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Focus on Taxation: IRS Releases Guidance Regarding Information Required for Research Tax Credit Claims for Refund

On October 15, 2021 the IRS released a Chief Counsel Memorandum (CCM) detailing the information taxpayers will be required to include when filing a research tax credit refund claim on an amended tax return


Focus on Taxation: Bipartisan Infrastructure Bill Brings Employee Retention Credit Change

The bipartisan Infrastructure Investment and Jobs Act (IIJA) containing $550 billion in new funding for the nation’s traditional infrastructure and broadband was signed into law by President Biden on November 15, 2021. The bill doesn’t have nearly the breadth of tax provisions that the “Build Back Better” bill is proposing, but it does contain a few noteworthy changes. Particularly of interest, it ends the Employee Retention Credit (ERC) one quarter early for many employers.


Focus on Taxation: Employee Retention Credit Update

Long-awaited additional guidance on the Employee Retention Credit (ERC) was recently provided in Notice 2021-49 covering changes to the credit for quarters three and four of 2021, as well as general guidance for all quarters on a few gray areas.


Focus on Taxation: Tax Highlights from Biden’s Proposed Budget Plan

President Biden recently released his administration’s FY2022 budget request, which formalizes its legislative agenda for the fiscal year.


Focus on Taxation: COVID Relief Update

While the first COVID-related legislation was enacted over a year ago, resulting programs are still ongoing or just getting started. Below is the latest on relief programs available for businesses impacted by the pandemic:


Focus on Taxation: IRS Issues Official Guidance on 2021 Tax Deadline Postponement

The IRS issued Notice 2021-21 to provide additional guidance on the postponement of the federal April 15 tax deadline to May 17, 2021 for individuals.


Focus on Taxation: IRS Announces One Month Filing and Payment Extension for Individuals    

For a second straight year, the Internal Revenue Service has delayed the April 15 tax filing deadline.


Focus on Taxation: Preparing for the Shuttered Venue Operators Grant Program’s Opening Day

The Shuttered Venue Operators (SVO) grant program is slated to open April 8th after having a slow start since first established as part of the Consolidated Appropriations Act in December of 2020.


COVID-19: President Biden Signs Additional COVID Relief Package

On March 11, 2021, President Biden signed the American Rescue Plan Act (ARPA) into law. The $1.9T stimulus package passed Congress largely along party lines, with one Democrat voting in opposition.


Focus on Taxation: Nominal Effect Defined for the Employee Retention Credit

Notice 2021-20 provides much needed guidance on the 2020 Employee Retention Credit (ERC), including a definition of the word “nominal” as it is used in in determining whether a business has sustained a partial shutdown.


Focus on Taxation: New Grant Program for Shuttered Venue Operators

Live venue operators impacted by the pandemic may find significant help in the form of a new grant made available by the December COVID-19 stimulus package.


Focus on Taxation: Employee Retention Credit

The recently enacted Consolidated Appropriations Act, 2021 (CAA) has given new life to the Employee Retention Credit (ERC) initially made available by the Coronavirus Aid, Relief, and Economic Stimulus (CARES) Act.


Focus on Taxation: PPP Reopens for First Draw and Also Provides a Second Draw

Pursuant to recent COVID-19 relief legislation, the SBA announced that the Paycheck Protection Program (PPP) will reopen beginning on Monday, January 11. To give underserved and minority business owners a first chance at the $284B, community financial institutions will be the only lenders able to make First Draw PPP loans on Monday.


Focus on Taxation: Congress Strikes a Stimulus Deal

Despite several months of stalled negotiations, the long-awaited, much debated second COVID-19 stimulus package has been finalized.


Focus on Taxation: Considerations for 2020 Year-End Tax Planning

The 2020 election has left the future of tax policy uncertain. While Democrats maintained a slim majority in the House of Representatives, the final composition of the Senate will not be decided until two runoff elections are held in Georgia in January of 2021.


