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.

Filing Deadline Changes for Partnerships, Corporations, and Foreign Information Reports

If you are required to file partnership tax returns, C corporation tax returns, or foreign information reporting (FinCen 114/FBAR), the recently enacted Surface Transportation Act of 2015 (“the Highway Act”) brings some actionable news regarding revised filing deadlines effective for 2016 tax returns. Partnerships Under the current filing rules, most calendar year partnership tax returns are due on the same day as individual income tax returns: April 15. Generally for 2016 tax year returns, the Highway Act accelerates the due date to March 15 for filing partnership tax returns and issuing Schedules K-1 to partners (the same due date as. Read More.

IRS Driving Ahead with the Cadillac Tax

Discussed in the August edition of Cherry Bekaert Benefits Consulting’s (“CBBC”) Health & Benefits Update, the Internal Revenue Service (“IRS”) has issued new regulations to address additional concerns regarding the Cadillac Tax that will impact most employer-sponsored group health plans. To download the Update, which provides a brief summary of the Cadillac Tax issues addressed by the IRS’ recent notice, please visit the CBBC website. Also check out the March Update for more details on the Cadillac Tax.

Georgia Resident? Don’t Miss Your Opportunity to Retroactively Claim Georgia Tax Refund for Texas Franchise Taxes Paid

We are excited to announce a tax refund opportunity for Georgia individual residents holding interests in pass-thru entities that conduct business in Texas. As you may be aware, in December 2014, the Georgia Tax Tribunal clarified that the Texas Franchise Tax is a tax “on or measured by income”.  This means an individual Georgia resident owning an interest in a pass-thru entity doing business in Texas is allowed to subtract a portion of pass-through income already taxed in Texas at the entity level. Just recently, the final issues of the case have been settled and the decision will not be. Read More.

DOL’s Proposed Changes to Overtime Pay Will Impact Retail Industry

Possibly impacting employers in the retail industry, the U.S. Department of Labor (“DOL”) has proposed changes to overtime pay rules under the Fair Labor Standards Act (FLSA). Announced earlier this month, the DOL is proposing setting the minimum salary threshold at the 40th percentile of weekly wages for full-time salaried workers based upon Bureau of Labor Statistics data. The DOL also proposes publishing the minimum salary 60 days before going into effect, and is considering whether nondiscretionary bonuses will be allowed to fulfill a portion of the FLSA’s standard salary test requirement. If approved, the FLSA’s final overtime rules could. Read More.

Last Chance to File for Late Partial Disposition Election is Coming Soon

As you’re probably aware, under the old rules for tangible property, when replacing a portion of your asset, the replacement was required to be capitalized alongside the original portion of the asset that was disposed. This left you with the original asset and replaced portion on your fixed asset records, creating duplicate assets and depreciation deductions. With the new tangible property regulations (TPR), however, you have an opportunity to eliminate retired or disposed assets from your fixed asset records, and take advantage of a one-time election for partial disposition deductions. Claiming losses on partial dispositions for previous tax years is. Read More.

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