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Small Business Taxpayer Bill of Rights Act of 2015
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Small Business Taxpayer Bill of Rights Act of 2015 Amends the Internal Revenue Code to: (1) allow businesses with average annual gross receipts of not more than $50,000 that prevail in an administrative or court proceeding involving the determination, collection, or refund of tax, interest, or penalty to recover their costs incurred in such proceedings; (2) increase the amount of civil damages against Internal Revenue Service (IRS) officers or employees for reckless, intentional, or negligent disregard of internal revenue laws and extend from two to five years the period for bringing a claim for damages; (3) increase the penalties against federal officers or employees for unlawful acts in connection with internal revenue laws and for unauthorized disclosures or inspections of tax returns; and (4) allow a taxpayer whose interest abatement claim does not exceed $50,000 to elect to bring a small tax case petition in U.S. Tax Court. Prohibits ex parte communications between officers in the IRS Office of Appeals and other IRS employees with respect to matters pending before such officers and employees. Authorizes new alternative dispute resolution procedures for taxpayer disputes with the IRS. Extends to three years: (1) the period in which taxpayer property that has been wrongfully levied upon may be returned, and (2) the period for bringing suit against the United States for a wrongful tax levy. Authorizes the waiver of the fee for establishing an installment agreement for payment of tax for certain low-income taxpayers who agree to make electronic debit payments. Allows a taxpayer seeking review of a claim for innocent spouse relief or of a collection case in U.S. Tax Court a 60-day suspension of the period for filing a petition for such review when the U.S. Bankruptcy Court has issued an automatic stay in a bankruptcy case involving the taxpayer's claim. Allows de novo review in U.S. Tax Court of any determination by the IRS with respect to a claim for equitable innocent spouse relief. Prohibits the IRS Office of Appeals from considering or deciding any new issue in an internal appeal that is not within the scope of the initial determination made in a taxpayer's case. Prohibits the imposition of a tax lien against a taxpayer's principal residence unless a written determination is made that all other property of the taxpayer, if sold, is insufficient to pay the tax liability and the lien will not create an economic hardship for the taxpayer. Requires the termination of an IRS employee for disproportionate scrutiny of an organization applying for tax-exempt status based on the ideology expressed in the name or purpose of the organization; Authorizes a court to issue a declaratory judgment with respect to the initial or continuing classification of a tax-exempt social welfare organization; Requires the Inspector General for Tax Administration of the Department of the Treasury to: (1) review any IRS criteria for selection of tax returns for examination or audit, assessment or collection of deficiencies, criminal investigation or referral, refunds for amounts paid, or any heightened scrutiny or review to determine whether such criteria discriminates against taxpayers on the basis of race, religion, or political ideology; and (2) consult with the IRS on recommended amendments to such criteria.
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Filing registrants (4)
2016 · fourth_quarter · Taxation/Internal Revenue Code
IRS-REG-163113-02, RIN 1545-BB71Death Tax Valuation H.R. 2775Remote Transaction Parity S. 3436Protect Family Farms and Businesses Act H.R. 6100Protect Family Farms and Businesses Act Tax Reform-Border Adjustability H.R. 5361/S. 3177Public Buildings Renewal Act S. 2809IRS audit limitations and appeal rights S. 1578Taxpayer Bill of Rights Enhancement Act S. 949/H.R. 1828Small Business Taxpayer Bill of Rights LB&I Audit Appeal Processes
Read twice and referred to the Committee on Finance.
Introduced in Senate
Bills with similar content found using semantic analysis.
