In Case You Missed It

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

Tax Extender Legislation Signed into Law

On December 16, the Senate passed the House-originated Tax Increase Prevention Act of 2014 (Act) and the president signed the act into law on December 19. The act extends, retroactive to January 1, 2014, almost all of the tax provisions that expired at the end of 2013, to be effective through December 31, 2014. Not extended were the credit for two-wheeled electric vehicles, the credit for energy-efficient appliances and the placed-in-service date for partial expensing of some refinery projects and the health coverage tax credit connected to trade-affected workers. Learn More.

2015 Mileage Rates

The Internal Revenue Service has released Notice 2014-114, announcing the 2015 standard mileage rates, which are effective for mileage incurred after December 31, 2014. Learn more.

2015 Social Security Wage Base Increased to $118,500

According to the Social Security Administration, on average, total wages have increased in the past year. Because of this, the Old Age, Survivors and Disability Insurance tax (OASDI), more commonly known as Social Security tax, will have an increased wage base to use when calculating tax for 2015. The wage base was $117,000 in 2014, and will increase to $118,500 in 2015. Learn more.

New IRS Publication on Affordable Care Act

The Affordable Care Act (ACA) assigned the duty of enforcing certain ACA compliance issues with the Internal Revenue Service. To help taxpayers find out what's new with the ACA for the 2014 tax year, and how the ACA will affect their taxes, the IRS has released publication 5187, Health Care Law: What's New for Individuals and Families. Learn more.

W-2/1099 Guide Online

We recently published our W-2/1099 Guide containing detailed information on independent contractors versus employees, 1099 information returns, new hire reporting, and forms W-2 and W-3, among other topics. Click here to download. 

An Introduction to the New Rules Affecting Arizona Contractors

Starting January 1, 2015, changes are coming that will affect the way contractors are taxed on their projects in Arizona with the advent of the "service contractor." Service contractors will no longer be taxed on their gross receipts. Rather, service contractors must pay tax on materials at the point of purchase. A contractor's activities dictate whether they fall within prime contracting or service contracting on a contract-by-contract basis. Learn More.

Update: Completion of Forms

On August 28, 2014, the IRS released draft instructions to Forms 1094-C, 1095-C, 1094-B, 1095-B and 1095-A. Although these are draft instructions, they offer good insight into the way the IRS will handle the filing requirement for employers, insurance carriers and the exchange. Learn More.

Family Law: The Dollars and Sense of Divorce

Once a marriage has broken down and a decision is made by one or both parties to divorce, the impact can be devastating; not only to the individuals involved, but also to the children, family, friends and employers of the divorcing couple. Divorce not only has a traumatic emotional impact but a financial impact as well. Learn More.

Depreciation: Understanding "Placed In Service"

A pivotal factor in determining whether a depreciation deduction (bonus or otherwise) may be taken in a particular year is whether the asset for which the depreciation deduction is sought, has been "placed in service" by the last day of the year. The U.S. Treasury Department has interpreted this "placed in service" requirement to mean that the asset is "in a condition or state of readiness and availability for a specifically assigned function." Learn More.

IRA Guidance and Action

Recently, the IRS released additional guidance on how it intends to apply its new interpretation of the "one-rollover-per-year" rule to Individual Retirement Accounts (IRAs) beginning in 2015. Announcement 2014-32 addresses specific issues raised by taxpayers and their representatives. Learn More.

Webinar Recording Available

We recently posted a variety of webinar recordings on our website. To learn more about the Repair Regulations, please click the link. You can also register for our 2015 Tax Trends Webinar Series. Learn More.

2014-2015 Pocket Tax Guide

The 2014-2015 Pocket Tax Guide contains information on estate, individual, business and general taxes along with depreciation. Click here to download. 

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.