Focus on Taxation: Meals & Entertainment Final Regulations Clarify Deductibility

The IRS and Treasury have finalized regulations implementing amendments made by the Tax Cuts and Jobs Act (TCJA) to business related meals and entertainment deductions.


Focus on Taxation: Interaction between Paycheck Protection Program Loan Forgiveness and the Research & Experimentation Tax Credit

Taxpayers that received a Paycheck Protection Program (PPP) loan for which forgiveness will be sought that also claim the Research & Experimentation (R&E) tax credit must consider the potential impact PPP loan forgiveness could have on the R&E tax credit.


COVID-19: SBA Releases Interim Final Rule Governing Forgiveness of Paycheck Protection Program (PPP) Loans

On August 24, 2020, the Small Business Administration (SBA) published an Interim Final Rule (IFR), governing forgiveness of Paycheck Protection Program (PPP) loans.


Focus on Taxation: IRS Puts Temporary Hold on Mailing Notices to Taxpayers with Balances Due

Recently, the IRS has stopped mailing three types of notices: CP501, CP503 and CP504. These notices typically go to taxpayers who have a balance due on their taxes.


COVID-19: Small Business Administration Publishes Frequently Asked Questions Regarding PPP Loan Forgiveness

On August 4, 2020, the Small Business Administration (SBA) published 20 new Frequently Asked Questions (FAQs) governing forgiveness of Paycheck Protection Program (PPP) loans.


Focus on Taxation: Notice 2020-43 Proposes Two New Methods for Reporting Partner Capital Accounts on Partnership Returns

The IRS recently published Notice 2020-43, which proposes two new methods for reporting partner capital accounts on partnership returns (Form 1065 or Form 8865) and requests comments on the proposed methods.


COVID-19: Employee Retention Credit FAQ

The IRS recently published additional FAQs on the refundable Employee Retention Credit (ERC), as well as draft Form 941 for 2020.


COVID-19: Rev Proc. 2020-25 Provides Guidance On Claiming Retroactive QIP Depreciation

On Friday, April 17, 2020, the IRS released Revenue Procedure 2020-25. This guidance explains how taxpayers may now claim accelerated depreciation or bonus depreciation on Qualified Improvement Property (QIP) for tax years 2018-2020.


COVID-19: Revenue Procedure 2020-22, Reversing a Prior Election out of the Interest Limitation Rules

On Thursday, April 9, the IRS published Revenue Procedure 2020-22, allowing taxpayers who made an irrevocable election out of the interest expense limitation of Section 163(j) as a “real property trade or business” on a 2018 or 2019 tax return to undo the election.


COVID-19: IRS Payroll Deferral FAQ

On April 10, 2020, the IRS released guidance on the employment tax deposit deferral that came as part of the CARES Act.


COVID-19: Notice 2020-23

On April 9, 2020, the IRS released Notice 2020-23, which automatically postpones due dates for payments, returns, and form filings specified in the notice to July 15th, 2020.


COVID-19: Regulatory Summary for Individuals & Families

Recently governments and business have launched various programs and changes to help those affected financially by the COVID-19 pandemic.


COVID-19: Families First Coronavirus Response Act Paid Sick Leave and Family Medical Leave Expansion

During the first two weeks of unpaid expanded family and medical leave, you may not simultaneously take paid sick leave under the EPSLA and preexisting paid leave, unless your employer agrees to allow you to supplement the amount you receive from paid sick leave with your preexisting paid leave, up to your normal earnings. 


COVID-19: Revenue Procedure 2020-23

On April 8th, 2020, the Internal Revenue Service released Rev. Proc. 2020-23.


COVID-19: Economic Injury Disaster Loan, Paycheck Protection Plan Loan or Both? 

Businesses and organizations have various loan options available to help offset financial hardship and uncertainty caused by the COVID-19 pandemic.


COVID-19: Paycheck Protection Program (PPP Loan)

The PPP Loan was signed into law on March 27, 2020, as part the CARES Act. Although guidance on the PPP Loans are evolving, here is a summary of what you need to know.


