Reminder! Due Date for the BEA Foreign Investment Survey is June 30th
Every five years, the Bureau of Economic Analysis (“BEA”), a division of the U.S. Department of Commerce, gathers information regarding investments in foreign affiliates by U.S. persons, which include business entities, estates and individuals. The survey generally requests financial, operational, and ownership information about investments outside of the U.S. This is not a tax filing, and no payments are due. However, failure to file the required forms can result in substantial penalties. In the past, the BEA would send out notifications letting you know if you needed to file. This year, however, the rules have changed. If you are a. Read More.
FAQ Clarifies Coverage of No-Cost Preventive Services
Cherry Bekaert Benefits Consulting’s (“CBBC”) June Health & Benefits Update discusses the recently issued FAQs Part XXVI, which addresses no-cost preventative services coverage. With the Affordable Care Act requiring all non-grandfathered insured and self-funded group health plans to cover certain preventive services without cost-sharing, some plan members have expressed concern for being improperly charged. As a result, the FAQ clarifies that non-grandfathered group health plans must cover certain services at no cost to its members. For the complete Update, please visit the CBBC website .
IRS Releases DRAFT 2015 ACA Reporting Forms
The Internal Revenue Service (“IRS”) has issued draft versions of the 2015 Affordable Care Act (ACA) Reporting Forms 1094-C and 1095-C. Cherry Bekaert Benefits Consulting’s (“CBBC”) newly available Health & Benefits Update notes that the major change to this year’s forms is on Form 1095-C, which permits employers and service providers to include a two-digit Plan Start Month. While employers and service providers use the 2014 forms as templates in preparation for the reporting the new mandatory ACA requirements, the IRS stresses that the 2015 edition of Forms 1094-C and 1095-C should not be used until the final versions are issued. To read the. Read More.
Reminder! FBAR Must be Received Electronically by June 30th | New Penalties in Place
Introduced in September 2013 by the Financial Crimes Enforcement Network (“FinCEN”), Form 114, Report of Foreign Bank and Financial Accounts (FBAR), is required to be filed by Tuesday, June 30, 2015. Please note, this Form supersedes Form TD 90-22.1. If you are a U.S. person (i.e., a U.S. individual or U.S. entity) with a financial interest in or signature authority over one or more foreign financial accounts with an aggregate value that surpassed $10,000 at any time during the past calendar year, it is important that you are aware of the recent FBAR filing requirement changes. E-Filing Requirement for Form. Read More.
How Secure is Your Identity?
And what is the IRS doing to protect your identity? For 2014 tax returns, the Internal Revenue Service (“IRS”) is utilizing a filtering system for flagging certain tax returns as “suspicious” and pausing the processing of these returns until additional identity verification is received. If your tax return is flagged, you will receive a written request (Letter 5071C) to answer additional questions to confirm you are the correct taxpayer for that return. To answer the questions, you have the option of calling a toll-free telephone number, or visiting idverify.irs.gov . Due to high call volume, the IRS highly recommends using the. Read More.
TPR UPDATE: IRS Eases Compliance Requirements; Last Chance for Accelerated Deductions
If your business owns significant tangible personal or real property, it is very likely that your tax situation will be affected by the Tangible Property Regulations (TPR). As your tax filing deadline approaches, please consider the following TPR updates from the Cherry Bekaert Accounting Methods and Credits Team. Small Business TPR Relief On Friday, February 13, 2015, the IRS released Revenue Procedure 2015-20, offering eligible small business taxpayers a simplified process to implement the accounting method changes to adopt the final tangible property regulations. For qualifying taxpayers, the regulations would be applied on a “cut-off” basis beginning on the first day. Read More.
Virginia Supreme Court Rules on Important BPOL Case
For almost 200 years, the Business, Professional and Occupational License (BPOL) tax has been a major source of funding for many counties and cities throughout Virginia. As a gross receipts-based tax, the BPOL is regressive in nature; a business that is sustaining significant losses is still subject to the tax. Far from being simple, a multi-state business with numerous locations must address a number of complexities in calculating its BPOL tax liability. The Virginia Supreme Court recently reversed and remanded a decision by the Arlington County Circuit Court which limited certain taxpayers from deducting out-of-state receipts from their gross receipts. Read More.