At the end of 2015, Congress made permanent a provision in the tax code that allows investors to transfer annually up to $100,000 tax-free from an Individual Retirement Account (IRA) directly to a qualified charity. By making a Qualified Charitable Distribution (QCD), investors over the age of 70 ½ may satisfy their annual required minimum […]
The IRS recently granted a one-month extension for estates to meet the 30-day consistent basis and reporting requirements that it introduced in 2015. Effective March 31, 2016, executors and some estate beneficiaries will have 30-days after the date of an estate tax filing to report to the IRS, and to any persons inheriting interest from […]
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 […]
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: […]
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 […]
Municipal bonds can be an important part of an investment portfolio. While they can provide tax-free interest income, there also exists a dark side to owning them. More specifically, municipal bonds may yield unexpected federal or state taxation of income or proceeds. Interest Income State and local municipalities issue municipal bonds to raise funds […]
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 […]
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 […]
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 […]
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 […]
