The Internal Revenue Service (IRS) has issued guidance indicating that health reimbursement arrangements (HRAs) that do not comply with the Affordable Care Act (ACA) are subject to severe penalties.
Alert - Final Tangible Property Regulations Require Filing Application for Change in Accounting Method for 2014 Tax Year
Since the time this Alert was written, the AICPA has announced that the IRS and Treasury are considering the AICPA’s recommendations to provide relief from the reporting requirements related to the repair regulations. The AICPA stated that it is “hopeful” that the IRS and Treasury “will release some form of relief for small businesses in the next couple of weeks."
Cybersecurity issues continue to ramp up and are now being discussed by Congressional leaders and President Obama with an eye toward encouraging more cooperation between private sector companies and public sector agencies.