In Case You Missed It

Below you will find a short review of various tax information items Eide Bailly recently published. To read more click the "Learn More" link shown after each summary.

Taxation of Mineral Lease Sales

You are selling a lease that you have had in your possession for over one year. What are the tax consequences? What type of tax do you pay? That depends. Learn More.

Important 2014 Estate and Gift Tax Numbers

There are two key numbers in the estate planning world: the "annual exclusion amount" and the "lifetime exclusion amount." As a result of 2013 legislation, the lifetime exclusion amount is now indexed for inflation, providing excellent planning opportunities. Learn More.

The Shadow Economy

The Oxford dictionary defines the shadow economy as "illicit economic activity (such as black market transactions and undeclared work) existing alongside a country's official economy." The shadow economy is getting stronger and growing on a daily basis. Learn More.

IRS Guidance: Rely on it at Your Own Risk

A recent tax court case reminds us that not all published guidance from the IRS serves as an authoritative source of information to use in complying with our tax laws. Tax attorney Alvan Bobrow was challenged by the IRS on his handling of separate IRA rollovers occurring within one year, and an important issue emerged from the case that needs to be discussed. Learn More on page 7.

Ben Peeler Joins Eide Bailly

Eide Bailly is pleased to welcome Ben Peeler, J.D., CPA, as a federal tax, controversy and procedure specialist in our National Tax Office. Learn More on page 7.

Health Care Reform Update: Employer Payment Plans

The IRS recently clarified that employer payment plans are not allowed to be used to reimburse employees for health insurance premiums on individual policies on a pretax basis. This applies to policies both in and outside the federal Health Insurance Marketplace. Learn More.

Repair Regulations: Comply versus Delay

The Repair Regulations are effective January 1, 2014, which means you must comply during the 2014 tax year. If you don't comply by your 2014 tax return deadline, you could lose benefits and pay $7,000 for a non-automatic Form 3115. Learn More.

Income Tax Allocation Agreements Need Updating by October 31

On Friday, June 13, the Federal Reserve Bank, FDIC and OCC ("Agencies") issued a joint release instructing insured depository institutions ("IDIs") in a tax consolidated group and their holding companies to review their tax allocation agreements. The release transmits the Agencies' final Addendum to the 1998 Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure (the "Addendum"). Learn More.

2014 NFP Audit Risk: What You Need to Know

AICPA's 2014 Not-for-Profit Entities Audit Risk Alert has been issued. While we recommend at least a cover-to-cover scan of the Alert, we put together the following summary to highlight what's new and what's important in the current-year alert. Learn More.

Eide Bailly's National Tax Office serves as a resource for clients to help analyze complex tax issues related to business decisions. Our professionals are committed to helping clients stay informed about tax news, developments and trends through various specialty areas, including cost segregation studies, wealth transfer, state and local taxation, international tax, IRS controversy and procedures, tax-exempt organizations and tax legislation.