{"id":5715,"date":"2015-01-27T01:05:00","date_gmt":"2015-01-27T07:05:00","guid":{"rendered":"https:\/\/www.cainwatters.com\/?post_type=digitalblogs&p=5511"},"modified":"2019-09-30T18:53:48","modified_gmt":"2019-09-30T23:53:48","slug":"january-tax-updates","status":"publish","type":"post","link":"https:\/\/www.cainwatters.com\/digitalblogs\/january-tax-updates\/","title":{"rendered":"Tax Updates"},"content":{"rendered":"

SECTION 199 MANUFACTURING DEDUCTION<\/span><\/b><\/p>\n

Recent court cases involving Starbucks and Dean Foods have broadend the way a business can interpret \u201cmanufacture\u201d. The Section 199 Manufacturing Deduction allows businesses an additional tax deduction for items you \u201cmanufacture\u201d.\u00a0 Based on these cases, \u201cmanufacture\u201d includes\u00a0making crowns, inlays, onlays, occlusal guards, retainers, and other restorations using CEREC \/E4D technology in your office.\u00a0 \u00a0This also includes the operation of in-house labs that produce retainers, models, appliances, etc.\u00a0 The new, simplified\u00a0way of\u00a0claiming these deductions removes the tedious record keeping.<\/span><\/p>\n

The deduction is 9% of your net profits from the products you \u201cmanufacture\u201d with a few limitations and phase-outs.\u00a0 <\/span><\/p>\n

ACTION:<\/span><\/b><\/p>\n

Begin tracking revenues associated with these procedures, and if possible, go back and look at 2014 to see where you may be able to claim the manufacturing deduction on your 2014 taxes.\u00a0<\/span><\/p>\n

UPDATE: EMPLOYER REIMBURSEMENTS OF EMPLOYEE HEALTH INSURANCE PREMIUMS<\/span><\/b><\/p>\n

The Department of Labor (DOL), has posted <\/span>clarifications associated with the ACA\u2019s market reform provisions<\/span><\/a> impacting EPPs. In a nutshell, EPPs are considered group health plans,however, market reform establishes that \u201cplans\u201d can\u2019t limit any individual\u2019s annual benefits, and plans must also provide certain preventative services without cost-sharing requirements. Since EPPs can\u2019t be integrated with individual market policies to meet these market reform requirements they are in violation and subject to steep penalties up to $36,500 annually, per employee. <\/span><\/p>\n

ACTION:<\/span><\/b><\/p>\n

See full story<\/span><\/a> <\/span>in this month\u2019s Digital News for details and steps you can take to avoid being penalized. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

SECTION 199 MANUFACTURING DEDUCTION Recent court cases involving Starbucks and Dean Foods have broadend the way a business can interpret \u201cmanufacture\u201d. The Section 199 Manufacturing Deduction allows businesses an additional tax deduction for items you \u201cmanufacture\u201d.\u00a0 Based on these cases, \u201cmanufacture\u201d includes\u00a0making crowns, inlays, onlays, occlusal guards, retainers, and other restorations using CEREC \/E4D technology […]<\/p>\n","protected":false},"author":7,"featured_media":5536,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[21],"tags":[],"ppma_author":[48],"class_list":["post-5715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-news"],"acf":[],"yoast_head":"\nTax Updates - Cain Watters Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cainwatters.com\/digitalblogs\/january-tax-updates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax Updates - Cain Watters Blog\" \/>\n<meta property=\"og:description\" content=\"SECTION 199 MANUFACTURING DEDUCTION Recent court cases involving Starbucks and Dean Foods have broadend the way a business can interpret \u201cmanufacture\u201d. 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