Sources: Congress.gov
Client expense: $30,000 · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), SENATE, Surface Transportation Board (STB), Treasury, Dept of, U.S. Trade Representative (USTR)
2016 · fourth_quarter · Taxation/Internal Revenue Code
Alternative minimum tax; Cash basis method of accounting; Corporate integration; Deductions for adjusted gross income (certain attorney fees and court costs); Disaster Relief; National Disaster Tax Relief Act of 2015 (H.R. 3110 / S. 1795); Tax Extension Assurance Bill; Education-related provisions; Estates & Trusts; Estate valuation discounts under section 2704 (H.R. 6042, H.R. 6100, and S. 3436); Modify the deadline for estate basis reporting; Allow administrative relief for late portability, inter vivos qualified terminal interest property, and qualified revocable trust elections; Treat consistently all federal tax payments of trusts and estates; Amend section 67(e) to simplify the law and allow estates and nongrantor trusts to fully deduct the cost of complying with fiduciary duties in administering estates and trusts; Exempt from the filing requirement of section 6034(a) trusts with charitable deductions only from flow-through entities; Subject estates, certain qualified revocable trusts, and qualified disability trusts to the income tax and net investment income tax in the same manner as married persons filing separate returns; Require Form 1099 reporting of interest and dividends paid to charitable remainder trusts; Foreign trust withholding credit to U.S. beneficiaries; Modify Form 3520-A due date from March 15th to April 15th; Section 2801 estate tax expatriation guidance; Estate tax closing letters; Estate tax basis consistency reporting; Filing election/tax return 15 months after death; Simplified Form 706 EZ; Surviving spouse elections; Executive Compensation; Section 409A; Excise tax on excess tax-exempt organization executive compensation; Exempt Organizations; Form 990 series; Jeopardizing investments; Unrelated Business Income Tax (name and logo royalties treated as unrelated business taxable income; parity of charitable contribution limitation between trusts and corporations; increased specific deduction; qualified sponsorship payments; dual use facility expense allocation; definition of a patient); Penalties (increase in information return penalties; manager-level accuracy-related penalty on underpayment of unrelated business income tax); Remove the binding contract requirement under section 512(b)(13)(E)(iii); Tax Exempt Entities/Excise Taxes (modification of intermediate sanctions; modification of taxes on self-dealing; excise tax on failure to distribute within five years contribution to donor advised fund; repeal of exception for private operating foundation failure to distribute income; excise tax based on investment income of private colleges and universities); Mandate the electronic filing of the IRS except organization forms, as proposed in the FY 2017 Budget of the US Government and accompanying Treasury Explanations; Supporting organizations; SSNs on EO tax forms; Section 501(r); Form 1023; Group rulings and group filings; Section 1441 foreign equivalency determination; Foreign trusts; Compliance issues continuing monitoring/discussing; Withholding issues with FATCA for foreign trusts and U.S. beneficiaries; Form 3520-A filing deadline; Health insurance deduction; Provide full deductibility of health insurance for small businesses; Identity theft; The Chairman's Mark of A Bill To Prevent Identity Theft And Tax Refund Fraud (JCX-108-15); Identity Theft and Tax Fraud Prevention Act of 2015 (H.R. 3981); Stolen Identity Refund Fraud Prevention Act of 2015 (H.R. 2991); Form W-2 due date acceleration; Identity Theft Mark-up Amendment Related to the Regulation of Tax Return Preparers; IRS Security Summit International Taxation; BEPS - country-by-country reporting; Information reporting for Disregarded Entities with foreign owners; Innovation Box; Inversion guidance under Section 7874; Pending Income Tax Treaties and Protocols; PFIC reporting requirements; Taxation of Foreign Income; Taxation of 529 Plans, ABLE accounts, ROTH IRAs and their foreign equivalents; Voluntary Disclosure and Streamlined Filing Programs for delinquent taxpayers with foreign assets and income; Notice 2016-48, Expiration & Renewal procedures for ITINs; Reporting requirements for foreign accounts held by U.S. taxpayers resident overseas; FinCEN Form 114 (FBAR) reporting requirements (RIN 1506-AB26); Tax treatment of retirement plans for taxpayers working overseas; IRS authority over tax return preparers and contingency fees; Taxpayer Protection and Preparer Proficiency Act of 2015 (S. 137); Tax Return Preparer Competency Act of 2015 (H.R. 4141); Tax Return Preparer Accountability Act of 2015 (H.R. 1609); IRS determination letter program; IRS budget, IRS customer service, IRS Future State; IRS proposed regulations guidance under Section 2801; Kiddie Tax rules; Listed property issues; Removing computer equipment from the definition of listed property; Internet sales and use tax collection; Marketplace Fairness Act of 2015, S. 698; Remote Transactions Parity Act of 2015, H.R. 2775; Medical lodging deduction limitation with the allowable business per diem rates; Methods/Periods/Credits; Cost recovery issues/UNICAP (including Sections 168, 179 and 263A); Mischaracterized section 174 expenditures; Modification of Rev. Proc. 2004-34 and Treas. Reg. 1.451-5 concerning the deferral of advance payments; Research credit; Tangible property regulations; Amortization