Tag: Internal Revenue Service

Business

Caterpillar hit with $1 billion in penalties, taxes on Swiss unit as feds open new investigation into overseas profit shifting

If slumping mining demand and oil prices hadn’t made things hard enough on the company’s finances, Caterpillar is now facing increased pressure from the U.S. government for the movement of cash between it and its overseas subsidiaries. After a review of the company’s 2007 to 2009 tax returns, which include a loss carryback to 2005, the Internal […]

February 19, 2015

Roadbuilding

How the IRS’ adjustment up of affordability percentages for 2015 may affect your business

The Internal Revenue Service (IRS) has released the Revenue Procedure 2014-27 to index the Patient Protection and Affordable Care Act’s (PPACA) affordability percentages for 2015 under the employer’s shared responsibility” (more commonly known as “play or pay”) mandate. This employer mandate change adjusted up the income level, which exempts employees from the PPACA’s individual mandate. […]

November 12, 2014

Roadbuilding

Flex-spending ‘use-it-or-lose-it’ policy ends

Employees using flexible spending arrangements (FSAs) are now permitted to carry over up to $500 from the previous plan year and will not affect the maximum amount of salary reduction contributions — $2,500 — that can be made now that the U.S. Treasury Department and the Internal Revenue Service (IRS) have loosened rules on the […]

November 7, 2013