COVID-19: The Business Impact of the COVID-19 Pandemic

COVID-19 continues to impact us all across the country, and recent legislation provides support to those struggling to navigate these uncertain times.


COVID-19: Notice 2020-20 Extends Filing and Payment Date for Gift Tax Returns

On March 27, 2020, the IRS published Notice 2020-20, which expands relief provided previously in Notice 2020-18. The notice extends the due date for Form 709, (Gift and Generation Transfer Skipping Tax Return), as well as the date for making payments of Federal gift and generation-skipping transfer tax from April 15, 2020 until July 15, 2020.


COVID-19: IRS Provides Additional Guidance of Blanket Extension of April 15 Tax Deadline to July 15

Last Friday, the IRS superseded and expanded guidance issued earlier in the week by giving certain taxpayers an extra three months to file and pay their taxes.


COVID-19: Federal Emergency Declaration Opens Door for Employers to Make Certain Tax-Free Payments to Employees

With President Trump having issued an “emergency declaration” related to the COVID-19 pandemic, the IRS delayed tax season until July 15th by relying on Section 7508A(a) of the Internal Revenue Code, which can only be done when there is a “federally declared disaster” pursuant to Code Section 165.


COVID-19: President Signs into Law Coronavirus Relief Act

On March 18, 2020, President Trump signed into law the Families First Coronavirus Relief Act. In addition to providing free COVID-19 testing, access to meals for children required to stay home from school and extended unemployment insurance, the bill includes benefits for employees and employers impacted by the pandemic. 


COVID-19: Questions Related to Notice 2020-17

As the April 15 tax deadline fast approaches, the nation continues to struggle with the Coronavirus pandemic. Earlier this week, Treasury Secretary Steven Mnuchin promised relief for taxpayers, and on March 18th, the IRS formalized that relief by publishing Notice 2020-17


COVID-19: Treasury Department Delays April 15 Tax Payment Deadline

The United States Treasury Department announced today, March 17, that it would be pushing back the April 15 deadline to pay taxes owed by 90 days, giving Americans three extra months to pay their 2019 income tax bills.


Focus on Taxation: Certain Entertainment Expenses May be Fully Deductible

The Tax Cuts and Jobs Act modified the rules relating to the deductibility of entertainment expenses. In general, entertainment expenses are not deductible under 274(a).


Focus on Taxation: Extension of Certain Expiring Provisions

On December 17, 2019, the House of Representatives passed the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (H.R. 1865), with the expectation that the bill will quickly be passed in the Senate and signed into law by the President. As part of the legislation, Congress agreed to reinstate several popular tax breaks that expired at the end of 2017, in most cases through the end of 2020.


Focus on Taxation: Changes to Section 382 of the Internal Revenue Code

The IRS recently published proposed regulations that would further reduce a corporation’s already-limited ability to utilize its net operating loss (NOL), credits and interest expense carryforwards after an ownership change.


Focus on State & Local Taxation: Missouri Extends Statute of Limitations on Sales and Use Tax Refunds

On July 11, 2019, Governor Parson signed Senate Bill 87, which extends the statute of limitations for sales and use tax refunds.


Focus on Taxation: Changes to the Nevada Commerce Tax Return Filing Requirements

Thanks to the Nevada Legislature, companies with less than $4 million of Nevada gross revenue have less to do this summer. In the past, all companies conducting business in Nevada were required to file Commerce Tax returns regardless of revenue.


Focus on Taxation: Missouri Will Not Limit Business Interest Expense

As part of the Tax Cuts and Jobs Act, for tax years beginning on or after January 1, 2018, the amount of business interest that is deductible for federal income tax purposes may be limited.


Focus on Taxation & Real Estate: Tax Savings Related To Opportunity Zones

In summary, the article details that the newly created qualified opportunity zones offer an intriguing tax planning option for investors and a potential boon for distressed communities.


Focus on Taxation: Providing Clarity on Section 199A

RubinBrown Partner Tony Nitti recently took part in a nonpartisan tax think tank which debated the pros and cons of the new Section 199A, more widely known as the 20% pass-through deduction. 


