2014 Tax Planning Guidelines for Individuals & Businesses
December 10, 2014
Benjamin Franklin is often quoted as having said that “nothing is certain except death and taxes”. Interestingly enough, Franklin wasn’t talking about death or taxes. He was writing to a friend about the relatively new American Constitution. Franklin actually wrote “Our new Constitution is now established, and has an appearance that promises permanency, but in this world nothing can be said to be certain, except death and taxes.”
Other Recent Alerts
WeiserMazars Tax Alert: Ireland Very Much Open for Business as "Double Irish" is Filtered Out
November 24, 2014
The Irish government’s Budget 2015 contains a number of measures which will impact companies doing business in the country including a range of attractive tax measures to encourage foreign direct investment into Ireland and the end of availability of the “double Irish” tax structure as of January 1, 2015.
WeiserMazars Tax Alert: Internal Revenue Service Delays Effective Date of Regulations Regarding Estates and Non Grantor Trusts Costs Subject to the 2% Floor Limitation
October 16, 2014
The Internal Revenue Service (IRS) recently issued final regulations, effective for taxable years beginning on or after May 9, 2014, identifying which expenses incurred by an estate or non-grantor trust are subject to the 2% floor for miscellaneous itemized deductions for income tax purposes.
WeiserMazars Tax Alert: The New Jersey Division of Taxation is Offering Taxpayers an Opportunity to Resolve Unpaid Tax Liabilities
October 6, 2014
The New Jersey Division of Taxation is providing businesses and individuals with existing tax liabilities an opportunity to resolve these matters. Under the initiative, taxpayers can pay any outstanding tax bills with reduced or eliminated penalties, no collection costs, and no recovery fees. The initiative is open to taxpayers who have outstanding tax liabilities for the tax periods 2005 through 2013 and the initiative will run until November 17, 2014. Learn more in our latest Tax Alert.
WeiserMazars Tax Alert: Refund Opportunities for United States Pensions Investing in the European Union
September 24, 2014
United States-based funds that invest in the European Union (EU) may have the opportunity for significant refunds based on improper tax withholding by EU member nations. Many estimate that the refunds available to investors may exceed €3 billion.
WeiserMazars Tax Alert: A Friendly Reminder: COD Income Recognition Deferred Under IRC § 108(i) Starts NOW (2014)
August 13, 2014
Time is up! Taxpayers who availed themselves of the income deferral benefits under Internal Revenue Code (IRC) § 108(i) for cancellation of debt income (“COD income”) realized in 2009 and 2010 must start recognizing such deferred income ratably over the next five taxable years beginning in 2014.
2014 Audit Year Developments for Broker-Dealers
August 4, 2014
Effective for fiscal years ending on or after June 1, 2014, audits of non-public broker-dealers will now be under Public Company Oversight Board (PCAOB) standards, rather than Generally Accepted Auditing Standards (GAAS).
WeiserMazars Tax Alert: New Jersey Enacts Legislation Adopting Click-Through Nexus
July 22, 2014
On June 30, legislation was enacted in New Jersey creating a rebuttable presumption that New Jersey Sales Tax nexus exists when one sells tangible personal property, digital products, or services through an independent contractor who refers customers to the seller via a link on their internet website. Once nexus is established, the business becomes a vendor and has an obligation to collect sales tax on all New Jersey sales.
WeiserMazars Tax Alert: Offshore Accounts - August 4th Disclosure Deadline
July 21, 2014
As the Department of Justice (DOJ) works to rein in bank secrecy, time is running out for certain taxpayers with undisclosed offshore accounts. On June 20, 2014, the IRS released a list of Foreign Financial Institutions currently under investigation by the DOJ, accountholders of which have until August 4th to enter the IRS’ Offshore Voluntary Disclosure Program (OVDP) to disclose foreign accounts, or face a 50% penalty on the account’s highest balance.
WeiserMazars Tax Alert: IRS Unveils "Taxpayer Bill of Rights"
July 5, 2014
The IRS unveiled the formal adoption of a Taxpayer Bill of Rights (“TBOR”) on June 10, 2014. After seven years, and following extensive discussions with the Taxpayer Advocate Service, the IRS’s symbolic gesture of mirroring this new document after the U.S. Constitution’s Bill of Rights is perhaps indicative of an attempt to deal more fairly with taxpayers and better communicate the rights and protections available in dealing with the IRS.
