Tax News & Views

 INSIGHTS FROM OUR NATIONAL TAX OFFICE

AUGUST 2, 2016 
In Case You Missed It

The information below provides a short review of various tax information items Eide Bailly has published. To read more click the "Learn more" link shown after each summary. 
 
Does Your Business Generate Unclaimed Property?
Most businesses, whether they know it or not, have the potential to generate unclaimed property and the associated obligations that come with it. Unclaimed property is a dormant or unclaimed financial item that your business owes to another business or individual. Examples include uncashed checks (including payroll), inactive savings accounts, life insurance proceeds, customer overpayments and even unused gift certificates. Learn more.
 
Managing Tax Identity Theft: How to Recognize It and Protect Yourself
The volume of federal tax-related identity theft is growing at an alarming rate. The IRS has confirmed that hundreds of thousands of taxpayer accounts were compromised in last year's data breach of the "Get Transcript" application that allowed people to check their tax history, and more could be discovered. Learn more.
 
Affordable Care Act Update and Compliance Requirements
The Affordable Care Act has created complexity and an administrative burden for many businesses. Keeping abreast of ACA information and updates can be challenging. Our recent article highlights the current information you need to know to assure your business remains in compliance. 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. The reporting was delayed until June 30, 2016. Learn more.
 
Comprehensive Financial Planning: What It Is and Why It Matters
As you invest and save for retirement, you will no doubt hear or read about comprehensive financial planning-but what does that phrase really mean? Just what does comprehensive financial planning entail, and why do knowledgeable investors request this kind of approach? Learn more.
 
Tax Trends Webinars: State and Local Tax Topics
There is a lot to keep in mind as you navigate, plan for, and comply with state and local tax rules. Join us for our upcoming webinars to learn more about Sales Tax Liability and State Income Tax. For more information or to register, visit our Tax Trends webpage. 
 
Webinar Recordings: International Tax Topics
Recently as part of our Tax Trends Webinar Series we hosted two International Tax Topics; one on IC-DISC and the other on BEPS. Click the appropriate link to listen in on the webinar you may have missed. 
 
IRS Audit or Exam
Are you currently being audited by or going through an exam with the IRS? View our recent IRS Controversy video to learn more. 
 
 
Employers Face New Salary Threshold for Overtime Pay
(Back by popular demand! Previously published May 2016)
The U.S. Department of Labor (DOL) 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.

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.