Focus on Taxation:  Analysis of the New Tax Law

Last week, RubinBrown Partner Tony Nitti spoke on a panel that analyzed the new tax law, as well as the latest views about the law among taxpayers and journalists.


Focus on Taxation: Much Anticipated Final Regulations Issued on 199A

On January 17, 2019, the IRS delivered final regulations on one of the most complicated provisions of the new tax law, Section 199A, commonly referred to as the 20% pass-through deduction. The regulations provide clarity and much needed guidance on Section 199A that was enacted on December 22, 2017, as part of the Tax Cuts and Jobs Act. Along with the final regulations the IRS also issued two significant rulings; one allows a safe harbor for certain rental properties and the other a method of determining W-2 wages.


Focus on Taxation: IRS Provides Guidance on Employee Parking Provisions of New Tax Law

On December 10, 2018, the IRS issued long-awaited guidance on the application of one of the new tax provisions added by the Tax Cuts and Jobs Act, Section 274(a)(4). This provision under the Act is effective January 1, 2018. Notice 2018-99 provides guidance for taxable entities on how to compute the non-deductible amounts related to parking provided to employees under IRC Section 274(a)(4).


Focus on Taxation: Employers May Qualify for Tax Credits for Paid Family and Medical Leave

The 2017 Tax Cuts & Jobs Act grants employers who voluntarily offer qualifying employees up to 12 weeks of paid family and medical leave annually, a tax credit for a portion of wages paid in 2018 and 2019. In order to be eligible for the credit, the employer’s written policy containing specific language must be in place before the leave is taken.


Focus on R&E Tax Credits: New Tax Law Increases the Benefit of the Research & Experimentation Tax Credit

The Credit for Increasing Research Activities, also referred to as the “R&E”, “R&D” or “Research” tax credit, incentivizes companies to invest in people and technology that can lead to growth in revenues and profitability, as well as promote job retention and expansion. The credit focuses on three types of qualifying expenditures: wages, supply costs and contract research.


Focus on Taxation: Guidance Issued for the Pass-Through Entity Deduction – Section 199A

On August 9, 2018 the IRS released guidance on new Code Section 199A, commonly referred to as the “pass-through entity deduction”. Code Section 199A allows business owners to deduct up to 20% of their qualified business income (QBI) from partnerships, S corporations, trusts and sole proprietorships.


Focus on State & Local Taxation: U.S. Supreme Court Overrules Physical Presence Standard

In the 5-4 decision of South Dakota v. Wayfair, Inc., the Supreme Court of the United States ruled South Dakota’s economic nexus law constitutional. The decision has the potential to require online retailers and other remote sellers to collect and remit sales tax to states in which they do business, regardless of their physical presence within those states.


Focus on Taxation: Bipartisan Budget Act of 2018 - Tax Extenders

On February 9, President Trump signed the Bipartisan Budget Act of 2018 into law. The Act contains an extension of over 30 otherwise expired tax breaks. The following is a listing to the tax provisions extended by the Act through 2017 (unless otherwise noted).


Focus on Taxation: Comprehensive Overview of the Tax Cuts and Jobs Act (H.R. 1)

RubinBrown is proud to provide a comprehensive overview of the Tax Cuts and Jobs Act (H.R. 1) that was signed into law on December 22, 2017. Read detailed information about the sweeping changes as well as the impact on individuals and businesses.


Focus on Taxation: Meals, Entertainment and Transportation Fringe Benefits May No Longer Be Deductible – May Require Immediate Action

Under tax law applicable for expenditures before January 1, 2018, generally meal and entertainment expenses were 50% deductible. With changes made with the recent legislation (H.R. 1) entertainment expenses are 100% NOT deductible for amounts paid or incurred after December 31, 2017.


Focus on Taxation: Tax Reform Update – International Taxes

The Tax Cuts and Jobs Act (the Act) is our first major re-write of the Internal Revenue Code since 1986. In regards to U.S. international tax law, the Act contains significant changes to how US based multinational corporations are taxed.


