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|IRS Extends Deadlines for 2015 ACA Reporting|
Gabriel S. Marinaro; Smith Haughey Rice & Roegge, P.C.;
January 12, 2016, previously published on December 29, 2015On December 28, 2015 the IRS released IRS Notice 2016-4, extending the due dates for the 2015 ACA information reporting on forms 1094-B, 1095-B, 1094-C and 1095-C and providing guidance for individual taxpayers affected by these extensions. These ACA reporting forms provide information to the IRS...
|Protecting Americans from Tax Hikes (PATH) Act Signed|
Nicholas A. Reister; Smith Haughey Rice & Roegge, P.C.;
January 12, 2016, previously published on December 22, 2015Last week the House passed the Protecting Americans from Tax Hikes Act - bipartisan legislation that was then signed into law by the President on Friday. This act offers more permanent solutions for many taxpayers, extends temporary provisions and provides updated tax relief.
|Happy New Year from the IRS!|
Ann Carr Mackey, Timothy G. Verrall; Ogletree, Deakins, Nash, Smoak & Stewart, P.C.;
January 11, 2016, previously published on December 31, 2015For the many employers and health care providers that have thus far been spending their holidays poring over the Affordable Care Act’s (ACA) new tax forms and their cryptic instructions in anticipation of the inaugural round of reporting under Sections 6055 and 6056 of the Internal Revenue...
|Congress and the President Find Their Way Along a PATH.|
Pessin Katz Law P.A.;
January 11, 2016, previously published on January 5, 2016As previously reported in the PK Law Newsletter, tax planning for the end of 2015 was hampered by the expiration of a number of “temporary” tax provisions routinely extended for a one or two year period by Congress. Congress and the President have now reached agreement on the...
|Appropriations Bill Has a Few Surprises|
Pessin Katz Law P.A.;
January 11, 2016, previously published on January 5, 2016On December 18, the President signed into law H.R. 2029, the Consolidated Appropriations Act Of 2016, (the “Act”), the 887 page bill which avoided a closure of federal government functions. Beyond the massive funding of the federal budget, the legislation contains a few surprises.
|California BOE Adopts Beneficial Amendments to Sales Tax Exemption for Manufacturing and R&D Equipment Over Department of Finance's Objections|
Amy F. Nogid, Samantha K. Trencs; Sutherland Asbill & Brennan LLP;
January 11, 2016, previously published on January 08, 2016The California Board of Equalization (BOE) voted to adopt an amendment to Ca. Code Regs. tit. 18, § 1525.4, to resolve a statutory ambiguity by clarifying that a taxpayer will qualify for the partial sales and use tax exemption available for certain manufacturing and research and development...
|Natural Gas Severance Tax Bill Introduced in the Pennsylvania House|
Amanda L. Fitzhugh Porter; Leech Tishman;
January 8, 2016, previously published on December 7, 2015On December 6, 2015, Representatives James Santora and Margo Davidson introduced the long-awaited Natural Gas Severance Tax Bill in the Pennsylvania House of Representatives. The Pennsylvania House Bill No. 1743 is titled: An Act amending Title 58 (Oil and Gas) of the Pennsylvania Consolidated...
|Consolidated Appropriations Act Impacts REITs, FIRPTA Requirements and Depreciation|
Thomas N. Lawson, Alan J. Tarr; Loeb & Loeb LLP;
January 8, 2016, previously published on December 2015The recently enacted Consolidated Appropriations Act, 2016 makes some significant changes that affect real estate investment trusts, Foreign Investment in Real Property Tax Act reporting and withholding requirements, and depreciation of real property.
|Estate Planning Law Changes Concerning Estate and Gift Tax, the $100,000 IRA Charitable Rollover and Inherited Basis Reporting Requirements|
David J. DelFiandra; Leech Tishman;
January 8, 2016, previously published on December 30, 2015The IRS has announced that for calendar year 2016, the lifetime unified credit against the Federal estate and gift tax will increase to $5,450,000 per person. This is an increase of $20,000 per person over the 2015 credit of $5,430,000 per person.
|Congress to Extend Tax Credits for Economic Development, Housing|
Kenneth C. Foltz; Leech Tishman;
January 8, 2016WASHINGTON, D.C.- The path to reaching a compromise to break the stalemate on the Federal budget is being paved by extending current tax credits and lifting the ban on crude oil exports. The House of Representatives is on the verge of passing two bills, the omnibus spending bill and the tax credit...