In Case You Missed It

The information below provides a short review of various tax related information items Eide Bailly recently published. To read more, click the "Learn more" link shown after each summary.

Eide Bailly Client Survey

It is our goal to bring you timely education and information related to the impact of new tax laws and opportunities for your situation. To do this, we'd like to know how you best like to receive up-to-date information impacting your situation. To ensure we continue to provide you with the best possible client service, we ask that you complete a short survey. Thank you for helping us serve you better. Click here to complete the survey.

Permission to Use a Truncated Identifying Number

Concerned about the growing risks of identity theft, including its effect on tax administration, the Internal Revenue Service (IRS) established a pilot program years ago to test a new system of allowing an individual's tax identifying number, typically their social security number, to be truncated on certain information returns. The results were used to define how and when truncated indentifying numbers can be used. Learn more. 

Deadline Nears for Offshore Voluntary Disclosure Program

The IRS rolled out on June 18, 2014, an expanded and modified version of the Offshore Voluntary Disclosure Program, originally introduced in January 2012. The disclosure program has now been expanded to encompass a larger number of U.S. taxpayers with undisclosed foreign (non-U.S.) financial accounts and/or other specified foreign assets, and has modified the penalty regime. Learn more. 

Your Action Needed: Repair Regulations Impact Most Businesses

On September 13, 2013, final IRS regulations were released regarding tangible property. These regulations affect any business that purchases items of tangible property and includes guidance relating to all aspects of an asset's life cycle. The most significant changes relate to capitalization policies and the tests that now determine if the expenditure has to be capitalized, or if it can be treated as a deductible repair. What's the cost of inaction? Learn more. Also, click below to view our recent Repair Regulation video.