Federal Tax Weekly: February 26, 2015

This issue’s topics include:

  • IRS Provides Code Sec. 4980D Penalty Relief
  • Transition Relief Announced For WOTC
  • IRS Previews “Cadillac Plan” Guidance
  • More Guidance Released on “skinny Plans
  • AFRs Issues For March 2015

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Federal Tax Weekly: February 19, 2015

This issue’s topics include:

  • IRS Provides Relief To Small Businesses Under Repair Regs
  • IRS Finalizes Regs On Foreign Tax Credit Splitter Rules
  • IRS Updates Guidance On Disclosure Of Return Positions
  • Notice Of Deficiency Prerequisite To CDP Hearing
  • IRS Grants Extension To Characterize Roth IRA Conversion

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Tax Alert: IRS Makes it Easier for Small Businesses to Apply the Tangible Property Regulations to 2014 and Future Years

The IRS issued Revenue Procedure 2015-20 which makes it easier for small business owners to comply with the final tangible property regulations. The simplified procedures were requested by many small businesses and tax professionals. The simplified procedure is available beginning with the filing of the 2014 tax returns and allows small businesses to change a method of accounting under the final tangible property regulations on a prospective basis for the first taxable year beginning on or after Jan. 1, 2014. Furthermore, the IRS is waiving the requirement to complete and file a Form 3115 for small business taxpayers that choose to use this simplified procedure for 2014.

The new simplified procedure is generally available to small businesses, including sole proprietors, with assets totaling less than $10 million or average annual gross receipts totaling $10 million or less. The revenue procedure also requests comments on whether the $500 safe-harbor threshold should be raised for businesses that choose to deduct, rather than capitalize, certain capital expenses.

Although the new simplified procedures will be a welcomed relief for some small businesses, other taxpayers will find it beneficial to apply the final regulations and file Form(s) 3115 in order to dispose of or expense prior assets and potentially receive audit protection. Furthermore, correction of prior depreciation errors still require the filing of Form 3115.

If you would like more details about these changes or if you have additional questions, please do not hesitate to contact us.

Federal Tax Weekly: February 12, 2015

This issue’s topics include:

  • IRS Develops Online Directory Of Preparers
  • 2015 Vehicle Depreciation Caps Issued
  • OPR Reviews Use Of Form 1099-C As Collection Tool
  • IRS Advised FFIs On Accounts
  • IRS Must Produce Form 990 Requests In MeF Format

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Federal Tax Weekly: February 5, 2015

This issue’s topics include:

  • President Releases FY 2016 Budget
  • Store Not Open To Public Eligible For Bonus Depreciation
  • OVDP Will Remain Open Indefinitely, IRS Indicates
  • Chief Counsel Reviews Rehabilitation Credit
  • IRS Posts Preliminary 2013 Data
  • IRS Amends Rules For Accounting Method Changes

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Federal Tax Weekly: January 29, 2015

This issue’s topics include:

  • Obama Describes Same Tax Reform Proposals
  • IRS Provides Penalty Relief For Premium Tax Credit
  • IRS Posts Annual “Dirty Dozen” List
  • AFRs Issued For February 2015
  • Tax Tip Highlights Premium Tax Credit

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Federal Tax Weekly: January 22, 2015

This issue’s topics include:

  • IRS Launches 2015 Filing Season
  • Obama Outlines Tax Reform Proposals
  • IRS Issues More PPACA Guidance
  • National Taxpayer Advocate Makes Recommendations
  • Tax Briefs

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Federal Tax Weekly: January 15, 2015

This issue’s topics include:

  • Treasury, HHS Plan Filing Season PPACA Outreach
  • IRS Provides Guidance On Transit Benefits Parity
  • Senate Bill Would Regulate Preparers
  • IRS Opens FATCA Data Exchange Service
  • 2014 Tax Year-In-Review Briefing Available

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Federal Tax Weekly: January 8, 2015

This issue’s topics include:

  • IRS Reminds Taxpayers Of Individual Mandate
  • Foundation May Be Liable For Taxes As Transferee
  • IRS Finalizes Rules For Charitable Hospitals
  • IRS Releases 2015 Updates For Ruling Requests
  • Chief Counsel Reviews Forward Contract Transaction

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Federal Tax Weekly: January 2, 2015

This issue’s topics include:

  • Koskinen Warns Of Enforcement Service Cuts
  • Treasury Issues myRA Guidance
  • Obama Signs Extenders Bill, Discusses Tax Reform
  • IRS Finalizes Regs On Form 5472
  • AFRs Issued For January 2015

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