Tax Headlines

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IRS Official Summarizes PPACA for Employers, Urges Tax-Exempt Counsel to Prepare

“Because all of your clients, as tax-exempt organizations, are almost certainly all employers, they are going to need to know something about the PPACA [Patient Protection and Affordable Care Act (P.L. 111-148 )], even if they are not health care organizations themselves,” noted Catherine Livingston, deputy division counsel, IRS Tax Exempt/Government Entities, during an October 19 conference hosted by the American Law Institute Continuing Legal Education (ALI CLE) and the American Bar Association (ABA). Livingston summarized in brief the tax provisions of the PPACA that affect all employers, including tax-exempt organizations and for-profit businesses. These provisions include the reporting and minimum health coverage requirements that kick in on January 1, 2014.

Speaking specifically to lawyers representing tax-exempt organizations, Livingston said, “You are also going to need to know, as legal counsel, something about these legal provisions because there will be fundamental choices and significant tax consequences that potentially attach.”

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Illinois ~ Personal Income Tax: Claims in Potential Fraudulent Tax Shelter Case Were Not Time-Barred

The Illinois Supreme Court upheld an appellate court’s ruling, in two consolidated appeals involving taxpayers and various corporations that were found to have been formed for the purpose of creating artificial losses that would reduce the taxpayers’ personal income tax liability, that the taxpayers’ and corporations’ claims were not time-barred.

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