Tax Deadline Extensions for Counties Hardest Hit by Hurricane Matthew

Updated November 21, 2016: As of November 17, 2016, the Florida Department of Revenue home page reports updated deadlines for corporate and individual filers for businesses and individuals in counties affected by Hurricane Matthew. Contact the FLDOR or visit their home page for a list of counties and deadlines.  For a complete listing of resources for your state, including the IRS tax relief notices for individual states, please scroll to the bottom of this tax alert. The IRS is updating individual state notices with additional counties as they are added to the federally declared disaster areas. Updated November 14, 2016: The IRS has now extended tax deadline relief to hurricane-affected areas of Virginia , according to a new. Read More.

IRS Simplifies Process for Getting 60-Day Rollover Waivers in Rev. Proc. 2016-47

The Internal Revenue Service (“IRS”) just got a little more lenient about pension plan rollovers. The IRS recently released Revenue Procedure 2016-47 , which states that if individuals miss the 60-day deadline for rolling over retirement funds from one approved retirement account to another, they may be able to avoid penalties and fines if they missed the deadline because of one of 11 pre-approved reasons. And what’s more – if you missed the deadline because of one of these qualified reasons, you can self-certify why you missed the 60-day window by sending a letter of explanation to your plan administrator, trustee, custodian, or. Read More.

Newly Released Drafts Help Businesses Prepare for Revamped R&D Credit

Qualifying businesses can now use the research and development (“R&D”) tax credit to offset up to $250,000 of the Social Security portion of their payroll taxes, thanks to the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”). The PATH Act not only made the R&D credit permanent and retroactive to January 1, 2015 – it also expanded the credit so that qualified small businesses (typically start-ups) can reduce their payroll taxes by taking advantage of the R&D credit. The PATH Act also makes it possible for eligible small businesses to offset their entire Alternative Minimum Tax (“AMT”) liabilities. Read More.

Do New IRS Rules Put Employers with Healthcare Opt-out Provisions at Risk?

Employers that pay employees to opt out of company-sponsored healthcare plans will likely feel the impact of the Internal Revenue Service’s (“IRS”) latest notice of proposed rulemaking (“NPRM”). The NPRM addresses how to calculate health insurance opt-out provisions with respect to the Affordable Care Act. Final rules could be issued later this year, and the requirements are expected to be effective for plan years beginning on and after January 1, 2017. Read more on the NPRM in Cherry Bekaert Benefits Consulting’s July 2016 Health & Benefits Update .

September Deadlines to File Property Tax Appeals in Florida

Are you one of the many Florida businesses that have been hit with increases in your assessed property values? Or a rise in real estate tax rates? Or both? Well, you still have a chance to lower your property tax bill. The deadlines for appealing the assessed value of your property are coming up in September for most of Florida. There may be ways to show that your property has been overvalued by your local city or county. Do you have space anywhere on your property that isn’t used? Have changes in your area decreased the value of your property?. Read More.

Sweeping Changes to How Employers Report Group Health Plan Info

Changes could be on the way for the reporting requirements of Form 5500. The Department of Labor is proposing that employers provide additional details on their group health plans. Additionally, all employers with group health plans, including those currently exempt from filing Form 5500, may soon be required to file. Read more on the proposed changes in the August 2016 Health & Benefits Update by Cherry Bekaert Benefits Consulting .

Temp Regs for IRC 50(d)—Income Inclusion

Do you rent your office space or home from someone else? Do you get to enjoy the benefits of any of these investment property credits without owning property, thanks to an arrangement with the property owner: Rehabilitation credit Energy credit Qualifying advanced coal project credit Qualifying gasification project credit Qualifying advanced energy project credit Qualifying therapeutic discovery credit Sometimes, a lessor will let a lessee claim credits like these as their own – something commonly referred to as a pass-through investment credit arrangement. And it’s been a great arrangement for many entities for a long time. If an owner can’t. Read More.

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