of certain research and experimental expenditures.; Amortization of certain advertising expenditures;Tax treatment of deferred revenue in taxable asset acquisitions; Revenue Procedure 2015-20, de minimis safe harbor limit; Accounting method changes for mischaracterized section 174 expenditures needing a section 481(a) adjustment and audit protection; Section 170 charitable contribution of inventory; Notice 2015-40 Revenue Recognition; Revenue Procedure 2015-40; Section 199; Revenue Procedures 2015-13 and 2015-14 and 2016-29; Modify the enhanced deduction rules for charitable contributions of inventory; Modify the rules for capitalization and inclusion in inventory costs for certain expenses under 263A; Modify the rules for capitalization and inclusion in inventory costs for certain expenses under section 263A; Section 41(h) Treatment of Credit for Qualified Small Businesses; Section 471 cost definition under section 263A; Revenue Procedure 2004-34 advance payments; Accounting for loyalty points and the scope of Treas. Reg. 1.451-4; Mileage rates for business expense, medical expense, moving expense and charitable contribution purposes; Mobile Workforce State Income Tax Simplification Act of 2015 (H.R. 2315 and S. 386); Multi-State Worker (telecommuter) Tax Fairness Act; Net operating loss deduction; Pass-through Entities; Allow Subchapters K and S to Remain as Separate Subchapters; Retain the Flexibility of the Subchapter K Model (Including Special Allocations and Outside Basis for Partnership Level Debt); Retain the Check-the-Box Rules; Obtain Tax Rate Parity Between Pass-Through Business Entities and C Corporations; Repeal Section 1372: Partnership Rules to Apply for Fringe Benefit Purposes for S Corporations; Make Permanent the Reduced Recognition Period for Built-In Gains for S Corporations; Allow Full Consideration of Net Realized Built-In Loss for S Corporations; Make Remedial Allocations Mandatory for Partnerships with Greater than 5% Nonresident Alien Individuals as Shareholders; Eliminate the Section 751(b) Calculation on Disproportionate Distributions; Oppose Any Proposal for Tax Treatment of "Large" Partnerships as Corporations; Require Mandatory Adjustments to Basis of Partnership Property in Case of Transfer of Partnership Interests and Mandatory Adjustments to Basis of Undistributed Partnership Property; Allow Accumulated Earnings and Profits Withdrawal from S Corporations with Certainty; Reduce Realized Built-In Gains of S Corporations by the Amount of Accrued State Income Tax; Allow Incentive Deductions Permitted by the Internal Revenue Code to Flow Through to Taxpayers Without Basis Limitations; Repeal the Prohibition of Section 179(d)(4) for Estates/Trusts; Alternatively, Allow Pass-Through Entity Allocation and Amortization at the Estate /Trust Level; Charitable Contribution Deduction for Electing Small Business Trusts; Permanent Rule Regarding Basis Adjustment to Stock of S Corporations Making Charitable Contribution of Property; Allow an offset to the built-in gains tax for charitable contribution and foreign tax credit carryforwards from a C year; Add a new 120-day post-termination transition period beginning on the date that a taxpayer files an amended Form 1120S; Allow S corporations to have nonresident aliens as shareholders and potential current beneficiaries of electing small business trusts; Repeal section 1362(d)(3), which terminates an S election due to passive investment income that exceeds a certain threshold, or increase the passive investment income threshold of S corporations under section 1375(a)(2) from 25% to 60%; Extension of time for making S corporation elections; Partnership audits; Allow the transfer of any partnership suspended losses to his/her spouse when spousal transfers under section 1041(a) take place; Clarify that husband and wife partnerships that are recognized under state law are eligible to elect Qualified Joint Venture status under section 761(f); Repeal section 708(b)(1)(B) relating to the technical terminations of partnerships; Retain existing safe harbors for allocation of shared partnership liabilities.; Request for Guidance Regarding Worthless Stock Deductions Under Section 165(g) for S Corporations; Partnership Audit Simplification Act of 2015 (H.R. 2821); Treatment under Section 721(c) of property transfers to partnerships with related foreign partners; Technical corrections to Partnership Audit procedures enacted as part of the Bipartisan Budget Act of 2016; Notice 2016-23, BBA Partnership Audit Regime regulations; Disguised sales rules under Section 707; Allocation of partnership liabilities under Section 752; Management fee waivers; Net Investment Income Tax on disposition of partnership interest; Treatment of partner as an employee for benefit purposes; User Fees Charged for S Corporation Private Letter Ruling Requests; Transfers of Property to Partnerships with Related Foreign Partners and of Certain Interests in Corporations as Stock or Indebtedness (Notice 2015-54); Additional Guidance for AAA Ordering Rules; S Corp Basis Ordering (Section 1367); S Corp guidance on inability to utilize certain suspended passive activity losses upon redemption (Section 469(g)); Update Treas. Reg. 1.1361-5 to reflect the addition of clause (ii) to section 1361(b) (3)(C) made by section 8234 of P.L. 110-28; Issue a revenue ruling incorporating the guidance from PLRs 200308035 and 201017019; Guidance regarding the application of section 302(b)(4) to distributions by an S corporation; Guidance as to when, for AMT purposes, S