WeiserMazars Tax Alert: IRS Expands Streamlined Procedures Available Under Modified Offshore Voluntary Disclosure Program
June 23, 2014
On June 18, 2014, the Internal Revenue Service (“IRS”) announced its modifications to the 2012 Offshore Voluntary Disclosure Program (“OVDP”), effective on or after July 1, 2014. The modifications include both a substantial expansion to the IRS’s Streamlined procedures and increased penalties under the OVDP.
Infrastructure Finance Alert
June 10, 2014
On May 21, 2014, the United States Congress passed the Water Resources Reform and Development Act (WRRDA), the latest of the Water Resources Development Acts (WRDAs) that have been passed over the past 40 years - most recently in 2007 - in a public effort to address some of the country’s main water challenges. The tally of votes - 412 in favor to 4 in opposition - illustrates the depth of bi-partisan support for this new regulation.
NonProfit Alert: New York State Nonprofit Revitalization Act and Executive Order 38
June 9, 2014
Many of the provisions of the NYC Nonprofit Revitalization Act will take effect on July 1, 2014. It will require time and effort to respond to this legislation by modifying existing policies or developing new policies and procedures for governance and oversight by an organization’s management and Board. Areas that will be impacted include Audit Committee, Conflict of Interest and Whistleblower policies. While you may have these policies in place, you still need to ensure your policy is compliant with the new law.
WeiserMazars Tax Alert: IRS Issues Guidance on the Tax Treatment of Bitcoin
May 1, 2014
On March 25, 2014, the Internal Revenue Service (“IRS”) issued Notice 2014-21 providing guidance on the tax treatment of virtual or cryptocurrencies, such as Bitcoin. The IRS Notice provides clarity on the tax treatment of virtual currencies, but may ultimately hinder its use in commercial transactions.
WeiserMazars Tax Alert: Major Changes Enacted for New York Trust, Estate, and Gift Tax Regimes
WeiserMazars Tax Alert: Major Changes to Business Taxes from the New York State 2014-2015 Budget
April 24, 2014
On March 31, 2014, Governor Cuomo signed into law the New York State 2014-2015 budget. The $140 billion budget contains a number of dramatic changes to the taxation of residents and businesses operating in New York. In these alerts, we will provide a brief overview of some of the most important changes to New York tax law contained in the budget.
WeiserMazars Tax Alert: Supreme Court's Woods Decision Expands Scope of Valuation Misstatement Penalty
April 21, 2014
On December 3, 2013, the United States Supreme Court decided U.S. v. Woods, the outcome of which may expand the scope of the valuation misstatement penalty, particularly in the case of deduction items reported by partnerships and S-corporations. The decisions may have wide-ranging effects, potentially subjecting owners of partnerships and S-Corporations to 40% penalties if they claim flow-through deductions in excess of their outside basis.
WeiserMazars Tax Alert: U.S. Supreme Court Declines Opportunity to Review New York's "Amazon Click-Through Nexus Law"
March 28, 2014
The popularity of Internet purchases combined with the large number of states facing economic challenges has led many state taxing authorities to explore new ways to tax online sales. The U.S. Supreme Court recently denied a request to review these laws, upholding the New York Court’s finding that the click-through nexus standard for out-of-state internet sellers was constitutional.
WeiserMazars Tax Alert: New York State Bank Tax Reform
March 21, 2014
On January 21, 2014, Governor Andrew Cuomo released his Executive Budget for the 2014-2015 fiscal year. The budget incorporates a number of changes to bank and corporate franchise taxes that, if the legislation is passed, will be effective as of January 1, 2015 and will have a profound effect on the taxation of banking corporations operating in New York State.
