Legislation Delays Related to the ACA

Among the tax reductions enacted in December were the postponement of the effective dates of the “Cadillac Tax,” Health Insurance Industry Tax and Medical Device Tax. Read More

ACA Reporting Challenges? Cherry Bekaert Can Help

Cherry Bekaert Benefits Consulting now offers ACA Compli, an Affordable Care Act (ACA) Reporting solution that combines forms & filing technology with consulting services that can assist you with: Understanding the reporting requirements and minimizing the associated penalties Completing and submitting Forms 1094-C and 1095-C Confirming which employees need statements for 2015 Determining Minimum Value and affordability safe harbors, if appropriate For more information on ACA Compli or any other ACA issues, please contact  Kyle Frigon .

IRS Extends Deadlines For 2015 Affordable Care Act Reporting

On December 28, 2015, the Internal Revenue Service (“IRS”) issued Notice 2016-4 , which extends the deadlines for filing information returns required by the Affordable Care Act (ACA) with the IRS and issuing individual statements to employees about health coverage. As a result of this transition relief and for the 2015 information returns, the IRS will NOT grant any additional extensions of time as originally outlined in the Form 1095-B and 1095-C instructions. Impact on Employers and Coverage Providers The transition relief provided by Notice 2016-4 extends the due dates for reporting Minimum Essential Coverage (MEC) information under IRC 6055 (Individual Mandate). Read More.

Charitable Giving Incentives Made Permanent

In recent years, it has become an annual tradition for Congress to wait until December to determine the tax treatment of tax provisions that had expired at the end of the previous year. Included in the list of provisions subject to this treatment are certain provisions related to charitable contributions. As a result of the Protecting Americans from Tax Hikes (PATH) Act of 2015, tax-exempt organizations no longer face the uncertainty caused by this annual re-evaluation of tax treatment. The PATH Act reinstates (as of January 1, 2015) and makes permanent the following charitable giving incentives: The IRA charitable distribution. Read More.

The End of TEFRA…and Other Reasons to Review Your Partnership/LLC Agreement

If you currently own, or are thinking of acquiring, an interest in a partnership or limited liability company (LLC), now may be a good time to review your organizational and operating agreements. While it is always a good idea to review these documents on a periodic basis, certain changes enacted by Congress make such a review even more important. What changed? For many years, the Internal Revenue Service (“IRS”) conducted partnership audits under one of three different regimes depending on the number and nature of the partners. Under  provisions enacted late last year, all aspects of partnership examinations will generally. Read More.

Business Deductions, Credits & Incentives for Real Estate & Construction

If you develop or hold real estate, Congress’ latest bill provides several potential tax incentives for you in the years to come! Signed on December 18th, the Protecting Americans from Tax Hikes (PATH) Act of 2015 contains many provisions focused on incentives for investments, growth, innovation, charitable contributions and relief for individuals. Those provisions addressed by the Act that had previously expired as of December 31, 2014, have been retroactively reinstated, so that they are treated as having been in effect throughout 2015. Below are links to our discussions of the changes that specifically relate to depreciation and Real Estate. Read More.

Fixed Asset Depreciation & Expensing for Real Estate & Construction

If you own or manage real estate, you may have just received a holiday gift from Congress. Signed on December 18th, the Protecting Americans from Tax Hikes (PATH) Act of 2015 continues an annual tradition of Congress waiting until December to determine the tax treatment of certain transactions that occurred during the year. In one case, the treatment of certain transactions was not determined until the following January. The cycle of lapse and reinstatement of these provisions (commonly referred to as “extenders”) have become an annual event, frustrating both taxpayers and planners. Needless to say, this late action has made. Read More.

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