Focus on Taxation: Tax Reform Update – Businesses & Individuals

An agreement has been reached on a tax reform bill that is expected to go before the House and Senate for a final vote this week. The President is anticipating signing it into law before Christmas. The following is a summary of the key changes proposed.


Focus on Taxation: Tax Reform Proposal

On September 27, President Trump and Republican leaders unveiled a framework for tax reform. The following are the highlights of the changes contained in the proposal for individual and business taxes.


Focus on Taxation: Hurricane & Disaster Tax Relief

A number of RubinBrown clients either live in or have operations in states that have been affected by disasters during this year’s active hurricane season.  The IRS recently announced a number of tax relief initiatives for those individuals and businesses which have been affected by Hurricane Harvey and Irma.


Focus on State and Local Taxation: Fewer Hurdles, Faster Benefits for Missouri Works Training Program

Recently passed legislation expands upon the Missouri Works Training Program. Originally enacted in 2013, the program was established to consolidate Missouri’s workforce programs into a single streamlined program.


Focus on Taxation: 2017 Tax Reform

On April 26, 2017 the Trump Administration issued an outline on “2017 Tax Reform for Economic Growth and American Jobs” calling it “the biggest individual and business tax cut in American history”.


Focus on R&E Tax Credits: Interim Guidance Issued on Using the Research Tax Credit to Offset Payroll Taxes

On March 30, 2017, the IRS released interim guidance explaining how eligible small businesses can take advantage of the Research & Experimentation (R&E or R&D) tax credit by electing to offset their 2017 payroll tax liability instead of their income tax liability.


Focus on Taxation: March 24 Is Deadline For 1040 Tax Documents

It’s tax season and RubinBrown team members are hard at work for our clients! We thank you for your trust in us and your business. Although the tax deadline (April 18) is a month away, we are requesting 1040 client tax documents be to us by Friday, March 24. This will ensure we are able to file timely for you.


Focus on Taxation: New Deadline of FinCEN Report 114 - Report of Foreign Bank and Financial Accounts (FBAR)

In 2015, Congress made significant revisions to the due dates for filing many important and common returns, including FinCEN Report 114, Report of Foreign Bank and Financial Accounts (known as the FBAR).


Focus on Taxation: Update on Small Captive Insurance Companies

Current tax law allows business owners to create their own insurance company, to which the insured business makes premium payments and takes a deduction for those payments. If this insurance company, also commonly known as a “captive,” makes an election under Internal Revenue Code §831(b), net premiums received by the captive are not taxable.


Focus on Taxation: New Overtime Rules Scheduled to Take Effect December 1 Postponed Indefinitely

On November 22, U.S. District Judge Amos Mazzant indefinitely postponed implementation of the United States Department of Labor (DOL) overtime rules originally set to go into effect on December 1.


Focus on Taxation: 2016 Presidential Election Expected to Bring Tax Law Changes

President-elect Trump had made tax reduction a centerpiece of his economic plans during his campaign, saying he would, among other things, propose lower and consolidated individual income tax rates, expand tax breaks for families and repeal the Affordable Care Act.


Focus on R&E Tax Credits: Research Credit Enhancements Provide New Opportunities

Has your company considered claiming the Research and Experimentation (R&E) tax credit, only to be told you couldn’t because of the Alternative Minimum Tax (AMT)? If so, recent federal tax law changes for small business owners make it worthwhile to take a fresh look at the R&E credit.


Focus on State and Local Taxation: Arizona and Pennsylvania Tax Amnesty Programs

Arizona and Pennsylvania are offering tax amnesty programs to taxpayers. The Arizona program provides amnesty for individual and corporate income taxes for tax years ending before January 1, 2014 and transaction privilege (sales) taxes, including such taxes for program cities, for tax periods ending prior to February 1, 2015.


