Nonprofit Blog

We would like to remind our clients or raise your awareness on a new rule that went into effect January 1, 2016 for transactions within the State of Alabama.  Out-of-state businesses with “substantial economic presence” in Alabama must now collect and remit sales taxes, even if they do not have a physical presence (nexus) within the State of Alabama.

Many can agree that 2015 was a year a growth in more than one way. The real estate market has regained its stamina, tax developments made history and the Supreme Court made a few big decisions. It is safe the say that 2015 is a year that will go down in history, tax stories included. That said, here are three of the most significant tax stories of 2015.

Today, it is unfortunately too regularly that we are sharing information about scams with our clients and friends. Usually, these scams are created in an attempt to gather your personal identity and information to then be used in an array of criminal activities from credit card fraud to income tax refund fraud.

"File & Suspend/Restricted Spousal Application" has caused quite a stir with those that are retired, near retirement and those paying into Social Security. This newly approved legislation has just about everyone concerned with the program's viability as Social Security is quickly becoming the backbone of retirement for many. But because there are a multitude of strategies that vary based on marital status, earnings and disability history, most agree that decisions around benefits can be confusing and any policy changes can feel alarming, particularly in light of much political discussion surrounding possible future insolvency of the program.  Between the various claiming options, updates to the program and misinformation available, exactly how should you decide on a strategy, who is affected by this change and which strategy was phased out?  And which strategies should those individuals consider now?

Tax compliance with the filing requirements of the Affordable Care Act (ACA) has had several new developments. These new developments are a direct response to employer concerns regarding IRS Forms 1095-B and C for their employees.

The “Protecting Americans from Tax Hikes (PATH) Act of 2015”

When President Obama signed the Bipartisan Budget Act of 2015 into law last month, it contained language that repeals both the partnership audit rules under the Tax Equity and Responsibility Act of 1982 (TEFRA) and the special rules for electing large partnerships (ELP). The Act replaced the TEFRA rules with a completely new regime for auditing partnerships. Now, tax adjustments resulting from partnership audits will generally be assessed at the partnership level. 

On November 24, 2015, the IRS issued Notice 2015-82, which increases the deductible amount for purchases of de minimis tangible property from $500 to $2,500 per item. The new limit is for taxpayers who do not have an applicable financial statement (AFS), a financial statement that is required to be filed with the SEC or a certified audited financial statement accompanies by the report of an independent CPA.

The new Bipartisan Budget Act of 2015 was bill signed by President Obama on November 2, 2015, which reflects changes to Social Security and Medicare laws. Here are the changes you need to know:

With the end of the year fast approaching, it’s time to consider additional tax saving strategies for this year (and for the future). Tax planning can be challenging and is made even more so by uncertainty about Congressional action on the extension of several tax provisions. Still, there is planning and saving to be accomplished in the here and now, so let’s maximize your tax benefits and learn why 2015 may be a good year for you and your family to save taxes.