In Case You Missed It

Below is a short review of various tax information items Eide Bailly recently published. To read the full article, click the "Learn More" link shown after each summary.

The New IDR Procedures: Issue-Focused at a Cost

The Large Business & International Division (LB&I) of the IRS, which generally has jurisdiction over businesses with assets in excess of $10 million, said that changes would be made to certain tax examination procedures, including the Information Document Request (IDR) procedures. An IDR is a formal written request by an examining IRS agent for taxpayer documents that will give the agent more information about the taxpayer, more information about a transaction reported in the return under examination, or more evidence (requested in many different forms) as may be desired by the examiner. The new procedures are placing more emphasis on timely delivery of documents, which may place the taxpayer in a bind. Learn More.

Repair Regulations: Frequently Asked Questions

Through our educational workshops and webinars, we accumulated a variety of questions and answers on the Repair Regulations. Topics include capitalization policy, de minimus election, and restoration expenditures. Learn More.

IRS Releases 2014 Standard Mileage Rates

The Internal Revenue Service has released Notice 2013-80, announcing the 2014 standard mileage rates. Learn More.

SALT Issues Created by the Final Tangible Property Repair Regulations

Beginning January 1, an additional degree of uncertainty will be introduced to the area of state income taxation. Recently, the Internal Revenue Service issued final regulations on the treatment of repairs to tangible property. The rules in these regulations are collectively referred to as the "Repair Regulations," and while they clarified and added new provisions to the previous federal rules dictating the capitalization of certain changes made to tangible property, not all states will treat the changes the same. Learn More.

People Who Had Health Insurance Dropped Now Qualify for Hardship Exemption

The Department of Health and Human Services announced December 19 that individuals whose insurance coverage was dropped will be able to qualify for a hardship exemption for 2014 and therefore will not owe the individual penalty for not having health insurance. Learn More.

IRS Announces $500 Carryover for Health FSAs

The Treasury Department and the IRS announced Oct. 31 that a Section 125 "cafeteria plan" may now be amended to allow up to $500 of unused money in a health FSA to be carried over to the following plan year. Previously, employees have been subject to a "use-or-lose" rule that required unused benefits to be forfeited to the employer at the end of a plan year. Learn More.