Focus on Taxation: Safe Harbor to Deduct 75% of Remodeling Costs (Retailers and Restaurants)

Have you remodeled your retail facility or restaurant since January 1, 2014? Or do you intend to undertake such a project in the near future for such a facility? If so, and if you have an audited financial statement, a simplified procedure may be available to you to automatically deduct up to 75% of these costs.


Focus on Taxation: Time Sensitive Opportunity - Work Opportunity Tax Credit (WOTC) Extension for 2015 and 2016

WOTC is a federal credit for employers that hire individuals from targeted groups and is currently extended through December 31, 2019. Back in March, the IRS issued guidance and transition relief with Notice 2016-22 as a result of the PATH Act extending the WOTC retroactively for 2015 and adding a new targeted group for Long-Term Unemployed Recipients effective January 1, 2016.


Focus on Taxation: Change to Minimum Salary Level to Qualify for Exempt Status

The Department of Labor (DOL) published its final rule concerning the minimum salary level necessary in most cases for an employer to qualify as exempt from overtime pay under the Fair Labor Standards Act (FLSA). In the absence of an exemption, the FLSA provides that an employee is entitled to receive pay at the rate of time and one-half for all hours worked over 40 in a week.


Focus on Taxation: Time Sensitive Opportunity - Work Opportunity Tax Credit (WOTC) Extension for 2015 and 2016

WOTC is a federal credit for employers that hire individuals from targeted groups and is currently extended through December 31, 2019. The IRS recently issued guidance and transition relief with Notice 2016-22 as a result of the PATH Act extending the WOTC retroactively for 2015 and adding a new targeted group for Long-Term Unemployed Recipients effective January 1, 2016.


Focus on Taxation: New Foreign Financial Asset Reporting Requirements

The IRS has recently issued new regulations which require "specified domestic entities" to report its interest in certain foreign financial assets on Form 8938, Statement of Foreign Financial Assets. The penalty for non-compliance is $10,000 per year.


Focus on Taxation: IRS Provides Relief to Missouri Storm Victims

On January 22, 2016, the Internal Revenue Service (IRS) announced that Missouri storm victims will receive tax relief.


Focus on R&E Tax Credits: Made Permanent with Improvements Coming in 2016

The Research & Experimentation Tax Credit, also referred to as the “R&E” or “Research” tax credit incentivizes companies to invest in people and technology that can lead to growth in revenues and profitability, as well as to promote job retention and expansion. The credit focuses on three types of expenditures: qualified wages, supply costs and contract research.

Since its inception in the 1980’s, the research credit (along with other so-called “tax extenders”) has existed on a renewable basis; usually for two years, but only for one year in 2014. This made it challenging for companies to track the eligible expenditures for the credit, since it was not known if the credit would be in place when it came time to file for it.


Focus on Taxation:  President Obama Signs Tax Extenders Bill

On Friday, December 18, President Obama signed into law the Protecting Americans from Tax Hikes (PATH) Act of 2015.


Focus on Taxation: 2015 Year-End Tax Planning

As we head into the last month of the calendar year, it is important to take note of the over 50 “temporary” individual and business tax provisions that have expired and may or may not be extended and retroactively reinstated before the end of the year.


Focus on Taxation:  Accelerated Deduction Opportunities

Have you addressed the requirements and evaluated the related opportunities afforded to your business under the Tangible Property Regulations (TPRs)?


Focus on Taxation: Time Sensitive Opportunity - Work Opportunity Tax Credit (WOTC) Extension for 2014

The IRS recently issued guidance and transition relief with Notice 2015-13 for those employers claiming the WOTC through December 31, 2014.  The WOTC is a Federal credit for employers that hire individuals from specific targeted groups.


Focus on Taxation:  What To Do If You Receive Correspondence From a Foreign Bank Asking for Personal Information

Many RubinBrown clients with bank accounts or other financial assets offshore have been receiving correspondence from the institutions holding those assets asking for personal information such as US social security numbers.  This article covers why you may receive these letters and what to do after you receive one.


