
INSIGHTS FROM OUR NATIONAL TAX OFFICE	JUNE 8, 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.

'Federal Student Tax' Scam Alert

One of the newest tax scams making the rounds is directed at college and university students and involves what's called a non-existent, "federal student tax." Learn more.

Employers Face New Salary Threshold for Overtime Pay

The U.S. Department of Labor recently released its long awaited final rule updating its overtime regulations. These regulations govern which executive, administrative, professional, outside sales and computer employees are entitled to minimum wage and overtime pay protections under the Fair Labor Standards Act. Learn more.

1094/1095 Filing Deadline Quickly Approaching

While the paper filing deadline for forms 1094/1095 has passed, the e-filing deadline is June 30. It is important to file these forms accurately and on time to avoid costly penalties. The IRS is encouraging employers and/or coverage providers to file the forms as soon as possible. Learn more.

Managing Tax Identity Theft

The volume of federal tax-related identity theft is growing at an alarming rate. The IRS recently announced that an additional 390,000 taxpayer accounts may have been compromised in the data breach of the "Get Transcript" application, which allowed people to check their tax history. Learn more.

New Estate Law Affects Beneficiaries

Estate beneficiaries, take notice. An estate-related item in the president's budget proposals for many years was enacted into law on July 31, 2015. Reporting has been delayed until June 30, 2016, and your action may be required. Learn more.

Claiming the Work Opportunity Tax Credit

The Work Opportunity Tax Credit (WOTC) generally allows employers who hire someone from certain targeted groups to get a tax credit against income tax for a percentage of first year compensation. Learn more.

Eide Bailly Releases New R&D Tax Credit Video

Interested in learning more about whether your business qualifies for the Research and Development Tax Credit? Watch our new video for more information!

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.