WeiserMazars Tax Alert: Proposed Regulations on Recourse Liabilities and Disguised Sales - Use of Bottom Dollar Guarantees at Risk
March 21, 2014
Proposed regulations recently released by the Internal Revenue Service and the Treasury Department (the “Proposed Regulations”)—if finalized— will seriously restrict the use of “bottom-dollar guarantees” and impact leveraged partnership structures. The Proposed Regulations contain important changes to recourse liability allocations among partners, clarify rules relating to “disguised sales,” and propose a different approach to determine the sharing of nonrecourse liabilities.
WeiserMazars Tax Alert: New York High Court Overrules Tax Tribunal's Interpretation of Residency Requirements
February 20, 2014
On February 18, 2014, the Court of Appeals of the State of New York, in Matter of Gaied v. New York State Tax Appeals Tribunal (“Gaied”), criticized the Tax Tribunal’s determination that a man who owned a home used by his parents in Staten Island maintained a “permanent place of abode” in New York City and was subject to New York State income tax on his worldwide income.
WeiserMazars Tax Alert: Potential Changes May Require Taxpayer Action by April 1
February 18, 2014
The budget bill proposed by Governor Cuomo contains significant changes to the State of New York’s gift, estate, and generation skipping transfer taxes as well as the taxation of income from certain trusts, changes which may require taxpayer action by April 1. Learn more in our latest Tax Alert.
WeiserMazars Tax Alert: Two Timely Elections that Trustees and Executors Should Consider Now
February 7, 2014
Trustees and executors can make certain elections on or before March 6, 2014 that could affect 2013 tax returns for the trusts and estates for which they are fiduciaries as well as the beneficiaries of those trusts and estates. Read more in our latest Tax Alert.
WeiserMazars Tax Alert: Summary of Federal Tax Provisions that Expired in 2013
February 3, 2014
Many widely utilized tax credits, deductions, and special provisions expired at the end of 2013. While it has been customary for these popular benefits to be reinstated annually, there is no guarantee that any of the provisions will be extended during 2014 and made retroactive to the beginning of the year. Read our latest Tax Alert for more information.
WeiserMazars LLP's 2013 Year End Guide for Controllers
December 13, 2013
Controllers are presented with many tasks at the end of the calendar year. This memo is intended to provide guidance, reminders, and tips about certain responsibilities that will need your attention in the next few weeks, and includes an update of rates and limits for 2014.
WeiserMazars LLP Tax Alert: 2013 Tax Planning Guidelines for Individuals & Businesses
December 2, 2013
Plan to select the better filing status option when filing your 2013 tax returns. In general there are several ways in which you can file an income tax return: married filing jointly, head of household, single, and married filing separately. Learn more on how to plan for taxes both for yourself and for businesses in our most recent Tax Alert.
WeiserMazars LLP Tax Alert: IRS Filing Delay and Other Updates
November 1, 2013
In the aftermath of the federal government shutdown, the Internal Revenue Service announced on October 22nd that the start of the 2014 federal filing season will be delayed. Initially scheduled to begin on January 21, 2013, the IRS is anticipating a delay of one to two weeks, stating that they would start accepting 2013 individual returns “no earlier than January 28 and no later than February 4.”
WeiserMazars LLP Tax Alert: Private Equity Must Be Wary of Unfunded Pension Pans Following Sun Capital Decision
October 11, 2013
On July 24, 2013 the First Circuit of the U.S. Court of Appeals ruled that a private equity fund met the “trade or business” requirement of 29 U.S.C. 1301(b)(1), and therefore, may be held jointly and severally liable for the unfunded pension obligation of one of its portfolio companies (“withdrawal liability”). The Court rejected the District Court’s finding that private equity funds are merely passive investors, attributing the activities of the Fund’s agent, the general partner, to the Fund. Read more in our alert.
WeiserMazars LLP Tax Alert: Final Tangible Property Repair Regulations Summary
September 26, 2013
On September 13, 2013, the IRS and Treasury Department released final regulations regarding the deduction and capitalization of expenditures related to tangible assets (the “Repair Regulations”). The final regulations for IRC Sections 162(a) and 263(a) modify and supersede temporary regulations issued on December 31, 2011 and will generally apply to all taxpayers that acquire, produce, or improve tangible property on or after tax years beginning after January 1, 2014.