corporations will have attributes which are different for regular tax and AMT purposes; Provide additional guidance to whether a state tax refund attributable to the S portion of an electing small business trust (ESBT) is allocated to the S portion; Applicability of proposed section 385 regulations to partnerships; Reporting requirements for partnerships under section 6038; Treat the return of an S corporation as the return of any related qualified subchapter S subsidiary for purposes of any relevant period of limitations; Patient Protection and Affordable Care Act (P.L. 111-148) implementation and related issues; Health reimbursement arrangements (HRAs); The Small Business Healthcare Relief Act (H.R. 5447 / S. 1697); Small business health insurance tax credit; Employer information reporting requirements (Form 1095-C); Remote Transactions Parity Act of 2015, Marketplace Fairness Act of 2015 (H.R. 2775 / S. 6998); Savings & Investments; Consolidate and simplify the multiple types of tax-favored retirement plans and the rules governing them; Eliminate Certain Nondiscrimination Tests on Employee Pre-tax and Roth Deferrals for 401(k) Plans, Matching Contributions; Eliminate the Top-Heavy Rules; Create a Uniform Rule Regarding the Determination of Basis in Distributions; Create a Uniform Attribution Rule; Create a Uniform Definition of Owners; Change the Required Minimum Distribution Rules During Life and Remove Half-Year Age References; Create Uniform Rules for Early Withdrawal Penalties; Elimination of Income Limits on Contributions to Roth IRAs; Inflation Adjustments for Roth IRA Contributions; Simplify the small business health insurance tax credit under IRC section 45R; Simplify the tax treatment of Roth individual retirement account contributions; SEPs; SIMPLE 401(k)s; Rules Related to Designated Roth Contributions; Repeal the requirement that benefits become fully vested upon a partial termination of a qualified retirement plan; Section 385 Proposed Regulations - Regarding the treatment of certain interests in corporations as stock or indebtedness (REG-108060-15); Small Business Tax Compliance Relief Act of 2015 (S. 1827); Standardize IRC definitions to avoid multiple meanings for the same term; The Self-Employment Contributions Act (SECA); Determination of net earnings from self-employment; Equalize the tax treatment between employees and self-employed individuals with respect to the deduction for health insurance costs in determining income subject to OASDI and HI taxes; Tax Reform (General); Principles of Good Tax Policy; Tax extenders (H.R. 2029, the Protecting Americans from Tax Hikes Act of 2015 and Consolidated Appropriations Act, 2016); Permanence of tax legislation; Small business compliance burdens; International tax provisions related to the Tax Reform Act of 2014; Tax administration and compliance; Late and amended Forms 1099 - corrected information reporting safe harbor de minimis and reporting rollover to year of change; Amend the section 6051 reporting requirement to permit truncation of employee social security numbers; Clarification of six-year statute of limitations in case of overstatement of basis; Penalties (definition of tax shelters; significant purpose; reasonable cause exceptions; penalty for failure to file; penalty for failure to file correct information returns and provide payee statements; Form 3520 and 3520-A penalties; late filing penalties under sections 6698 and 6699; Form 5471 penalty relief); Pre-populated returns; Private Debt Collection; Repeal the section 7122(c)(1) requirement to provide a 20% partial payment with a lump-sum offer in compromise; Section 9100 relief (administrative relief for missed statutory elections); Tax Administration Integrity Act (H.R. 3167); Tax rates and definitions; Consistent definitions in the Internal Revenue Code; Deduction for adjusted net capital gain; Elimination of surtaxes; Inflation-adjusting thresholds and amounts; Repeal of phase-ins/phase-outs; Simplified Income Tax Rate Structure; Tax return due dates (Public Law 114-41, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015); Form 3520 change technical correction; Taxpayer Bill of Rights; Taxpayer Bill of Rights Act of 2015 (H.R. 1058, S. 949, S. 951); Small Business Taxpayer Bill of Rights Act of 2015 (H.R. 1828, S. 949); Taxpayer Bill of Rights Enhancement Act of 2015 (S. 1578); Treasury/IRS Priority Guidance Plan (Notice 2016-26); United States Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) System; Virtual currency (Bitcoin)
Client expense: $1,320,000 · Firm income: Not reported
Government targets: Financial Crimes Enforcement Network (FinCEN), Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Justice, Dept of (DOJ), Labor, Dept of (DOL), Pension Benefit Guaranty Corporation (PBGC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, White House Office
2016 · third_quarter · Taxation/Internal Revenue Code
