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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 LoansWhy You Should - Or Shouldn't - Pursue a Merger or An Acquisition

Merger and acquisition volume was up 38% through the first 10 months of 2014, according to data from financial analysts Dealogic, putting last year on track to be the strongest year for M&A deals since 2008. With that bounce in mind, this article looks at the pros (such as an opportunity to grow rapidly) and cons (including costs, from both a financial and a time—commitment perspective) of M&As. A sidebar explains how to conduct an M&A search.

529Large and Small Employers in 2015: Be Mindful of These Key ACA Provisions

It’s been five years since the Affordable Care Act (ACA) was signed into law, and since then various federal agencies, such as the IRS, the Department of Labor and the Department of Health and Human Services, have issued extensive regulations and guidance on the ACA. This article updates some of the key provisions for large and small employers to be mindful of in 2015, such as the ’play or pay’ provision for large employers and Small Business Health Options Program (SHOP) tax credits for small employers.

Crime Scene

Are Award Points Taxable?

The IRS has made recent efforts to collect taxes on income that taxpayers earn from all types of sources, including award points, which are available today for a wide range of activities, from keeping a minimum balance in your bank account to charging a certain amount on your credit cards. This article explores the impact of a recent court ruling involving award points, Parimal H. Shankar v. Commissioner of Internal Revenue. The article also cites other often-overlooked income that should be reported.

Indentity Theft

Properly Substantiating Donations Will Protect Your Charitable Deduction

Whether you’re totaling up last year’s donations in preparation for filing your 2014 tax return or you’re starting to plan your charitable giving for 2015, it’s important to understand the IRS’s substantiation rules. If you don’t, you could lose the tax benefit of these gifts. This ’refresher course’ discusses how to substantiate both cash and noncash donations of varying sizes per IRS requirements.

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 Update to Final Repair/Capitalization/
MACRS Regulations

2014 Update to Repair Regs EBook Cover

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