Tax Update: June 2016

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the McGladrey Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Federal

  • Pension maximization-a/k/a ‘pension max’
  • Tax treatment of a simple agreement for future equity is not a lock
  • Employer action advised on new health insurance notices
  • Gasoline gallon equivalents for alternative fuel tax credits
  • Deductibility of accrued customer rewards

International Tax

  • International impact of the proposed debt-equity regulations
  • New proposed reporting requirements for foreign-owned DREs

State and Local Tax

  • Colorado department clarifies treatment of electronically delivered software and maintenance agreements
  • Missouri Supreme Court takes narrow view of grocery exemption
  • Tennessee court disallows retailer’s bad debt deduction for third-party write-offs
  • Texas comptroller denies COGS deduction for technology service provider

Source: RSM US LLP
Used with permission as a member of the McGladrey Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Tax Update: March 2016

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the McGladrey Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Federal

  • New Form 1095-C due to employees by March 31, 2016
  • IRS denies S corporation an ordinary loss on worthless stock
  • Partnership varying interest regulations now effective
  • Tax-related ID theft and tax data security issues continue to plague IRS
  • Flip or flop-a cautionary tale
  • Gain determined separately, not netted, for separately acquired blocks of stock
  • Leasing your office or building? Be mindful of this tax pitfall

International Tax

  • European Union anti-tax avoidance
  • Foreign pensions require withholding certificate to claim FIRPTA exemption

State and Local Tax

  • Delaware to shift to single sales factor apportionment
  • States beginning to respond to federal partnership changes

Source: RSM US LLP
Used with permission as a member of the McGladrey Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Federal Tax Weekly: November 12, 2015

This issue’s topics include:

  • MyRA Starter Roth IRA Now Available Nationwide
  • IRS Releases Revised Form 1042 And Instructions
  • Audits of Individual Tax Returns Drop Again
  • IRS Extends Safe Harbors for Distressed Homeowners
  • Highway Bill Goes to Conference; Extenders Could Move

Federal_Tax_Weekly

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact us directly.

Federal Tax Weekly: November 5, 2015

This issue’s topics include:

  • Obama Signs Budget Agreement Repealing TERFA Audit Rules
  • IRS Reduces PTIN User Fee
  • IRS Issues Guidance on Private Activity Bond Restrictions
  • Real Estate Developer Cannot Use Home Construction Contract Method to Defer Income
  • Consts of Internet Domain Names Are Code Sec. 197 Intangibles

Federal_Tax_Weekly

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact us directly.

Federal Tax Weekly: October 22, 2015

This issue’s topics include:

  • IRS Updates Guide For Safeguarding Taxpayer Data
  • IRS Proposes Updates To Administrative Appeals Process For Docketed Tax Court Cases
  • Social Security Wage Base Stays At $118,500 For 2016; “Nanny Tax” Threshold Rises To $2,000
  • IRS Reminds Employers, Insurers Of Approaching ACA Information Reporting Deadlines
  • IRS’s Implementation Of FATCA Improving, But More Work Is Needed

Federal_Tax_Weekly

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact us directly.

Federal Tax Weekly: October 15, 2015

This issue’s topics include:

  • PACE Act Amends ACA Definition Of Small Group Market
  • IRS Issues Correcting Amendment For Temporary NPC Regs
  • Disaster Relief Available For South Carolina Flooding
  • Debtor Payments On Serial Loans Trigger Reporting
  • OECD Releases Final BEPS Package

Federal_Tax_Weekly

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact us directly.

Federal Tax Weekly: October 8, 2015

This issue’s topics include:

  • IRS Reaches FATCA Milestone with Information Exchanges
  • “Unit Dose” Production Qualifies For Code Sec. 199 Deduction
  • Tax Court Finds Taxpayer Liable For COD Income
  • IRS Provides Relief To Drought Stricken Farmers, Ranchers
  • TE/GE Highlights Activities For FY 2016

Federal_Tax_Weekly

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact us directly.

Federal Tax Weekly: October 1, 2015

This issue’s topics include:

  • IRS Issues Final Regs On Grantmaking To Foreign Organizations
  • Chief Counsel Recommends Changes To Tax Court Rules
  • Taxpayer Assistance Order Application Tolls Limitations Period For Third-Party Wrongful Levy Suit
  • U.S. Signs Competent Authority Arrangements with FATCA Partners Australia And U.K.
  • IRS Nonacquiesces In Appeals Court Decision That Excluded CRP Payments To Nonfarmers From Self-Employment Tax

Federal_Tax_Weekly

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact us directly.