Alternative minimum tax; Cash basis method of accounting; Corporate integration; Deductions for adjusted gross income (certain attorney fees and court costs); Disaster Relief; National Disaster Tax Relief Act of 2015 (H.R. 3110 / S. 1795); Tax Extension Assurance Bill; Education-related provisions; Estates & Trusts; Allow administrative relief for late portability, inter vivos qualified terminal interest property, and qualified revocable trust elections; Treat consistently all federal tax payments of trusts and estates; Amend section 67(e) to simplify the law and allow estates and nongrantor trusts to fully deduct the cost of complying with fiduciary duties in administering estates and trusts; Exempt from the filing requirement of section 6034(a) trusts with charitable deductions only from flow-through entities; Subject estates, certain qualified revocable trusts, and qualified disability trusts to the income tax and net investment income tax in the same manner as married persons filing separate returns; Require Form 1099 reporting of interest and dividends paid to charitable remainder trusts; Foreign trust withholding credit to U.S. beneficiaries; Section 2801 estate tax expatriation guidance; Estate tax closing letters; Estate tax basis consistency reporting; Filing election/tax return 15 months after death; Simplified Form 706 EZ; Surviving spouse elections; Executive Compensation; Section 409A; Excise tax on excess tax-exempt organization executive compensation; Exempt Organizations; Form 990 series; Jeopardizing investments; Unrelated Business Income Tax (name and logo royalties treated as unrelated business taxable income; parity of charitable contribution limitation between trusts and corporations; increased specific deduction; qualified sponsorship payments; dual use facility expense allocation); Penalties (increase in information return penalties; manager-level accuracy-related penalty on underpayment of unrelated business income tax); Tax Exempt Entities/Excise Taxes (modification of intermediate sanctions; modification of taxes on self-dealing; excise tax on failure to distribute within five years contribution to donor advised fund; repeal of exception for private operating foundation failure to distribute income; excise tax based on investment income of private colleges and universities); Supporting organizations; SSNs on EO tax forms; Section 501(r); Form 1023; Foreign trusts ; Compliance issues continuing monitoring/discussing; Withholding issues with FATCA for foreign trusts and U.S. beneficiaries; Health insurance deduction; Provide full deductibility of health insurance for small businesses; Identity theft; The Chairman's Mark of A Bill To Prevent Identity Theft And Tax Refund Fraud (JCX-108-15); Identity Theft and Tax Fraud Prevention Act of 2015 (H.R. 3981); Stolen Identity Refund Fraud Prevention Act of 2015 (H.R. 2991); Form W-2 due date acceleration; Identity Theft Mark-up Amendment Related to the Regulation of Tax Return Preparers; IRS Security Summit; International Taxation; BEPS - country-by-country reporting; Information reporting for Disregarded Entities with foreign owners; Innovation Box; Inversion guidance under Section 7874; Pending Income Tax Treaties and Protocols; PFIC reporting requirements; Taxation of Foreign Income; Taxation of 529 Plans, ABLE accounts, ROTH IRAs and their foreign equivalents; Voluntary Disclosure and Streamlined Filing Programs for delinquent taxpayers with foreign assets and income; Expiration & Renewal procedures for ITINs; Reporting requirements for foreign accounts held by U.S. taxpayers resident overseas; IRS authority over tax return preparers and contingency fees; Taxpayer Protection and Preparer Proficiency Act of 2015 (S. 137); Tax Return Preparer Competency Act of 2015 (H.R. 4141); Tax Return Preparer Accountability Act of 2015 (H.R. 1609); IRS determination letter program; IRS budget, IRS customer service, IRS Future State; IRS Implementation of Certified Professional Employer Organization Process; IRS proposed regulations guidance under Section 2801; IRS private debt collection; Kiddie Tax rules; Listed property issues; Removing computer equipment from the definition of listed property; Internet sales and use tax collection; Marketplace Fairness Act of 2015, S. 698; Remote Transactions Parity Act of 2015, H.R. 2775; Medical lodging deduction limitation with the allowable business per diem rates; Methods/Periods/Credits; Cost recovery issues/UNICAP (including Sections 168, 179 and 263A); Mischaracterized section 174 expenditures; Modification of Rev. Proc. 2004-34 and Treas. Reg. 1.451-5 concerning the deferral of advance payments; Research credit; Tangible property regulations; Amortization of certain research and experimental expenditures.; Amortization of certain advertising expenditures; Tax treatment of deferred revenue in taxable asset acquisitions; Revenue Procedure 2015-20, de minimis safe harbor limit; Accounting method changes for mischaracterized section 174 expenditures needing a section 481(a) adjustment and audit protection; Section 170 charitable contribution of inventory; Notice 2015-40 Revenue Recognition; Section 199 Online Software; Revenue Procedure 2015-40; Section 199; Revenue Procedures 2015-13 and 2015-14; Mileage rates for business expense, medical expense, moving expense and charitable contribution purposes; Mobile Workforce State Income Tax Simplification Act of 2015 (H.R. 2315 and S. 386); Multi-State Worker (telecommuter) Tax Fairness Act; Net operating loss deduction; Pass-through Entities; Allow Subchapters K and S to Remain as Separate Subchapters; Retain the Flexibility of the Subchapter K Model (Including Special Allocations and Outside Basis for Partnership Level Debt); Retain the Check-the-Box Rules; Obtain Tax Rate Parity Between Pass-Through Business Entities and C Corporations; Repeal Section 1372: Partnership Rules to Apply for Fringe Benefit Purposes for S Corporations; Make Permanent the Reduced Recognition Period for Built-In Gains for S Corporations; Allow Full Consideration of Net Realized Built-In Loss for S Corporations; Make Remedial Allocations Mandatory for Partnerships with Greater than 5% Nonresident