WeiserMazars LLP Tax Alert: IRS Revenue Ruling Clarifies Federal Tax Impact of Supreme Court's Windsor Decision
September 11, 2013
On August 29, 2013, the IRS issued Revenue Ruling 2013-17, which clarified certain unanswered questions following the Supreme Court's decision in United States v. Windsor. In this case, the Supreme Court struck down section 3 of the Defense of Marriage Act (DOMA), which had defined marriage for federal law purposes as a union between one man and one woman. For further discussion of the Windsor decision, please see our previous Tax Alert.
Broker Dealer Auditing Changes Are Here
September 10, 2013
On August 2, 2013 the Securities and Exchange Commission (“SEC”) issued final rule, Release No. 34-70073, Broker Dealer Report, (the “Release”), which requires significant changes for broker dealers, including on audits of non-listed, but registered broker dealers. Read more in our alert.
WeiserMazars LLP Tax Alert: The Affordable Care Act
September 4, 2013
Under the Patient Protection and Affordable Care Act (the "ACA"), individuals who are not otherwise covered by a health plan providing affordable coverage with a minimum value must now acquire such coverage. Learn more about what this means for you and your business in our most recent Tax Alert.
WeiserMazars LLP Tax Alert: OECD Tackles Base Erosion and Profit Sharing
August 15, 2013
The Organization for Economic Cooperation and Development (“OECD”), at the request of the G20, reported on its progress with respect to base erosion and profit shifting at the G20 February 2013 meeting. The action plan, discussed here, was introduced at the G20 Finance Ministers meeting in Moscow in July 2013.
WeiserMazars LLP Tax Alert: Pennsylvania Enacts Significant Tax Law Changes
July 17, 2013
Signed into law by Governor Corbett on July 9, 2013, Pennsylvania House Bill 465 brings substantial tax law changes to the Tax Reform Code of 1971. It is estimated that the legislation will generate a net increase of up to $60 million in revenue during fiscal year 2013-14 through varied modifications to the Pennsylvania tax code.
WeiserMazars LLP Tax Alert: FATCA Update
July 12, 2013
The IRS has issued Notice 2013-43, which will be published in the Federal Register on July 29th, 2013, providing a Revised Timeline for the implementation of the Foreign Account Tax Compliance Act (FATCA), and additional guidance relevant to its operation. Read the full update at the above link. For reference, see Notice 2013-43.
WeiserMazars LLP Tax Alert: Affordable Care Act Breaking News and DOMA Decision
July 3, 2013
The United States Supreme Court has struck down section 3 of the Defense of Marriage Act (DOMA), which had defined marriage for federal law purposes as a union between one man and one woman. In this United States v. Windsor ruling, the Court found that DOMA's definition of marriage violated the Fifth Amendment's Due Process Clause.
WeiserMazars LLP: The Affordable Care Act
May 29, 2013
Will you be in compliance with the Affordable Care Act of 2014? Employer shared responsibility penalties will take effect on January 1, 2014 and new reporting laws and mandates will enter into effect in 2013. View our alert to see what steps you should be taking now!
WeiserMazars LLP Tax Alert: The Marketplace Fairness Act of 2013
May 16, 2013
On May 6, 2013 the US Senate passed the Marketplace Fairness Act of 2013 (the “Act”) , which would authorize states to require “remote” sellers to collect sales tax on taxable sales to customers, whether or not the seller has a physical presence in that state. We summarize the Act’s provisions and its potential implications here!
WeiserMazars LLP Tax Alert: U.S. Customs & Immigration Services Issues New Form I-9
May 8, 2013
United States Customs and Immigration Services published a revised Form I-9 (Employment Eligibility Verification) on March 8, 2013. The new form contains three major revisions and must be completed and retained by every employer, in conjunction with each newly hired employee.
WeiserMazars LLP Tax Alert: Significant Tax Reform Targeted in FY 2014 Budget Plan
April 22, 2013
On April 10, 2013 President Obama released his budget proposal for fiscal year 2014. Central to the budget are numerous tax-related items designed to simplify the tax code, close down perceived abuses, raise revenue, and stimulate the economy. These provisions could have significant consequences for many taxpayers – see how they could affect you!
