PATH Act Impact on REITs

If you are considering the establishment of, or are currently involved in the ownership and/or management of, a Real Estate Investment Trust (REIT), you will be impacted by many provisions of the recently enacted Protecting Americans from Tax Hikes (PATH) Act of 2015. This Bulletin provides context for the changes to the tax regime applicable to REITs that were made by the PATH Act, and how these changes will affect you. Unlike most provisions of the Act, which provide for extensions of tax provisions that were in affect either immediately before the Act’s passage or that expired December 31, 2014,. Read More.

Revised Summary of Benefits and Coverage Now Final

Read Cherry Bekaert Benefits Consulting’s latest Client Alert to learn about the enhancements announced on April 6, 2016.

URGENT: New North Carolina Filing Requirement for Large Multistate Corporations due April 15th

If your company is a large multistate corporation conducting business in North Carolina, please be reminded of a new informational filing requirement due this week. Regardless of whether or not you have an S corporation election in place, you may be required to file Form CD-400 MS, Market-Based Sourcing Informational Report. The form is required if the following criteria were met for your 2014 tax year: your company’s apportionable income was greater than $10 million; your North Carolina apportionment percentage is less than 100%; and your company was subject to apportionment of income based at least in part on the. Read More.

New Credit Opportunities for Virginia Businesses

On March 7, 2016, Virginia Governor Terry McAuliffe approved and signed into law State Bill 58 (“the Bill”), which enhances the state’s existing Research and Development(“R&D”) tax credit  and creates a new Major Research & Development tax credit (“Major R & D credit”). If your business is engaged in R&D activities within Virginia you can apply for either credit for which your business qualifies, but not for both. Virginia lawmakers hope the legislation will create new jobs by providing incentives to businesses considering establishment or expansion of research and development activities in Virginia, promote economic growth, and attract new businesses. Read More.

Will you be Subject to a Phase 2 HIPAA Audit?

The March 2016 edition of Cherry Bekaert Benefits Consulting’s Health & Benefits Update details Phase 2 of the Health Insurance Portability and Accountability Act (HIPAA) audit program. Please visit Cherry Bekaert Wealth Management’s website to read the Health & Benefits Update for March 2016  in its entirety.

Internet Tax Freedom Act Made Permanent: What It Really Means for Online Sellers

On February 24, 2016, President Obama signed into law the Trade Facilitation and Trade Enforcement Act of 2015 (“the Act”), which permanently continues the ban on taxes for accessing the Internet. This law makes it illegal for states to pass discriminatory taxes on and establishes an ending date of June 30, 2020, for taxes and fees imposed by the seven states that had previously enacted taxes on Internet access charges. CompTIA, the Computing Technology Industry Association, along with its member companies and more than 30 state and regional tech councils, pushed strongly for this permanent extension. However, the Act does. Read More.

Don’t Overpay Uncle Sam!

The following tax deductions and credits are available and should be considered as you gather the information for your 2015 income tax return and estimate your tax liability for 2016: Business and Employment-Related Expenses Did you purchase depreciable assets for your business during 2015? If so, you can benefit from bonus depreciation and expensing options that have been enhanced over the last few years. These enhancements include the ability to deduct up to $500,000 of certain tangible property and leasehold improvements placed in service during the year, and the ability to deduct half of the cost of any additional eligible. Read More.

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