Alien Individuals as Partners; Eliminate the Section 751(b) Calculation on Disproportionate Distributions; Oppose Any Proposal for Tax Treatment of "Large" Partnerships as Corporations; Require Mandatory Adjustments to Basis of Partnership Property in Case of Transfer of Partnership Interests and Mandatory Adjustments to Basis of Undistributed Partnership Property; Allow Accumulated Earnings and Profits Withdrawal from S Corporations with Certainty; Reduce Realized Built-In Gains of S Corporations by the Amount of Accrued State Income Tax; Allow Incentive Deductions Permitted by the Internal Revenue Code to Flow Through to Taxpayers Without Basis Limitations; Repeal the Prohibition of Section 179(d)(4) for Estates/Trusts; Alternatively, Allow Pass-Through Entity Allocation and Amortization at the Estate /Trust Level; Charitable Contribution Deduction for Electing Small Business Trusts; Permanent Rule Regarding Basis Adjustment to Stock of S Corporations Making Charitable Contribution of Property; Allow an offset to the built-in gains tax for charitable contribution and foreign tax credit carryforwards from a C year; Add a new 120-day post-termination transition period beginning on the date that a taxpayer files an amended Form 1120S;Allow S corporations to have nonresident aliens as shareholders and potential current beneficiaries of electing small business trusts; Repeal section 1362(d)(3), which terminates an S election due to passive investment income that exceeds a certain threshold, or increase the passive investment income threshold of S corporations under section 1375(a)(2) from 25% to 60%; Extension of time for making S corporation elections; Partnership audits; Allow the transfer of any partnership suspended losses to his/her spouse when spousal transfers under section 1041(a) take place; Clarify that husband and wife partnerships that are recognized under state law are eligible to elect Qualified Joint Venture status under section 761(f); Repeal section 708(b)(1)(B) relating to the technical terminations of partnerships; Retain existing safe harbors for allocation of shared partnership liabilities.; Request for Guidance Regarding Worthless Stock Deductions Under Section 165(g) for S Corporations; Partnership Audit Simplification Act of 2015 (H.R. 2821); Treatment under Section 721(c) of property transfers to partnerships with related foreign partners; Partnership Audit procedures enacted as part of the Bipartisan Budget Act of 2016; Disguised sales rules under Section 707; Allocation of partnership liabilities under Section 752; Management fee waivers; Net Investment Income Tax on disposition of partnership interest; Treatment of partner as an employee for benefit purposes; User Fees Charged for S Corporation Private Letter Ruling Requests; Transfers of Property to Partnerships with Related Foreign Partners and of Certain Interests in Corporations as Stock or Indebtedness (Notice 2015-54); Additional Guidance for AAA Ordering Rules; S Corp Basis Ordering (Section 1367); S Corp guidance on inability to utilize certain suspended passive activity losses upon redemption (Section 469(g)); Update Treas. Reg. 1.1361-5 to reflect the addition of clause (ii) to section 1361(b) (3)(C) made by section 8234 of P.L. 110-28; Issue a revenue ruling incorporating the guidance from PLRs 200308035 and 201017019; Guidance regarding the application of section 302(b)(4) to distributions by an S corporation; Guidance as to when, for AMT purposes, S corporations will have attributes which are different for regular tax and AMT purposes; Provide additional guidance to whether a state tax refund attributable to the S portion of an electing small business trust (ESBT) is allocated to the S portion; Applicability of proposed section 385 regulations to partnerships; Patient Protection and Affordable Care Act (P.L. 111-148) implementation and related issues; Health reimbursement arrangements (HRAs); The Small Business Healthcare Relief Act (H.R. 5447 / S. 1697); Small business health insurance tax credit; Employer information reporting requirements (Form 1095-C); Remote Transactions Parity Act of 2015, Marketplace Fairness Act of 2015 (H.R. 2775 / S. 6998); Savings & Investments; Consolidate and simplify the multiple types of tax-favored retirement plans and the rules governing them; Eliminate Certain Nondiscrimination Tests on Employee Pre-tax and Roth Deferrals for 401(k) Plans, Matching Contributions; Eliminate the Top-Heavy Rules; Create a Uniform Rule Regarding the Determination of Basis in Distributions; Create a Uniform Attribution Rule; Create a Uniform Definition of Owners; Change the Required Minimum Distribution Rules During Life and Remove Half-Year Age References; Create Uniform Rules for Early Withdrawal Penalties; Elimination of Income Limits on Contributions to Roth IRAs; Inflation Adjustments for Roth IRA Contributions; Simplify the tax treatment of Roth individual retirement account contributions; SEPs; SIMPLE 401(k)s; Rules Related to Designated Roth Contributions; Repeal the requirement that benefits become fully vested upon a partial termination of a qualified retirement plan; Section 385 Proposed Regulations - Regarding the treatment of certain interests in corporations as stock or indebtedness (REG-108060-15); Small Business Tax Compliance Relief Act of 2015 (S. 1827); The Self-Employment Contributions Act (SECA); Determination of net earnings from self-employment; Equalize the tax treatment between employees and self-employed individuals with respect to the deduction for health