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.

An S Corporation Doesn't Change the Self-Rental Rules

If you own a trade or business, are actively participating in the management, and that trade or business rents property from another entity you own, you need to be aware of a recent U.S. Tax Court decision. According to Internal Revenue Code Section 469, the term "passive activity," with certain exceptions, includes any rental activity, regardless of the level of activity by a taxpayer in managing such rental activity. Learn More.

You Shouldn't Take the Emotion Out of Your Wealth Decisions

We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Billions of dollars are moving from older generations to the next or to charities at an unprecedented pace. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure? Clients often say they want to take the emotion out of their decision, but should they? Learn More.

You've Been Named as a Personal Representative to an Estate, Now What?

Until you start planning for your own death or are named an executor or personal representative to an estate, you likely are not aware of the responsibilities and duties of the position. Learn more about the duties of a personal representative in our recent article. Learn More.

Is Your Home Mortgage Interest Deduction at Risk?

In various studies conducted by the Joint Committee on Taxation for the U.S. House of Representatives and U.S. Senate, it has been estimated that the home mortgage interest deduction reduces tax collections by more than $100 billion dollars a year. That cost is why politicians often eye the elimination, or reduction, of the home mortgage interest deduction as a means to fund their other tax reform priorities. Learn More.

Important Filing Requirement for U.S. Taxpayers with Foreign Accounts

The June 30 deadline for filing has passed, but if you are a U.S. taxpayer (including an individual, corporation, LLC, partnership, trust or estate) who had a financial interest in, or had signature authority over, one or more non-U.S. bank or financial accounts with a combined balance greater than $10,000 on any day during calendar year 2014, then you must complete the Financial Bank and Financial Account Reporting Requirement (FBAR) using FinCEN Form 114 (formerly TD F 90-22.1). Learn More.

A Changing Landscape for R&D Tax Incentives

Recent updates to research and development (R&D) tax credit guidance mean now is the time for businesses to re-evaluate whether they are maximizing the benefits that these incentives provide. Learn more about the credit and the activities that qualify to receive the credit by reading our recent article. Learn More.

First-Time BEA Filing

Not one of the usual filings that requires your attention, but if you had direct or indirect ownership or control of a foreign business enterprise at any time during 2014 you need to read this article, even if the June 30 date for filing has passed. Any U.S. person that had direct or indirect ownership or control of at least 10 percent of the voting stock of an incorporated foreign business enterprise, or an equivalent interest in an unincorporated foreign business enterprise, at any time during their 2014 tax year, is required to file an information report with the Bureau of Economic Analysis (BEA) (Form Series BE-10) for analytical and statistical purposes. Learn More.

Transfer Pricing Infographic

Are you doing business in multiple countries? Does your firm have related parties in different countries? Have you identified all cross border transactions between them? Transfer pricing policies can be complicated. View our Transfer Pricing Infographic to learn more about this area of international tax we have expanded with the addition of senior manager Jason Fritts.

Upcoming Tax Trends Webinars

Eide Bailly has a variety of webinars coming up on topics such as the Nevada Commerce Tax, Employee Benefits Options, Transfer Pricing, and the Marketplace Fairness Act. To sign up for these and other webinars and events, visit our events page.

Supreme Court Ruling on Subsidies Keeps Options Open for Employers

The Supreme Court recently ruled 6-3 that subsidies can indeed be accessed by people in all 50 states, even those who are taking advantage of the federal exchange through HealthCare.gov. The case stemmed from wording in the Affordable Care Act that said exchanges (i.e. marketplaces) qualified for subsidies if they were "established by the State." The Supreme Court ruled the word "State" refers to both state and federal exchanges. Learn More.

Nevada Commerce Tax: Impact on Businesses

It is important that all entities doing business in Nevada, including self-employed individuals, take note of the recently passed Nevada Senate Bill 483 (S.B. 483). This new Nevada legislation included a gross receipts tax, called the Commerce Tax. While the first return and payment of the new gross receipts tax are not due until August 14, 2016, the first taxable year for this new tax runs from July 1, 2015, through June 30, 2016. The tax year is the same for all taxpayers. Learn More.

Puerto Rico Tax System Changes

If you do business in Puerto Rico, it's important to be aware of Act 72-2015 that introduces significant changes to the 2011 Puerto Rico Internal Revenue Code, as amended. The act includes, among other things, changes to income taxes, increases the sales and use tax rate and introduces the value added tax. Learn More.

Estate Planning: Why You Shouldn't Wait

Dealing with the death of a loved one requires things to be done that if not preplanned, come as a surprise to many of those who, by necessity, are called to responsibility. Learn more about the decisions that need to be made upon the death of a loved one and more importantly, the importance of estate planning. Learn More.