayers who are taking […]

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More Than 1,000 Projects Registered Through IRS ECO Tool, IR-2024-14

IRS Encourages Taxpayers to Get Ready for 2024 Filing Season, IR-2024-1

The IRS has encouraged taxpayers to utilize tips, tools and other resources available on the IRS website to Get Ready for 2024 filing season. The agency is set to announce the start […]

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IRS Encourages Taxpayers to Get Ready for 2024 Filing Season, IR-2024-1

Transitional Guidance on Reporting of Information on Receipt of Digital Assets Announced, Announcement 2024-4, IR-2024-12

The IRS has provided transitional guidance under Code Sec. 6050I with respect to reporting transactions involving receipt of digital assets. The Service has further clarified that at this time, digital assets are not required […]

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Transitional Guidance on Reporting of Information on Receipt of Digital Assets Announced, Announcement 2024-4, IR-2024-12

IRS Updates List of Qualified Census Tracts for Qualified Mortgage Bonds and Mortgage Credit Certificates, Rev. Proc. 2024-08

The IRS has provided issuers of qualified mortgage bonds and issuers of mortgage credit certificates with an updated list of qualified census tracts for each state, the District of Columbia and Puerto Rico. […]

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IRS Updates List of Qualified Census Tracts for Qualified Mortgage Bonds and Mortgage Credit Certificates, Rev. Proc. 2024-08

IRS Announces Leadership Restructuring, IR-2023-237

The IRS Commissioner, Danny Werfel, has announced plans for new leadership structure to align with transformation goals. The updated chart, the first in two […]

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IRS Announces Leadership Restructuring, IR-2023-237

IRS: Taxpayers and Tax Professionals Should Protect Themselves from Scams, IR-2023-223, IR-2023-224, IR-2023-226, IR-2023-227, IR-2023-229

As the National Tax Security Awareness Week concludes, the IRS emphasized on the ongoing need for taxpayers and tax professionals to stay […]

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IRS: Taxpayers and Tax Professionals Should Protect Themselves from Scams, IR-2023-223, IR-2023-224, IR-2023-226, IR-2023-227, IR-2023-229