Month: December 2014

IRS Announces Tax Return Filing Season Opens January 20, 2015

Ready, set, file? Not quite. If you’re waiting on a tax refund, you can’t get it until you file, and the IRS says it will accept returns starting January [...]

Recent Developments in Compensation and Benefits – Part 2

Unrelated Business Income Tax In February, the IRS issued proposed regulations under Sec. 512(a) providing guidance on how voluntary employee benefit [...]

Recent Developments in Compensation and Benefits – Part 1

Final regulations provide guidance on the employer shared-responsibility provisions (employer mandate) of the Patient Protection and Affordable Care Act [...]

The IRS Figures Out The Real Estate Professional Rules – Part 2

Two Grouping Elections When a you have one activity under the meaning of Section 469—whether it be a rental property or a partnership or S corporation [...]

The IRS Figures Out The Real Estate Professional Rules – Part 1

Qualifying as a real estate professional has long been a boon to taxpayers who would otherwise be limited in the losses they could deduct from rental [...]

Congress passes tax extender legislation on December 12th, 2014

The Senate passed a bill to retroactively extend more than 50 expired tax provisions through 2014, by a vote of 76–16 on Dec. 12 evening. The extender bill [...]

Partnerships: Two’s Company?

Can partners be employees? And should they? The answer, as in many other areas of the tax law: it depends. IRS Revenue Ruling (RR) 69-184 states, [...]

Expired Tax Breaks in 2013

Tax benefits for individuals and small businesses that expired in 2013 could have an impact on as many as one in six taxpayers, according to a new [...]

Year-End Gifting Rules Revisited

The Internal Revenue Service is reminding individuals and businesses making year-end donations that several important tax law provisions have taken effect in [...]

5 Musts for Small Businesses

According to the Small Business Administration, small businesses make up 99.7 percent of all U.S. employers. Nearly 50 percent of revenue earned by locally [...]