On July 31st, President Obama signed the ‘Surface Transportation and Veterans Health Care Choice Improvement Act of 2015’ into law, which as unlikely as the name might otherwise imply, changed the due date of several key tax forms, including those for Americans with foreign income and Americans living abroad.
Foreign persons who work, or invest, within the U.S. maybe subject to U.S. income taxes based on their activities. Further, these same individuals may be taxed differently from one another based on certain criteria.
Under the recently passed Trade Preferences Extension Act of 2015, Congress increased the penalties for late filing or failing to file correct information returns with the government (under IRC section 6721) or to the payee (under IRC section 6722) for 2015 returns.
On July 22, 2015, the Internal Revenue Services issued Proposed Regulations to provide guidance on which allocations or distributions made by a partnership to a partner who provides services to the partnership may be treated as disguised payments for services.
The Affordable Care Act (ACA) imposes annual information reporting requirements on issuers of health insurance, including employers with self-funded plans, under IRC section 6055, and applicable large employers under IRC section 6056.
The Financial Accounting Standards Board (“FASB”) has been working on a financial statement project that may result in a number of changes to accounting standards and financial reporting for non-profit organizations (“NFP’s”).
The Senate has passed the short-term highway funding bill, providing a three-month extension of general expenditure authority for the Highway Trust Fund. This bill was signed by President Obama on July 31, 2015.
The IRS receives 9000-12,000 calls every week regarding complaints about tax scams. The tax advisors at Marcum also advise our clients about recognizing and avoiding tax scams, and the Firm has issued alerts about the many scams that keep arising.
Recent cybersecurity breaches such as Target and Neiman Marcus have caused the U.S. Government to start implementing security initiatives throughout all sectors to help defend against cyber-attacks. Companies too often find themselves in a reactive mode based on the latest attack by remediating the now known vulnerabilities in the organization.
Taxpayers under examination who are seeking to file a change of accounting method should begin filing this week, based on newly established filing time windows established by a new IRS guidance issued in June 2015.
Two new international trade bills were recently enacted into law last week and another is in the process of reconciliation. The Bipartisan Congressional Trade Priorities and Accountability Act of 2015 and the Trade Preferences Extension Act of 2015 were passed by Congress prior to the July 4th recess.