Massachusetts Association of Accountants 2014 New England Institute on Taxation
November 7, 2014
180 Water Street, Plymouth, MA
Tax Law Update: Filing Season Reminders
Firms Boost Results with Filing Season Reminders – Effective for 2014, IRS has approved Form 8879 and the use of E-Signatures so a preparer must adhere to a variety of requirements and software must (1) use an acceptable E-Signature method, (2) capture specific data through the signing process, (3) authenticate each taxpayer with Knowledge Based Authentication (KBA), and (4) EROs must confirm taxpayer information for both in-person and remote transactions; time to plan for new net investment income regulations under IRC §1411; remembering the Supreme Court in Windsor, 133 S. Ct. 2675 (2013), confirming that marriage includes a legal union of a same-sex couples, which leads to tax planning challenges faced by same-sex couples, such as estate and gift tax complications, availability of spousal benefits, deductions, exemptions, and the possibility of filing amended returns; “required minimum distributions” from an IRA or retirement account with clients turning 70½; transition relief available to IRAs and annuities re: the one-rollover-per-year limitation - See IRS Announcement 2014-15; a Simplified Option for claiming home office deductions up to $1,500 – See IRS Tax Tip 2014-36 ; revisiting new capitalization regs that affect virtually all taxpayers with tangible property; and factors that deter-mine reasonable S corporation shareholder compensation; etc.
Donald J. Zidik, Jr., CPA - Tax Business Senior Manager, Marcum LLP