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In Rev. Proc. 2015-20, the IRS substantially simplified the requirements for small businesses to adopt the tangible property regulations (the "repair regulations") for 2014. The relief allows small businesses to change their accounting methods, to comply with the regulations, without having to apply Code Sec. 481 and without having to file Form 3115, Application for Change in Accounting Method.


The White House and the new Congress continue to look for common ground on tax legislation and tax reform in 2015. Both sides say tax reform is possible in 2015 and behind the usual rhetoric there seems to be a real drive to move tax reform in the 114th Congress. Reform could be similar to the comprehensive package moved nearly 30 years ago in the Tax Reform Act of 1986, or, as many observers predict, will take a new track to reflect a vastly different economy and Tax Code compared to 1986.


During a recent hearing of the House Ways and Means Committee, lawmakers challenged IRS Commissioner John Koskinen on the Service's use of civil-asset forfeiture laws, demanding to know why some small business owners were caught up in the Service's investigative web when they had committed no crime. Lawmakers also announced during the hearing that the Treasury Inspector General for Tax Administration (TIGTA) is planning to review the IRS's practices in this area.


Employers and other organizations must obtain an employer identification number (EIN) to identify themselves for tax administration purposes, such as starting a new business, withholding taxes on wages, or creating a trust. Entities apply for an EIN by filing IRS Form SS-4. Page two of the form advises whether an applicant needs an EIN.


Form  1095-A, Health Insurance Marketplace Statement, is a new information return. The IRS requires the Health Insurance Marketplace to report certain information  about every individual who receives health insurance coverage through the Marketplace to the agency and also to the enrollee. Form 1095-A reports information about the individual(s) covered by Marketplace coverage, the starting and ending dates of coverage, and the insurer that provided coverage. Form 1095-A also reports the cost of coverage, the plan's total monthly payment, any advance payment, and more.


As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of March 2015.


Welcome

At Gibbons & Kawash, A.C. our focus is responding to your needs and exceeding your expectations. We combine broad technical knowledge developed from years of experience with an entrepreneurial approach to problem-solving to help our clients meet all the challenges before them. An extensive library of accounting, auditing, and tax planning materials and the latest in state-of-the-art technology are valuable tools in our development of innovative solutions. But perhaps the most important element in our approach is the personalized service that enables us to develop and maintain an in-depth knowledge of your business. Our professionals take the time to listen and acquire a thorough understanding of your business needs.

Firm News


Business LoansAccessing and Structuring Capital - Know These Types of Business Loans

Many business owners find that they need to seek outside sources for the capital required to keep their companies running smoothly. Not surprisingly, the first place they turn to is their bank. But it’s a good idea to first get up to speed on the different types of capital, or business loans, that banks typically offer.

529Studying Up on 529 College Savings Plans

Two types of savings plans provide families with tax-saving strategies that also benefit their children and grandchildren. College savings plans and prepaid tuition plans are what are known in the tax community as 529 plans. These vehicles have much higher contribution limits than those for other tax-advantaged educational savings plans. Which 529 plan is better depends on one’s investing preferences and other factors.

Crime Scene

Buy-Sell Agreements Can Ensure Continuity

A buy-sell agreement is a critical component of business continuation and succession planning for partnerships. This agreement sets the terms, conditions and price at which an owner’s business interest can be sold to another owner (or owners) before an unexpected tragedy happens. It also places a value on the business for federal estate tax purposes.

Indentity Theft

Tax-Related Identity Theft - Beware of this Season-Specific Fraud

Tax-related identity theft is a growing problem. With this type of crime, identity thieves use stolen personal information, such as Social Security numbers, to file forged tax returns and collect fraudulent tax refunds. This article describes red flags indicating possible identity theft, what to do if it takes place, and how to lessen the risk of it happening.

A History Of Service

Over 20 years ago, our firm was founded on a commitment to provide clients with the highest quality services and professional guidance. That commitment remains paramount, and is deeply rooted in every aspect of our practice. It is the reason Gibbons & Kawash has become one of the area's leading accounting and consulting firms.

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2014 Year-End
Tax Planning

UPDATE: Tax Increase Prevention Act of 2014

Year-End Strategies: Creating Pathways for Tax Savings by Individuals and Businesses

Tax Planning for Businesses

Tax Planning for Individuals