Focus on Taxation:  One Year Extenders Package

On December 19, the President signed into legislation the Tax Increase Prevention Act of 2014.  The package includes provisions that extend for one year retroactively to January 1, 2014 and through December 31, 2014, some 54 expired tax provisions.  


Focus on Taxation: Reminders for Year-End Charitable Gifts

The Internal Revenue Service (in IR-2014-110) recently reminded individuals and businesses making year-end gifts to charity that several important tax law provisions have taken effect in recent years.


Focus on Taxation:  2014 Year-End Tax Planning

Year-end tax planning for 2014 must consider many important “temporary” tax provisions that have expired and may not be retroactively reinstated and extended before the end of the year. With the election now passed, Congress may or may not act to extend or reinstate various beneficial tax provisions.  


Focus on Taxation: Significant Tax Savings Opportunities with the Tangible Property Regulations 

All taxpayers that have capital expenditures or incur repair and maintenance costs will be impacted by the tangible property regulations that go into effect for tax years beginning on or after January 1, 2014.


Focus on Taxation:  Beware of Tax Scams Now That Filing Season Is Here

With the start of the 2014 tax season, the Internal Revenue Service is urging taxpayers to be aware that tax-related scams using the IRS name proliferate during this time of year.


Focus on Taxation: Revised Accounting Method Change Procedures Related to Tangible Property Regulations Issued

In September of 2013 the IRS issued final tangible property regulations that provided guidance on the application of Internal Revenue Code Sections 162(a) and 263(a) to amounts paid to acquire, produce, or improve tangible property. RubinBrown has previously communicated that in order to adopt these new regulations, which are generally applicable to tax years beginning on or after January 1, 2014, change in accounting method filings will be required. On January 24, 2014 the IRS provided revised procedures for making these filings.


Focus on Taxation: Expired Tax Provisions

While you are pulling together your information to prepare your 2013 income taxes, you should know about the tax provisions that expired at the end of the year. The following are among the more significant of these provisions.


Focus on Taxation: Final Regulations for Qualified Stock Dispositions Issued

The Internal Revenue Service (IRS) recently issued final regulations under Code Section (Sec.) 336(e) that allow individuals and partnerships, in certain circumstances, to step-up their basis in business assets acquired by stock acquisition.


Focus on Taxation: What to do Before Year End to Implement the New Tangible Property Regulations

The IRS issued the final tangible property regulations on September 13, 2013, modifying and superseding the temporary regulations that were issued on December 23, 2011. The tangible property regulations will apply to all taxpayers. It does not matter what form of business one is in, whether a "C" corporation, an "S" corporation, a partnership, an LLC, a sole proprietorship (Schedule C on individual return), or a rental (Schedule E on individual return); these new rules and requirements will apply. Taxpayers will be required to file one or more Form(s) 3115 for each accounting method change for each separate entity, or trade or business.


Focus on Taxation: Final Tangible Property Regulations Issued

Should expenditures related to tangible property be expensed or capitalized?

This is the question that the IRS has addressed with its tangible property regulations, which has been the source of much confusion for many years.


Focus on Taxation: New Guidance for Domestic Production Activities Deduction

Internal Revenue Code Section 199 provides for a tax deduction equal to 9% of the lesser of the qualified production activities income of the taxpayer for the taxable year or taxable income for the taxable year. The taxpayer entitled to this deduction is often not clear when a contract manufacturing arrangement exists.


Focus on Taxation: Healthcare Law Imposes Excise Tax on Employers & Insurance Carriers

A new fee enacted through the new healthcare law to help fund the Patient-Centered Outcomes Research Institute (PCORI) must be paid by certain employers that sponsor self-insured health plans by July 31, 2013.

The first year of the fee is $1 per covered life per year, the second year the fee adjusts to $2 per covered life and then it's indexed to national health expenditures thereafter until it ends in 2019.


Focus on Taxation: Actions To Take Now Related To The New Tangible Property Regulations

The new tangible property regulations will provide the most dramatic change in tax law in the area of expenditure capitalization to affect for-profit businesses since the overhaul of the Internal Revenue Code in 1986.


