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.

Estate Planning Options Might Get More Expensive for Family-Owned Businesses

If transferring shares of a family-owned entity plays any role in your estate planning, you may want to think about making those transfers sooner rather than later. That’s because the Internal Revenue Service (“IRS”) released new proposed regulations under Internal Revenue Code (“IRC”) § 2704. These regulations will limit certain valuation discounts when interests in limited liability corporations (“LLCs”), partnerships, and corporations are transferred among family members. This restriction will apply to interests in both active business entities and passive investment vehicles. And that could mean a bigger tax bill for you and ultimately less wealth passed to certain family. Read More.

IRS Sends Failure-to-Deposit Letters by Mistake

The Internal Revenue Service (“IRS”) incorrectly sent failure-to-deposit notices to taxpayers who made timely employment tax deposits on Tuesday, May 31, or on Thursday, June 2, 2016. The Memorial Day holiday observed on May 30, 2016, moved the due dates for both next-day and semi-weekly deposits back by one day. However, the IRS systems didn’t recognize the changes and counted payments made on these days as late. The good news is that taxpayers don’t need to take any action at this time. If you received a letter, you may disregard it. The IRS has corrected the problem and is updating. Read More.

Conducting Business in Nevada? New Nevada Commerce Tax Due August 15

Do you do business in Nevada? Nevada has a new commerce tax return Nevada businesses are required to file, and the deadline is Monday, August 15, 2016. If your return isn’t ready, you can request a 30-day extension and mail or fax your request to the Nevada Department of Taxation. This year only, you may also request a six-month extension until February 15, 2017, if you provide reasonable cause for needing the extra time. However, the request for an extension must be made before August 15, 2016. The filing instructions also say that penalties and late charges may be waived. Read More.

Game Changer: New Rules on Deferred Compensation for Tax-Exempt Employers and Governments

The whole point of deferred compensation plans is to let independent contractors and employees put off receiving wages they’re earning now – so they can (hopefully) be taxed at a lower rate down the road AND save their earnings for years when they otherwise wouldn’t be earning as much (like at the end of a contract or after retirement, for example). Save money and pay less in taxes. What’s not to love? As an employer, offering deferred compensation plans can make a big difference in your ability to attract and retain employees and independent contractors. But the rules governing deferred. Read More.

What Employers Need to Know About New Excepted Benefits Rules

Newly proposed regulations by the Departments of the Treasury, Labor, and Health and Human Services are likely to impact employers and plan sponsors offering or considering excepted benefit plans next year. Cherry Bekaert Benefits Consulting’s latest Health & Benefits Update provides details on the proposed changes that will have employers reviewing the benefits plans they offer employees. Click here to download the July 2016 Health & Benefits Update .

New Must-Know Info Employers Need Before Offering Travel Insurance, Plan Limits and Short-Term Insurance

This month’s Health & Benefits Update by Cherry Bekaert Benefits Consulting shares insights on regulations recently proposed by the Departments of the Treasury, Labor, and Health and Human Services. The Update addresses the government’s latest guidance on travel insurance, lifetime annual limits and short-term limited-duration insurance, which could become effective for plan years starting on or after January 1, 2017. Download the July Health & Benefits Update here.

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