WeiserMazars LLP Tax Alert: FATCA & International Compliance Updates
April 16, 2013
In this month’s Tax Alert, we discuss the ongoing impact of FATCA including efforts in the UK, France, and Europe to combat tax evasion followed by an in-depth discussion of the different categories of Deemed Compliant Entities under the upcoming regulations.
WeiserMazars LLP Tax Alert: Gaied v. New York State, Tax Court Denies Foreign Tax Credit for Transactions Lacking Economic Substance
March 19, 2013
In this month’s Alert, we discuss the aggressive new precedent in the application of statutory resident rules set by Gaied v. New York State and the U.S. Tax Court’s determination in Bank of N.Y. Mellon Corporation v. Commissioner that a taxpayer was not entitled to claim foreign tax credits arising from a transaction that lacks economic substance.
WeiserMazars LLP Tax Alert: Treasury and IRS Issue Final FATCA Regulations
January 18, 2013
On January 17, 2013, the U.S. Treasury and IRS published the final Foreign Account Tax Compliance Act (FATCA) regulations, implemented in order to combat offshore tax evasion. Read our alert to learn more.
WeiserMazars LLP Tax Alert: Wage Theft Prevention Act Notices Due
January 17, 2013
Are you in compliance with the 2011 Wage Theft Prevention Act? Read our alert to see our discussion of the act’s provisions and what you need to do to ensure your compliance.
WeiserMazars LLP Tax Alert: Congress Passes Legislation to Avoid Fiscal Cliff
January 3, 2013
The recent Congressional deal to avoid the fiscal cliff holds a number of important tax and exemption charges that all taxpayers should review in light of the looming end of fiscal year. Read our alert to see how the fiscal cliff deal affects you.
Tax Relief for Victim's of Hurricane Sandy: Effect on 1031 Exchanges in Progress
December 20, 2012
As a result of Hurricane Sandy, the Internal Revenue Service announced that it is extending certain deadlines, including deadlines related to the completion of a like-kind-exchange under section 1031 of the Internal Revenue Code.
WeiserMazars LLP's 2012 Year End Guide for Controllers
December 19, 2012
Controllers are presented with many tasks at the end of the calendar year. This memo is intended to provide guidance, reminders, and tips about certain responsibilities that will need your attention in the next few weeks, and includes an update of rates and limits for 2013.
WeiserMazars LLP Year-End Tax Planning Alert: Part II
December 11, 2012
Our Year-End Tax Planning Alert, Part II, features articles for year-end tax planning including The Patient Protection Act and New Medicare Taxes and Retirement Plans, IRAs, Health Plans, and other Compensation Matters.
WeiserMazars LLP Year-End Tax Planning Alert: Part I
December 10, 2012
Our Year-End Tax Planning Alert, Part I, features articles for year-end tax planning including Gift and Estate Planning and 2012 Year-End Income Tax Planning Guide.
Private Client Services Alert - Superstorm Sandy, First Steps Toward Recovery
November 6, 2012
Now that Hurricane Sandy's destruction has passed, our thoughts turn toward recovery. Read WeiserMazars' checklist of things you can do to help get you and your business back to normal.
November Tax Alert 2012 - The Fiscal Cliff, Quality Stores, Inc. Decision & 2013 IRS Limits Announced
November 1, 2012
In "The Fiscal Cliff," our professionals review what issues are faced by today's divided Congress and President Obama. The proper handling of severance payments and the recent announcement of 2013 IRS Limits are also discussed in this alert.
October Tax Alert 2012 - Metropolitan Commuter Transportation Mobility Tax Found Unconsitutional
October 18, 2012
On August 22, 2012, a Nassau County Supreme Court found the Metropolitan Commuter Transportation Mobility Tax unconstitutional. And while New York State is challenging the ruling, if the ruling is upheld, taxpayers may be entitled to refunds of any Commuter Tax previously paid. Read more in our alert about how to file your protective refund claim.
