
INSIGHTS FROM OUR NATIONAL TAX OFFICE	FEBRUARY 26, 2016

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.

Alert: Organizations Being Targeted by Phishing Scheme

Your organization could be a target of a current phishing scheme. In this scam, an employee receives an email that appears to come from management or a supervisor directing him/her to wire funds to an account reputed to be a client of the organization or for payment of a service. Typically, the phishing email states that there is an urgency to the request. We are aware of multiple cases where the receivers have routinely processed these requests, and funds were wired to the perpetrators' fraudulent outside accounts. Learn more.

Some IRS Mileage Rates Decreasing for 2016

The Internal Revenue Service has announced the 2016 standard mileage rates. Learn more.

2016 Inflation Rate Adjustments

The IRS recently released inflation and cost of living adjustments for tax rate schedules, retirement plan related items and other key tax items. However, unlike many prior years, some amounts are unchanged for 2016 while others increase slightly, which is due to the low 2015 inflation rate Learn more.

Appropriations Act and PATH Act Information

On Dec. 18, President Obama signed into law the Consolidated Appropriations Act, 2016, which contained the Protecting Americans from Tax Hikes (PATH) Act.

Tax Items in the Appropriations Act 2016

While the Appropriations Act is primarily about funding the U.S. government, a number of provisions related to tax issues had a central role in the Congressional discussions leading up to the presentation of the appropriations legislation to the president for signature. Learn more.

Tax Extenders and More Become Law

The PATH Act is the legislative vehicle for passing what has become known as the "tax extenders," those 50-60 various tax provisions that have lapsed, only to be extended, many times again. However, this year some provisions became permanent. Learn more.

R&D Tax Credit Enhanced and Becomes Permanent

The research and development tax credit has been permanently extended by Congress, retroactively as of January 1, 2015, as part of the PATH Act. Learn more.

Depreciation Changes in the PATH Act

The PATH Act contains a number of items related to depreciation. A few items merely extended the lapsed tax law from the prior December 31, 2014, expiration date through December 31, 2016, but others were extended for five years and even permanently. Learn more.

PATH Act Impacts for Exempt Organizations

The PATH Act contains several provisions affecting tax-exempt organizations. Learn more.

Affordable Care Act Updates

New Employer Reporting Requirements

The new year brought a new Affordable Care Act reporting requirement for large employers as well as some small employers. This new requirement provides details for the IRS, the employer, and employees about health coverage offered by the employer. Learn more.

IRS Extends Information Reporting Deadlines

The IRS issued guidance on December 28 that extended the due dates for the 2015 information reporting requirements for applicable large employers under IRS code section 6056 and for insurers, self-insuring employers, and some other providers of minimum essential coverage under code section 6055. Learn more.

Q&A on Health Care Reform

Our Health Care Reform Q&A has been updated to include questions that have come up recently. Learn more.

IRS Initiates Early Interaction Initiative for Employers

On Dec. 8, 2015, the Internal Revenue Service launched what they say is "a new initiative designed to more quickly identify employers who are falling behind on their payroll or employment taxes and then help them get caught up on their payment and reporting responsibilities. The effort is called the Early Interaction Initiative (EII)," according to the news release. Learn more.

2015 Amnesty Program Update

Do you have assessments on eligible tax types that are unpaid or have you been filing incorrectly in Louisiana, New Hampshire, or South Carolina? Amnesty programs are occasionally offered by states and cities and generally offer a waiver or reduction of penalties/interest, along with other possible waivers. The most recent additions to our Amnesty Program Update are Louisiana and New Hampshire. 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, R&D tax incentives, tax-exempt organizations, tax legislation, accounting methods and pass-through entities.

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This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Eide Bailly LLP and the author do not assume responsibility for any individual's reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique before recommending the technique to a client or implementing it on the client's behalf. To request reprints of this publication, send a written request to RequestReprints@eidebailly.com. � 2016 Eide Bailly LLP.