insurance costs in determining income subject to OASDI and HI taxes; Tax Reform (General); Principles of Good Tax Policy; Tax extenders (H.R. 2029, the Protecting Americans from Tax Hikes Act of 2015 and Consolidated Appropriations Act, 2016); Permanence of tax legislation; Small business compliance burdens; International tax provisions related to the Tax Reform Act of 2014; Tax administration and compliance; Late and amended Forms 1099 - corrected information reporting safe harbor de minimis and reporting rollover to year of change; Amend the section 6051 reporting requirement to permit truncation of employee social security numbers; Clarification of six-year statute of limitations in case of overstatement of basis; Penalties (definition of tax shelters; significant purpose; reasonable cause exceptions; penalty for failure to file; penalty for failure to file correct information returns and provide payee statements; Form 3520 and 3520-A penalties; late filing penalties under sections 6698 and 6699; Form 5471 penalty relief); Pre-populated returns; Private Debt Collection; Repeal the section 7122(c)(1) requirement to provide a 20% partial payment with a lump-sum offer in compromise; Section 9100 relief (administrative relief for missed statutory elections); Tax Administration Integrity Act (H.R. 3167); Tax rates and definitions; Consistent definitions in the Internal Revenue Code; Deduction for adjusted net capital gain; Elimination of surtaxes; Inflation-adjusting thresholds and amounts; Repeal of phase-ins/phase-outs; Simplified Income Tax Rate Structure; Tax return due dates (Public Law 114-41, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015); Form 3520 change technical correction; Taxpayer Bill of Rights; Taxpayer Bill of Rights Act of 2015 (H.R. 1058, S. 949, S. 951); Small Business Taxpayer Bill of Rights Act of 2015 (H.R. 1828, S. 949); Taxpayer Bill of Rights Enhancement Act of 2015 (S. 1578); Treasury/IRS Priority Guidance Plan (Notice 2016-26); United States Anti-Money; Laundering (AML) and Counter-Terrorism Financing (CTF) System; Virtual currency (Bitcoin)
Client expense: $1,230,000 · Firm income: Not reported
Government targets: Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Justice, Dept of (DOJ), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, White House Office
2016 · second_quarter · Taxation/Internal Revenue Code
Alternative minimum tax; Cash basis method of accounting; Corporate integration; Deductions for adjusted gross income (certain attorney fees and court costs); Disaster Relief; National Disaster Tax Relief Act of 2015 (H.R. 3110 / S. 1795); Tax Extension Assurance Bill; Education-related provisions; Estates & Trusts; Allow administrative relief for late portability, inter vivos qualified terminal interest property, and qualified revocable trust elections; Treat consistently all federal tax payments of trusts and estates; Amend section 67(e) to simplify the law and allow estates and nongrantor trusts to fully deduct the cost of complying with fiduciary duties in administering estates and trusts; Exempt from the filing requirement of section 6034(a) trusts with charitable deductions only from flow-through entities; Subject estates, certain qualified revocable trusts, and qualified disability trusts to the income tax and net investment income tax in the same manner as married persons filing separate returns; Require Form 1099 reporting of interest and dividends paid to charitable remainder trusts; Foreign trust withholding credit to U.S. beneficiaries; Section 2801 estate tax expatriation guidance; Estate tax closing letters; Estate tax basis consistency reporting; Filing election/tax return 15 months after death; Simplified Form 706 EZ; Surviving spouse elections; Executive Compensation; Section 409A; Excise tax on excess tax-exempt organization executive compensation; Exempt Organizations; Form 990 series; Jeopardizing investments; Unrelated Business Income Tax (name and logo royalties treated as unrelated business taxable income; parity of charitable contribution limitation between trusts and corporations; increased specific deduction; qualified sponsorship payments; dual use facility expense allocation); Penalties (increase in information return penalties; manager-level accuracy-related penalty on underpayment of unrelated business income tax); Tax Exempt Entities/Excise Taxes (modification of intermediate sanctions; modification of taxes on self-dealing; excise tax on failure to distribute within five years contribution to donor advised fund; repeal of exception for private operating foundation failure to distribute income; excise tax based on investment income of private colleges and universities); Supporting organizations; SSNs on EO tax forms; Section 501(r); Form 1023; Foreign trusts ; Compliance issues continuing monitoring/discussing; Withholding issues with FATCA for foreign trusts and U.S. beneficiaries; Health insurance deduction; Provide full deductibility of health insurance for small businesses; Identity theft; The Chairman's Mark of A Bill To Prevent Identity Theft And Tax Refund Fraud (JCX-108-15); Identity Theft and Tax Fraud Prevention Act of 2015 (H.R. 3981); Stolen Identity Refund Fraud Prevention Act of 2015 (H.R. 2991); Form W-2 due date acceleration; Identity Theft Mark-up Amendment Related to the Regulation of Tax Return Preparers; IRS Security Summit; International Taxation; BEPS - country-by-country reporting; Information reporting for Disregarded Entities with foreign owners; Innovation Box; Inversion guidance under