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The
Presti & Naegele Advantage
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Latest Tax Alerts
Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More
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Supreme Court’s same-sex marriage decision affects federal, state taxation
The Supreme Court’s decision ... Read More
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Treasury, IRS get moving on ABLE account rules
Late in 2014, Congress passed and President Obama signed ...
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How Do I? Determine when the "at risk" rules apply to my business
Taxpayers that invest in a trade or business or ...
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June 2015 tax compliance calendar
July 2015 tax compliance calendar ...
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Presti & Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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Supreme Court upholds ACA Code Sec. 36B premium tax credit regs
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After months of waiting, the U.S. Supreme Court announced its decision on the fate of the Code Sec. 36B premium assistance tax credit on June 25 in King v. Burwell, 2015-1 ustc ¶50,356. In a 6 to 3 decision, the Court held that enrollees in both federally-facilitated Marketplaces and state-run Marketplaces can claim the credit, which helps offset the cost of health insurance. The decision leaves in place the current IRS regulations on the credit and the regime for administering and claiming the credit.
Code Sec. 36B credit
The Affordable Care Act (ACA) created both the Marketplaces (previously called Exchanges) and the Code Sec. 36B credit. The Marketplaces connect eligible individuals with health insurance issuers. Some states have set up their own Marketplaces. ... Read More
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FAQ: Can I deduct the cost of sending my child to summer camp?
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Now that summer 2015 is officially here and the main filing season is out of the way, tax planning may be far from your mind. However, typical summer traditions can yield tax benefits. For example, when school lets out for the summer, some parents may decide to send their young children to summer camp. Whether parents do this to supplement their children's education, enhance their athletic skills, provide social opportunities, or simply to get them out of the house, some working parents may be able to deduct certain expenses associated with the cost of sending children to day camp. That's where the child care and dependent credit under Code Sec. 21, might especially come into play.
Child Care and Dependent Credit Basics
A taxpayer, who incurs expenses to obtain day care for child under age 13 so that the taxpayer and his or her spouse can be gainfully employed ... Read More
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