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Testing for COVID and Your Kits for Free: Expanded Coverage of OTC COVID-19 Test Kits and Developments in Preventive Care

February 14, 2022 By Alston & Bird Tax Team

Have questions about the new Frequently Asked Questions for group health plans’ coverage of over-the-counter COVID-19 test kits? Our Employee Benefits & Executive Compensation Group addresses key provisions of the extensive requirements for plans and issuers. Plans have a pair of safe harbors to limit reimbursement to $12 per test and limit the number of tests available to eight per month (or 30 days) Plans have some flexibility to prevent fraud and offer education to participants Certain plans must provide preventive care for colonoscopies and contraceptive services Read the [...]Read more

Filed Under: Employee Benefits Tagged With: ACA, Centers for Medicare and Medicaid Services, covid testing, covid-19, COVID-19 diagnostics tests, DOL, HDHP, health plan coverage, HHS, HRA, HSA, IRS, Medicare Advantage, Original Medicare, OTC COVID-19 Tests, Plan amendments, safe harbor, Treasury

The Other Green Book: Treasury Explains Administration’s Tax Proposals

June 16, 2021 By Edward Tanenbaum, Heather Ripley and April McLeod

With the release of its FY 2022 revenue proposals, the Biden Administration explains and refines some of the tax priorities raised on the campaign trail. Our International Tax Group reads the tea leaves to find the significant changes to the Tax Code the Administration won’t find easy to navigate through a Congress that features the slimmest of majorities. Major revisions to the Tax Cuts and Jobs Act of 2017Tighter rein on interest deductions and inversionsRepealing BEAT and FDII, creating a new SHIELD against base erosion Read the full advisory here. [...]Read more

Filed Under: International Tax Advisory Tagged With: base erosion, BEAT, Biden Administration, CFC, crypto, FDII, global minimum tax rate, Green Book, SHIELD, tax reform, Treasury

Digital Services Taxes and Nexus for Foreign Tax Credit Purposes

February 17, 2021 By Brian Harvel and April McLeod

Our International Tax Group reviews Treasury’s proposed regulations that would add a jurisdictional nexus requirement to the analysis used to determine whether a foreign tax is an income tax for foreign tax credit purposes. What is the new jurisdictional nexus requirement?Why is Treasury worried about Europe’s digital services taxes?What are the arguments against the new nexus requirement? Read the full advisory here. [...]Read more

Filed Under: International Tax Advisory Tagged With: foreign tax credit, FTC, Income Tax, IRS, nexus, OECFD, Organisation for Economic Co-operation and Development, Treasury

The BEAT Goes On and On – New Final BEAT Regulations

September 18, 2020 By Richard Slowinski and Stefanie Kavanagh

Our International Tax Group elaborates on the final regulations recently issued by the IRS and Treasury on the base erosion and anti-abuse tax (BEAT). Key changes from the regulations proposed in 2019Clarification on determining a taxpayer’s aggregate group and how the BEAT applies to partnershipsModifications related to the election to waive deductions Read the full advisory here. [...]Read more

Filed Under: International Tax Advisory Tagged With: anti-abuse tax, Base Erosion and Anti-Abuse Tax, BEAT, IRS, REITs, RICs, S Corp, Section 59A, Treasury

Splitting the Difference: IRS Applies Exempt Organization Excise Tax to Split-Dollar Life Insurance Policies

July 9, 2020 By George Abney, Mark Williamson, Daniel Reach and April McLeod

Our Federal Tax Group delves into proposed Treasury regulations addressing exempt organizations’ below-market loans used to pay for split-dollar life insurance premiums. Split-dollar life insurance loans became even more beneficial after the TCJA added a new excise tax on exempt organizations under Section 4960Imputed income from below-market split-dollar life insurance loans must be included in Section 4960 calculationImputed income can be avoided by charging interest at the historically low applicable federal rate Read the full advisory here. To learn more about our exempt organization [...]Read more

Filed Under: Exempt Organization, Federal Tax Advisory Tagged With: AFR, applicable federal rate, below-market loans, excise tax, Section 4960, Section 7872, split-dollar, TCJA, Treasury

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