News Quick List
- 2021 Tax Filing Date Extended
(posted: Mar, 2021)2021 filing date is now May 17.
- COVID-19 Update April 13
(posted: Apr, 2020)Stimulus payments, guidelines for Paycheck Protection Loans, & more.
- COVID-19 Update: Fed & State Tax Deadlines
(posted: Mar, 2020)IRS payment deadline delayed, but extensions must still be filed by April 15th
- COVID-19 Update: PSVS Still Processing Returns
(posted: Mar, 2020)We are working remotely to process tax returns during the Bay Area lock down.
- IRS Needs TAP Volunteers
(posted: Feb, 2020)Be a part of improving IRS service & customer satisfaction
- 7 Tax Implications of the New Lease Accounting Standards
(posted: Jul, 2019)Businesses need to prepare for the various tax implications that are likely to ensue.
- 2019 Key Deadlines for Businesses And Other Employers
(posted: Jun, 2019)Important 3rd quarter deadlines for businesses.
- February is B Corp Month
(posted: Feb, 2019)Learn a little about this business certification
- Fed relief for Californians Hit by Fires
(posted: Nov, 2018)Some victims of California's recent wildfires may qualify for federal Disaster Unemployment Assistan...
- 401k Limit Increases in 2019
(posted: Oct, 2018)Annual cost of living adjustments increase the dollar amounts for retirment accounts in 2019.
- Buy a Tesla Before the End of 2018
(posted: Jul, 2018)Tax credit will start to phase out in 2019
- Forming a California LLC?
(posted: Jul, 2018)Online tool lets CA owners submit LLC documents online
- IRS Online Tax Tools
(posted: Mar, 2018)IRS reminds you that they have a variety of useful tax tools online.
- New Email Addresses
(posted: Sep, 2017)Full list of PSVS email addresses is here!
- Our New Name: PSVS
(posted: Aug, 2017)We are now Polly, Scatena, Vasheresse and Sater!
- Partner Marcena May Retires
(posted: Jun, 2017)Congratulations and we wish her the best in her new chapter.
- Startups Have New Option for Research Tax Credit
(posted: May, 2017)IRS offers a new option for startups to apply their research credit.
- Amazon to Collect Sales Taxes Nationwide Starting April 1st
(posted: Mar, 2017)Adding the final four states means Amazon will be officially adhering to state sales tax laws.
- Understanding the Small Business Health Care Tax Credit
(posted: Jan, 2017)Find out if your business qualifies for a tax credit.
- PSVM Appoints Sabrina Sater Partner
(posted: Dec, 2016)Sabrina has been with the firm since 1999, and specializes in individual, partnership, corporate, an...
- IRS e-Services Requires Re-registration
(posted: Sep, 2016)Starting October 24 users will be asked to update their information.
- IRS Slashes Fee for Small Exempt Orgs
(posted: May, 2016)IRS lowers fee for small groups to apply for tax-exempt status, July 1st.
- Health Savings Account Limits Released
(posted: Apr, 2016)IRS has released the limits for HSAs for 2017
- Electronic Signatures with RightSignature
(posted: Feb, 2016)New! Convenient digital signing.
- Changes to Tax Credits in 2016
(posted: Jan, 2016)New law affects the child tax credit, the American opportunity credit, and the earned income tax cre...
- Tax Return Filing Deadlines Altered A Bit
(posted: Sep, 2015)For businesses, and owners with foreign accounts.
- California College Access Tax Credit Expanded and Extended
(posted: Aug, 2015)Includes changes to the CATC that favor taxpayers...
- IRS - Final Portability Rules for Estate Tax Exemptions
(posted: Jun, 2015)The final rules adopt temporary regulations issued three years ago with a few clarifying changes.
- More Time To Claim Work Opportunity Tax Credit
(posted: Feb, 2015)Under the extension, timely filing is now April 30, 2015...
- IRS: Outstanding Claims for FICA Tax Refunds Denied
(posted: Feb, 2015)IRS announced that it will reject all of the 3,000+ refund claims...
- MyRA Approved, Launches in 2015
(posted: Jan, 2015)The new myRA (my Retirement Account) savings plan was approved for employees without employer-provid...
- IRS Mileage Rate for 2015
(posted: Dec, 2014)Amounts change, but only slightly...
- Bare Minimum Tax Breaks
(posted: Dec, 2014)Over 50 tax breaks extended to the end of this year, avoiding delays in refunds for taxpayers but le...
- 401(k) Limit Increases in 2015
(posted: Oct, 2014)Save more in 2015!
- Changes to Cafeteria Plan Election Rules
(posted: Sep, 2014)New cafeteria plan election rules.
- Bill to Prevent Tax Refund Theft
(posted: Aug, 2014)Senate bill proposed to prevent tax refund theft...
- Auditing for GASB Pension Standards
(posted: May, 2014)The American Institute of CPAs' Auditing Standards Board has issued three auditing interpretations i...
- Commercial Real Estate Tax Changes for 2014
(posted: Feb, 2014)In June of last year, the Legislature passed Assembly Bill 92 (AB 92) which added California Revenue...
PSVS News
All the latest news that is "fit to print" - along with all our archived news items.
IRS Notice Changes Cafeteria Plan Election Rules
(posted: September 30th, 2014)
The IRS issued Notice 2014-55, effective September 18, 2014, adding to the cafeteria plan election rules.
What It Means For Participants
Employees covered by their employer's cafeteria plan now have two additional reasons to change their health insurance plan elections during a plan year:
- If an employee's hours were reduced to fewer than 30 hours (on average) per week and the employee is still eligible for the employer's health plan coverage.
- If an employee wants to stop participating in the employer's group health plan and instead purchase coverage through an ACA marketplace.
What It Means For Employers
As an employer you will need to amend your cafeteria plans to reflect these changes before the last day of the plan year in which elections are allowed. The amendments may be effective retroactively to the first day of your plan year if your cafeteria plan follows the above guidance and you have communicated these amendments to plan participants. For plan years beginning in 2014, employers can amend the plan at any time before the last day of the plan year beginning in 2015.
The full text of IRS Notice 2014-55 can be found here as a PDF.
