Tag Archives: tax 2015

Private tax collection poised for possible return

Tucked into the pending highway and transportation spending bill is a provision authorizing the IRS to outsource some tax collection activities. If this sounds familiar, it is. Several times in the past 20 years, the IRS has contracted with private sector debt collection agencies for tax collection work. The results...
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Budget Act raises revenue with new tax compliance measures for partnerships, other changes

The new Bipartisan Budget Act of 2015, signed into law by President Obama in November, makes some far-reaching changes to partnership audits along with repealing automatic enrollment in health plans under the Affordable Care Act (ACA). The new law is a good preview of how Congress is looking to enhanced...
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Clock ticks down to year-end passage of tax extenders for individuals and businesses

As 2015 winds down, another temporary extension of the tax extenders appears almost certain. Despite talk in early 2015 about finding a permanent solution to the on-again, off-again extenders, the arrival of November brings a short window for Congress to extend these tax breaks. The expected late passage of these...
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Small businesses score victory with PACE Act, wait for fix on health reimbursement arrangements

Small businesses received some welcomed news in October with passage of the Protecting Affordable Coverage for Employees (PACE) Act. The new law revises the definition of small employer for purposes of market reforms under the Affordable Care Act (ACA). The PACE Act is intended to help protect small businesses from...
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FAQ: When is Equipment “Placed in Service”?

For a business to start writing off the cost of depreciable equipment and property, it is necessary that the equipment be placed in service. To write off costs in 2015, the equipment must be placed in service by December 31, 2015. The “placed-in-service” requirement applies, for example, for taking depreciation,...
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First look at year-end tax planning

The approach of year-end 2015 makes it tax planning season. Tax law developments in 2015 can affect, for example, the deduction of costs and expenses, the treatment of contributions to tax-favored accounts, and the inclusion of certain benefits in income. Traditional year-end planning techniques for investments and retirement are also...
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How do I? Deduct foreign business travel with sightseeing included

Foreign travel expenses may be subject to allocation if the taxpayer engages in personal activities while traveling on business. A portion of the foreign travel expenses may be nondeductible if the individual engages in substantial nonbusiness activity. The allocation rules apply where the individual engages in substantial nonbusiness activity at,...
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