Alerts & Bulletins
South Carolina Tax Credit Update: Angel Investor Tax Credit Deadline Approaching
Are you a South Carolina angel investor who made an eligible investment in a qualified business during 2014? If so, you’re required to submit Form Sch. TC-56A, Application for Angel Investor, by December 31, 2014, for approval and allocation of the credit. Credits will be approved on or before January 31, 2015, by the Department of Revenue for taxpayers up to the annual $5 million limit. Further, if any of your 2014 tax credits are approved, they may be taken on your 2014 South Carolina income tax return. If the annual limit is reached, however, your tax credits will be. Read More.
2014 U.S. GAAP & SEC Review Developments
As the year winds to a close, it is important to remember the recently issued rules and regulations from the Financial Accounting Standards Board (“FASB”) and the Securities and Exchange Commission (“SEC”) that could affect your company’s year-end financial reporting. Keeping these rules and regulations in focus not only ensures they are considered in your year-end reporting, but also allows for consideration of alternative adoption methods often provided for in the issuances. This issue of A Closer Look , published by Accounting Research Manager®, a Wolters Kluwer, CCH premier research solution, summarizes these rules and regulations, as well as the SEC documents that provide. Read More.
Act Now to Maximize Tax Write-offs of Tangible Personal Property
Time is running out to take advantage of the favorable tax rules for maximizing tangible personal property write-offs. Remember, under the final Tangible Property Regulations (TPR), if you have “applicable financial statements,” you generally can expense up to $5,000 per item for the costs to acquire, produce or improve tangible personal property, but only if you have a written non-tax accounting policy in place prior to the start of your tax year. Without “applicable financial statements,” you generally can expense up to $500 per item. In addition to the per-item monetary limits, certain “facilitative costs” incurred in connection with the. Read More.
IRS Announces 2015 Employee Benefit Inflation-Adjusted Amounts
Discussed in the latest Cherry Bekaert Benefits Consulting (“CBBC”) Health & Benefits Update, the Internal Revenue Service has announced the inflation-adjusted amounts for 2015. The adjustments affect the health insurance expense of small employers, cafeteria plans, qualified transportation fringe benefits and adoption assistance programs. For the complete Health & Benefits Update , please visit the CBBC site.
Cash Balance Plans Using Plan Asset Return As “Interest Crediting Rate”
Issued by the Internal Revenue Service (“IRS”) in September, the final “Market Rate of Return” regulations for hybrid pension plans preserve the use of actual plan asset returns as the interest credit rate. According to the guidance, a cash balance accrued benefit plan is defined as either the cash balance account or an equivalent annuity payable at retirement. Additionally, the accrued benefit definition is only pertinent to fulfilling the IRS’ age discrimination rules. For all other purposes, such as IRC Sec. 415 benefit limits and non-discrimination compliance, the cash balance accrued benefit is defined as an annuity at retirement. For. Read More.
Super Circular FAQs
As you can imagine, the Council on Financial Assistance Reform (“COFAR”) has received many questions requesting clarification on, and guidance for implementation of, various sections of the new Super Circular. As a result, the COFAR has published a Frequently Asked Questions (FAQs) on their website. The questions cover such topics as effective dates, fixed amount awards, definitions of “should” and “must,” procurement, indirect costs, indirect cost rates, and many other topics. Additionally, during a COFAR-sponsored Super Circular web event on October 2, 2014, the speaker explained that the FAQs carry the same weight as the circular (which is located at 2 CFR 200) and. Read More.
New Limited Time Opportunity for Tax Benefits on Partial Dispositions
If you own real estate that has been remodeled, renovated, upgraded or otherwise improved, you may be eligible to file an accounting method change for a one-time tax deduction. Recently released IRS guidance provides a limited time opportunity to analyze your tax fixed asset records and report losses for portions of property disposed of in prior years, but which are still on the records for depreciation. The most common scenario for partial dispositions occurs when original real property is subsequently remodeled, renovated, upgraded or otherwise improved. The new Revenue Procedure providing this guidance specifically allows you to take a one-time. Read More.