Business tax

TOPICS / TAX

April 23, 2015

Proposed PFIC rules would define “active conduct” of an insurance business

Proposed rules would define when investment income earned by a foreign insurance company would not be considered passive income in the determination of whether the company is a passive foreign investment company (PFIC).

April 13, 2015

Tax practice responsibilities involved in Schedule UTP

The need to file Schedule UTP, Uncertain Tax Position Statement, may have taken many corporate taxpayers by surprise in 2014, since the asset threshold for compliance was lowered from $50 million to $10 million.

April 13, 2015

Proposed rules would govern Sec. 41 credit for software

The IRS offers a test and safe harbor for qualifying dual-function internal-use software.

April 13, 2015

Small businesses excused from filing Form 3115 to comply with repair regs.

IRS provides relief requested by AICPA and numerous others for accounting method changes.

April 13, 2015

IRS issues new and revised passenger automobile depreciation limits

New figures for 2014 reflect the retroactive extension of bonus depreciation.

April 13, 2015

Sec. 4980D excise tax relief is available for certain small employers

IRS gives limited transition relief for employer payment plans and 2% S corporation shareholder arrangements.

March 27, 2015

Former partner liable for trust fund penalty

A taxpayer couldn’t prove his CPA had responded to an IRS letter assessing the 100% penalty for failure to pay payroll tax.

March 12, 2015

Final regulations amend broker basis reporting requirements

The IRS issued final and temporary regulations that clarify and simplify rules regarding broker basis reporting issued in 2013.

March 10, 2015

Long-haul truck driver has no tax home

A long-haul truck driver who spent 358 days on the road during 2009 did not have a tax home that would permit him to deduct his travel expenses as unreimbursed business expenses.

March 4, 2015

IRS considering free e-filing for employment tax returns

The IRS asked for comments on a proposal to establish a free e-filing program for employment tax returns in an attempt to increase electronic filing of these returns by businesses.

March 3, 2015

Supreme Court holds trade association can challenge Colorado’s Amazon law

The U.S. Supreme Court held that federal law does not prevent a trade association from suing Colorado to prevent enforcement of a law that requires out-of-state retailers to report sales to Colorado purchasers.

March 1, 2015

Domestic production gross receipts not derived from free phone app

A bank does not have domestic production gross receipts for purposes of the Sec. 199 domestic production activities deduction when customers download its free mobile phone app.

March 1, 2015

The domestic production activities deduction for computer software

Know how to apply the rules to this fast-changing industry.

February 19, 2015

Employers have more time to claim work opportunity tax credit

Qualifying employers must file a certification that the employee being hired is a member of a targeted group, no later than the 28th day after the employee begins work.

February 18, 2015

Sec. 4980D excise tax relief is available for certain small employers

The IRS said that small employers will not be subject to the Sec. 4980D excise tax for health insurance employer payment plans that do not comply with the market reforms required under the health care law.

February 17, 2015

Employee consent to employment tax refunds could be obtained electronically

The IRS issued a proposed revenue procedure that would permit employers who file refund claims for overpaid Federal Insurance Contributions Act and Railroad Retirement Tax Act taxes to obtain their employees’ consent to the refund claims electronically.

February 13, 2015

Small businesses won’t have to file Form 3115 to comply with repair regs.

Small business taxpayers will be allowed to make certain accounting method changes under the tangible property (or “repair”) regulations without filing Form 3115, Application for Change in Accounting Method, the IRS announced.

February 10, 2015

Most outstanding claims for FICA tax refunds will be denied, IRS announces

The IRS announced that it would disallow all claims for refund that were filed for Federal Insurance Contributions Act taxes withheld on severance payments in light of the Supreme Court’s decision in Quality Stores, Inc., that those payments were subject to tax.

February 6, 2015

IRS issues revised 2014 and 2015 passenger automobile depreciation limits

The IRS issued new figures for depreciation deductions allowed for business use of passenger automobiles for 2014 to take into account the 50% additional depreciation that can be taken for vehicles during the 2014 tax year.

February 2, 2015

FASB proposes two changes to simplify accounting for income taxes

FASB proposed two standards changes that are designed to reduce complexity in accounting for income taxes.

FROM THIS MONTH'S ISSUE

Cannabis dispensary denied ERC

The Court of Federal Claims held that Sec. 280E, which prohibits deductions and credits for businesses trafficking in controlled substances, applies to the employee retention credit (ERC), including its refundable portion, and denied a cannabis business’s claim for a refundable ERC.