Monthly Archives: March 2016

IRS Again Extends Basis Reporting Deadline by Jeffrey M. Mutnik, CPA/PFS

Posted on March 28, 2016 by Jeffrey Mutnik

For the second time since July 2015, the IRS has extended the deadline for estates to meet a 30-day consistent basis and reporting requirement. Effective immediately, executors and some beneficiaries of estates will have until June 30, 2016, to report to the IRS, and to any persons inheriting interest from a decedent, the value of […]

Upcoming Tax Deadlines for Individuals and Businesses March to June 2016

Posted on March 21, 2016 by Richard Berkowitz

March 31:                    Deadline for electronic filing of Form 1099 with the IRS and Form W-2 with the Social Security Administration   March 31:                    Deadline for large employers to furnish to their full-time employees IRS Forms 1095-B, Health Coverage, and 1095-C, Employer-Provided Health Insurance Offer and Coverage, detailing health care coverage provided to employees in 2015   April 1:                         […]

IRS Suspends IP PIN Service by Joseph L. Saka, CPA/PFS

Posted on March 21, 2016 by Joseph Saka

The IRS has temporarily suspended access to its Identity Protection Personal Identification Number (IP PIN) online tool following a data breach on the very service intended to protect taxpayers from identity theft.   The IRS established the IP PIN program to help reduce the incidence of tax-return fraud by issuing to eligible taxpayers a six-digit […]

How Real Estate Businesses May Be Missing Opportunities When Applying Tangible Property Regulations by John G. Ebenger, CPA

Posted on March 16, 2016 by John Ebenger

Individuals and businesses that own or rent tangible property may be missing out on significant tax-savings opportunities when they or their advisors fail to understand and apply the often-confusing provisions contained in the Repair Regulations.   More formally known as the Tangible Property Regulations, these rules are intended to simplify how and when taxpayers should account […]

Employers with 50 to 100 Employees Face March 31 ACA Reporting Deadlines by Adam Cohen, CPA

Posted on March 15, 2016 by Adam Cohen

Businesses and non-profit organizations with 50 to 100 full-time equivalent employees who did not offer their workers minimal essential health care coverage in 2015 can qualify for a one-year exemption from the employer shared responsibility provision of the Affordable Care Act. However, these employers are still required to comply with the information requirements of the […]

New Compliance Rules for Social Welfare Organizations by Adam Cohen, CPA

Posted on March 14, 2016 by Adam Cohen

Under the recently enacted Protecting Americans from Tax Hikes Act (PATH), entities established after December 18, 2015, that seek to operate as 501(c)(4) social welfare organizations will be required to notify the IRS and submit an application to be treated as such within 60 days after they are established. While the IRS has not yet […]

Protect Yourself from the Top-12 Tax Scams by Joseph L. Saka, CPA/PFS

Posted on March 12, 2016 by Joseph Saka

A new year, and little has changed in the rapid pace with which criminals are employing elaborate schemes to cheat taxpayers and the IRS. During tax season, individuals should be on high alert to identify tax-related scams and take steps to protect themselves from becoming victims.  Following are the IRS’s top-12 scams of the current […]