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IRS Section 2704 Proposed Regulations Could Eliminate Significant Estate Planning Technique for Family-Controlled Entities

The IRS has issued Proposed Regulations under Internal Revenue Code § 2704 that may dramatically reduce the ability to apply discounts in valuing the interests of many family-controlled entities for estate gift and generation skipping tax purposes.  Specifically, the proposed regulations may significantly restrict the application of lack of control or marketability discounts in determining […]

IRS Extends ACA Employer Reporting Requirements

The IRS and the U.S. Department of the Treasury announced a limited extension of the early 2016 due dates for the 2015 information reporting requirements for employers and insurers under the Affordable Care Act (ACA).  Specifically, the notice extends by two months the February 1 due date for employers and insurers to provide individuals with […]

AAFCPAs Warns of Recent IRS-Impersonation Identity Theft Scam

We have been alerted that a number of taxpayers are receiving emails from scammers who are disguising themselves as IRS agents.  Generally, the IRS does not send unsolicited e-mails to taxpayers.  Further, the IRS does not communicate tax account information with taxpayers via e-mail or use e-mail to solicit sensitive financial and personal information from […]

IRS Announces 2016 Retirement Plan Limitations

The IRS recently announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016.  In general, the pension plan limitations will not change for 2016. However, the following minor limitations changes are effective January 1, 2016: For an IRA contributor who is not covered by a workplace retirement plan […]

Managing the IRS Repair Regulations and the Ongoing Challenges Presented After Initial Implementation

The IRS final “repair regulations,” effective January 1, 2014, completely revamped the way taxpayers evaluate expenditures in order to determine whether certain costs represent immediately deductible repair expenses, or capital improvements that must be depreciated over time. In addition, regulations issued in Section 1.162-3 provide new guidance on when a taxpayer may deduct costs incurred […]

IRS Announces Adjustments Affecting Retirement Plans

The Internal Revenue Service recently announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. These adjustments affect anyone contributing to a retirement plan account, and to fiduciaries and administrators of retirement plans.   The chart linked below can help you determine where you fall within […]

Taxpayer IRS Scam Alert – Tax Return Report

We have been alerted that a number of taxpayers are receiving emails from scammers representing themselves as IRS agents. The IRS does not initiate contact with taxpayers by email to request personal or financial information – this includes any type of electronic communication, such as text messages or social media. In late March, a number of phishing […]

Watch out for IRS phishing scams

We have been alerted that a number of taxpayers are receiving emails from scammers representing themselves as IRS agents. The IRS does not initiate contact with taxpayers by email to request personal or financial information – this includes any type of electronic communication, such as text messages or social media. Taxpayers are receiving emails claiming to be […]

Requirement to Notify IRS of Changes to Responsible Party

Beginning January 1, 2014, any entity with an EIN (Employer Identification Number) must file Form 8822-B to report the latest change to its responsible party. The “responsible party” is the person who has a level of control over the funds or assets in the entity that, as a practical matter, enables the individual, directly or […]

IRS Modifies Use-It-Or-Lose-It Rule For Employee Medical Flexible Spending Accounts 

On Thursday, October 31, 2013, the Internal Revenue Service issued Notice 2013-71, relaxing the longstanding “use-it-or-lose-it” rule for employee medical flexible spending accounts (“FSAs”). In addition, for the first time the Notice allows employees to carry forward up to $500 of unused salary reduction amounts to a subsequent cafeteria plan year. The carryover option is […]