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 after each summary.

Certain Small Businesses Get Repair Regulation Filing Relief

On February 13, 2015, the IRS released Revenue Procedure 2015-20 providing delayed, but welcomed, relief to certain small business taxpayers facing the burden of filing an Application for Change in Accounting Method Form 3115 to adopt the new tangible property regulations for repair and maintenance costs, as well as asset dispositions, with their 2014 tax returns. 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 2014, 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.

Summary of 501(r) Final Regulations for 501(c)(3) Hospitals

On December 29, 2014, the IRS released the long-awaited final regulations to provide guidance on the requirements hospitals exempt under 501(c)(3) must meet in order to retain their tax-exempt status and avoid penalties. Learn more.

Oil Extraction Tax Reduction Available for New Wells

North Dakota Tax Commissioner Ryan Rauschenberger recently announced that there has been a rate reduction on oil extraction tax for new wells. As of February 1, 2015, the oil extraction tax rate will drop from 6.5 percent to 2 percent for either the first 75,000 barrels produced or the first $4.5 million of gross value for 18 months after the well is complete. Learn more

2014 W2/1099 Guide Now Available

Eide Bailly's W2/1099 Guide is available for viewing and assistance in preparing for year-end and tax return completion. Learn more.

2015 Mileage Rates

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

Year-End Tax Reporting Information

Our updated letter regarding year-end tax reporting information is available. Learn more.

Video: Understanding Nexus

Nexus studies analyze your unique business practices while looking at what you do to generate business across the country. Are you interested in learning more about nexus? View our new "Understanding Nexus" video. Learn more.

Understanding Nexus

Video: Understanding Estate Planning

Estate and gift tax planning can benefit both you and your heirs. Do you have an estate plan that arranges for your assets to be distributed the way you wish? Watch our newest video, "Understanding Estate Planning." Learn more.

Understanding Estate Planning

Considerations for Entrepreneurs Thinking Globally

Many entrepreneurs begin their business with a focus on becoming successful in their current markets and eventually expanding across state lines and possibly international borders. From a U.S. tax perspective, these companies soon learn that the profits can either be taxed immediately in the U.S. or taxed when repatriated, depending on the structure they choose. Understanding intangible property and the importance of advanced planning is important. Learn more.