October Tax Alert 2012 - FATCA Model Intergovernmental Agreement Released
October 5, 2012
With the recent issuance if the FATCA Intergovernmental Agreement (IGA), the U.S. Treasury and IRS have provided insight into what the industry will be required to implement and by when in order to meet compliance. Our professionals' review of IGA identifies both welcome changes and areas of concern for the industry.
August Alert 2012 - PCAOB Releases Interim Inspection
August 23, 2012
On August 10th, the PCAOB released a temporary inspection of broker and dealer audits, which identified “deficiencies in all of the audits” that were examined. The audit profession must now wait for a final conclusion to be drawn from further inspections.
Financial Trends Review - 2012 Tax Election to Discount P&C Loss Reserves
August 20, 2012
In our August Financial Trends Review, learn about how choosing company or industry payment patterns can provide P&C insurers with a uniquely proactive tax planning opportunity for cash flow tax savings and financial statement benefits.
August Tax Alert 2012 - Pending Tax Issues Face Congress This Fall
August 15, 2012
Members of Congress recently headed home for the August recess leaving behind several pending tax bills, which are likely to remain unresolved until after the November 6, 2012 election. Our August tax alert examines some of the many issues that will be discussed upon Congress' return.
July Tax Alert 2012 - Senate Passes Tax Bill Extending Bush Tax Cuts
July 30, 2012
On July 25, 2012, the Senate passed the Middle Class Tax Act of 2012, which extends the 2001 and 2003 "Bush tax cuts" for joint taxpayers with income less than $250,000. Read more about "the Act" as well as the IRS' new focus on in-house tax advisors and the impact of new repair regulations on businesses.
July Tax Alert 2012 - Supreme Court Health Care Ruling
July 2, 2012
On June 28, 2012, the Supreme Court made several ground-breaking decisions regarding health care coverage in the United States. Learn more about the decisions and the details of the court’s ruling in our July Tax Alert.
June Tax Alert 2012 - Issue 2
June 8, 2012
In Issue 2 of our June Tax Alert, learn more about the Department of Labor’s final regulations on the ERISA service provider disclosures as well as the fiduciary issues surrounding qualified retirement plans.
June Tax Alert 2012 - Issue 1
June 8, 2012
This alert contains a variety of discussions concerning recent tax planning and compliance topics. Articles include the Supreme Court’s recent six-year statute rule clarification and the soon-to-be finalized limited partnership IRS regulations.
February Tax Alert 2012 - Reduced Payroll Tax Extended
February 29, 2012
On February 22, the Middle Class Tax Relief and Job Creation Act was passed and signed, extending the payroll tax cut through 2012. In this alert, learn more about the “Act” as well as IRS information return penalties and expiring federal tax provisions.
2011 Year-End Guide For Controllers
February 22, 2012
Each year-end, controllers face many challenging tasks and changing situations. This alert is intended to provide guidance, reminders and tips to help controllers navigate the end of 2011 and the start of 2012.
Real Estate Insights - FASB Proposed Accounting Standards Update
February 15, 2012
This alert discusses the "Real Estate - Investment Property Entities" update proposed by the Financial Accounting Standards Board (FASB) on October 21, 2011. The update is expected to change the accounting processes of many real estate entities.
February Tax Alert 2012 - FATCA to Significantly Alter Tax Reporting
February 8, 2012
On February 8, 2012, the IRS proposed regulations to the Foreign Account Tax Compliance Act (FACTA). FATCA will go into effect on January 1, 2013 and will have a major impact on the way corporations worldwide interact with entities in the United States.
January Tax Alert 2012 - Expenditures of Tangible Property Costs
January 25, 2012
This alert contains articles on tangible property cost expenditures, new individual income tax return requirements and IRS conduit financing regulations. Plus, learn the details behind Michigan's new Corporate Income Tax, or CIT.
January Tax Alert 2012 - Wage Theft Prevention Act
January 11, 2012
As mandated by the Wage Theft Prevention Act, employers must provide a yearly notice of basic payment and company information to employees between January 1st and February 1st of 2012. Read here for further details.
January Tax Alert 2012 - Reduced Payroll Tax Rate
January 5, 2012
Learn more about the details behind the 60 day extension of the reduced payroll tax rate as well as expiring tax relief provisions affecting individual taxpayers.