Immediate Tax Deductions for Retail and Restaurant Remodeling Costs

If your retail or restaurant business will incur costs for remodel and/or refresh (“remodel-refresh”) projects, the IRS has issued guidance that may offer you tax relief via immediate deductions for these costs. Rev. Proc. 2015-56 provides a safe harbor accounting method that will allow qualified taxpayers in the retail and restaurant industries to report expenses related to remodel and/or refresh projects. The new simplified method of reporting remodel-refresh costs is as follows: 75% of qualified costs are deducted as ordinary and necessary business expenses; and 25% are capitalized as costs to improve a qualified building. Can you benefit from this. Read More.

Cherry Bekaert’s Top 10 Tax Planning Ideas for Individuals

With the holiday season in full swing, it’s time to wish good tidings to all, and to all a good night! It’s also time to review your tax records and see where things stand before 2016 arrives. This year presents many challenges, but careful planning can make a significant difference in the size of your tax bill or refund check in April. Here are some ideas to consider in your year-end planning. 1. Tax Extenders At the top of nearly everyone’s wish list for 2015 is a quick resolution of the tax extenders legislation. There are currently over 50 tax. Read More.

IRS Announces Retirement Plan Benefits & Contribution Limits for 2016

The November edition of Cherry Bekaert Benefits Consulting ’s (“CBBC”) Retirement Plan Services Update highlights the retirement plan benefits and contribution limits for the upcoming year. Announced by the Internal Revenue Service (“IRS”), contribution limits to several plans remain unchanged for 2016. Click here to download CBBC’s November Retirement Plan Services Update.

IRS Announces 2016 Employee Benefit Inflation-Adjusted Amounts

Cherry Bekaert Benefits Consulting has published a new client alert regarding the inflation adjusted benefits and parameters for 2016 as announced by the IRS. Read the alert and visit Cherry Bekaert Benefits Consulting to learn more.

Notable Changes to Draft 2015 ACA Instructions

The final 2015 Affordable Care Act (“ACA”) forms and instructions have been released with two notable modifications from the draft 2015 instructions. The final 2015 instructions have been altered and clarified in regard to: Employers with fully insured group health arrangements and accompanying health reimbursement arrangements (HRAs). Employees who terminate employment during the calendar year and are eligible for and are offered COBRA. Cherry Bekaert Benefits Consulting’s (“CBBC”) September Health & Benefits Client Alert has further details about the final 2015 ACA reporting requirements. For additional guidance on the Affordable Care Act, please contact CBBC’s Kyle Frigon at 404.733.3256 or .

IRS Releases DRAFT 2015 ACA Reporting Instructions

With draft versions of the 2015 Affordable Care Act (ACA) Reporting Instructions now available, the Internal Revenue Service is granting 30-day extensions for employers to file Forms 1094 and 1095, and providing the option to submit paper returns in lieu of filing electronically for 2015. Employers with health reimbursement arrangements (HRAs), however, could have reporting requirements they had not previously anticipated. As a result, employers are required to invest a significant amount of time and money to comply with the new complex requirements. Further details of the draft 2015 ACA reporting instructions are available in the August edition of Cherry. Read More.

Can You Benefit from State Tax Amnesty?

September kicks off several new state tax amnesty programs, reminding us all of the importance of staying in compliance as facts change. It is important to address outstanding nexus questions or exposures for unpaid taxes promptly. State amnesty programs typically provide the opportunity to address any unpaid liabilities for different taxes (e.g., income/franchise, sales/use, payroll), and often offer the enticing benefits of waived interest and penalties. However, these programs only last for a few weeks. Is a state tax amnesty program right for your company? In certain situations, a better approach may be to enter into a Voluntary Disclosure Agreement. Read More.

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