Focus on Taxation: Colorado Pre-Certification of Enterprise Zone Credits

RubinBrown reminds its clients and contacts that for all businesses located in Enterprise Zones, Colorado requires pre-certification of eligibility for Enterprise Zone Credits. This became effective January 1, 2012.


Focus on Taxation: American Taxpayer Relief Act

On January 1, 2013, the Senate and House of Representatives passed the American Taxpayer Relief Act ("Act"). The President signed the Act into law on January 2, 2013. The summary below has been prepared by RubinBrown tax executives to highlight many of the implications of this legislation.


Focus on Taxation: What Will Change If Congress Doesn't Act

U.S. tax law will significantly change for both individuals and businesses as many tax provisions either expired at the end of 2011 or will expire at the end of 2012.

Unless new legislation is passed, the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003, other than those made permanent or extended by subsequent legislation, sunset and won’t apply to tax years 2012, as well as subsequent years.


Focus On Taxation: Payroll Tax Cut Extension Signed – Now Through 2012

On February 22, President Obama signed legislation that extends the 2% payroll tax holiday that was enacted by the 2010 Tax Relief Act that was set to expire on March 1, 2012.


Focus on Taxation: Clarification on the 1099 Reporting Rules

Last year the President signed the 1099 Repeal Act, which eliminated two burdensome provisions related to 1099 reporting that were originally enacted in two separate tax acts passed in 2010. Accordingly, we have received several questions requesting guidance on the 1099 reporting requirements


Focus on Taxation: IRS E-Filing Requirements and Mailing Prohibition

As tax season kicks off, RubinBrown reminds our clients of the IRS e-filing requirements, as well as the IRS’ prohibition on specified tax return preparers mailing individual income tax returns to the IRS on behalf of clients after December 31, 2011.


Focus on Taxation: Payroll Tax Cut Extension Signed

On December 23, 2011, President Obama signed legislation that extends the 2% payroll tax holiday that was enacted by the 2010 Tax Relief Act that was set to expire on December 31, 2011.


Focus on Taxation: Businesses Should Prepare Now For Year-End Tax Provisions

As we approach the end of 2011, businesses should consider taking a fresh look at some of the tax incentives that are currently available but may expire at the end of the year, or may be modified if they survive.


Focus on Taxation: 1099 Repeal Bill Signed Into Law

President Obama signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (“1099 Act”) on April 14, 2011.


Focus On Taxation: Tax Extenders Bill Signed Into Law

President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 on Friday, December 17, 2010 (the "Act").


Focus On Taxation: Small Business Jobs Act of 2010 Signed Into Law

On Monday, September 27, President Obama signed into law the Small Business Jobs Act of 2010 (the Act). The Act includes a number of important tax provisions that are expected to affect large and small businesses, as well as individuals.


UPDATED! Focus On Tax: The New Healthcare Reform Bill

The Patient Protection and Affordable Care Act (H.R. 3590), was passed by Congress on Sunday and signed into law today, March 23, 2010, by President Obama.  This new healthcare legislation contains numerous tax provisions which may impact individuals and businesses. 


Focus On Tax: Hiring Incentives to Restore Employment (HIRE) Act

On March 18, 2010, President Obama signed into law the “Hiring Incentives to Restore Employment Act” (“HIRE Act”). The principal purpose of the HIRE Act is to create an immediate incentive for businesses to hire unemployed individuals.


Focus On Taxes: Haiti Relief Donations Qualify as 2009 Tax Deduction

People who make charitable contributions providing for earthquake relief in Haiti can take a tax deduction for the contribution on their 2009 tax return instead of their 2010 return. This means you can receive an immediate tax benefit, rather than having to wait until you file next year’s return.


Focus On Taxes: Illinois Repeals Previous Replacement Tax Code Change

On December 16, 2009, Illinois Gov. Pat Quinn (D) signed legislation, effective immediately, repealing a law change that would have subjected businesses operating as professional service partnerships, LLPs or LLCs to an additional tax on profits.