Posts from November 2015.

Beginning in 2018, certain employers will be liable for a new 40% federal excise tax on the value of excess benefits provided through their health plans. Health plans providing high cost benefits are referred as "Cadillac" plans, and the new federal excise tax on high cost plans has come to be known as the "Cadillac tax".

Under the Cadillac tax, if the aggregate cost of "applicable employer-sponsored coverage" provided to an employee exceeds a statutory dollar limit (revised annually), the excess is subject to a 40% excise tax.

In a prior post, I reviewed who is liable for and who must ...

Internal Revenue Code Sec. 1411, passed by Congress in 2012, introduced a new tax on passive income that went into effect on Jan. 1, 2013, the tax on "net investment income" (NII).

The new tax was created to help pay for health care reforms that were enacted in 2010. The rate is 3.8% of the lower of net investment income or the amount of modified adjusted gross income (MAGI) over specific thresholds. Modified adjusted gross income is adjusted gross income increased by the foreign earned income exclusion (but also adjusted for certain deductions related to the foreign earned income). For ...

South Carolina provides an income tax credit to a taxpayer who invests in motion picture related projects. Specifically, the state provides a credit equal to 20% of the cash invested by a person in a company that: (1) develops or produces a qualified South Carolina motion picture project or (2) constructs, converts, or equips a motion picture production facility or post-production facility in South Carolina. Key requirements of each credit are:

  • Motion Picture Project Credit
    • The credit is earned when cash only is spent. This credit, when combined with a taxpayer's other South ...
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