Section 7874; Pending Income Tax Treaties and Protocols; PFIC reporting requirements; Taxation of Foreign Income; Taxation of 529 Plans, ABLE accounts, ROTH IRAs and their foreign equivalents; Voluntary Disclosure and Streamlined Filing Programs for delinquent taxpayers with foreign assets and income; IRS authority over tax return preparers and contingency fees; Taxpayer Protection and Preparer Proficiency Act of 2015 (S. 137); Tax Return Preparer Competency Act of 2015 (H.R. 4141);Tax Return Preparer Accountability Act of 2015 (H.R. 1609); IRS determination letter program; IRS budget, IRS customer service, IRS Future State; IRS proposed regulations guidance under Section 2801; Kiddie Tax rules; Listed property issues; Removing computer equipment from the definition of listed property; Internet sales and use tax collection; Marketplace Fairness Act of 2015, S. 698; Remote Transactions Parity Act of 2015, H.R. 2775; Medical lodging deduction limitation with the allowable business per diem rates; Methods/Periods/Credits; Cost recovery issues/UNICAP (including Sections 168, 179 and 263A); Mischaracterized section 174 expenditures; Modification of Rev. Proc. 2004-34 and Treas. Reg. 1.451-5 concerning the deferral of advance payments; Research credit ; Tangible property regulations; Amortization of certain research and experimental expenditures.; Amortization of certain advertising expenditures; Tax treatment of deferred revenue in taxable asset acquisitions; Revenue Procedure 2015-20, de minimis safe harbor limit; Accounting method changes for mischaracterized section 174 expenditures needing a section 481(a) adjustment and audit protection; Section 170 charitable contribution of inventory; Revenue Procedure 2015-40; Section 199; Revenue Procedures 2015-13 and 2015-14; Mileage rates for business expense, medical expense, moving expense and charitable contribution purposes; Mobile Workforce State Income Tax Simplification Act of 2015 (H.R. 2315 and S. 386); Multi-State Worker (telecommuter) Tax Fairness Act ; Net operating loss deduction; Pass-through Entities; Allow Subchapters K and S to Remain as Separate Subchapters ; Retain the Flexibility of the Subchapter K Model (Including Special Allocations and Outside Basis for Partnership Level Debt); Retain the Check-the-Box Rules; Obtain Tax Rate Parity Between Pass-Through Business Entities and C Corporations; Repeal Section 1372: Partnership Rules to Apply for Fringe Benefit Purposes for S Corporations; Make Permanent the Reduced Recognition Period for Built-In Gains for S Corporations; Allow Full Consideration of Net Realized Built-In Loss for S Corporations; Make Remedial Allocations Mandatory for Partnerships with Greater than 5% Nonresident Alien Individuals as Partners; Eliminate the Section 751(b) Calculation on Disproportionate Distributions; Oppose Any Proposal for Tax Treatment of "Large" Partnerships as Corporations; Require Mandatory Adjustments to Basis of Partnership Property in Case of Transfer of Partnership Interests and Mandatory Adjustments to Basis of Undistributed Partnership Property; Allow Accumulated Earnings and Profits Withdrawal from S Corporations with Certainty; Reduce Realized Built-In Gains of S Corporations by the Amount of Accrued State Income Tax; Allow Incentive Deductions Permitted by the Internal Revenue Code to Flow Through to Taxpayers Without Basis Limitations; Repeal the Prohibition of Section 179(d)(4) for Estates/Trusts; Alternatively, Allow Pass-Through Entity Allocation and Amortization at the Estate /Trust Level; Charitable Contribution Deduction for Electing Small Business Trusts; Permanent Rule Regarding Basis Adjustment to Stock of S Corporations Making Charitable Contribution of Property; Allow an offset to the built-in gains tax for charitable contribution and foreign tax credit carryforwards from a C year; Add a new 120-day post-termination transition period beginning on the date that a taxpayer files an amended Form 1120S; Allow S corporations to have nonresident aliens as shareholders and potential current beneficiaries of electing small business trusts; Repeal section 1362(d)(3), which terminates an S election due to passive investment income that exceeds a certain threshold, or increase the passive investment income threshold of S corporations under section 1375(a)(2) from 25% to 60%; Extension of time for making S corporation elections; Partnership audits; Allow the transfer of any partnership suspended losses to his/her spouse when spousal transfers under section 1041(a) take place; Clarify that husband and wife partnerships that are recognized under state law are eligible to elect Qualified Joint Venture status under section 761(f); Repeal section 708(b)(1)(B) relating to the technical terminations of partnerships; Retain existing safe harbors for allocation of shared partnership liabilities.; Request for Guidance Regarding Worthless Stock Deductions Under Section 165(g) for S Corporations; Partnership Audit Simplification Act of 2015 (H.R. 2821); Treatment under Section 721(c) of property transfers to partnerships with related foreign partners; Partnership Audit procedures enacted as part of the Bipartisan Budget Act of 2016; Disguised sales rules under Section 707; Allocation of partnership liabilities under Section 752; Management fee waivers; Net Investment Income Tax on disposition of partnership interest; Treatment of partner as an employee for benefit purposes; User Fees Charged for S Corporation Private Letter Ruling Requests; Transfers of Property to Partnerships with Related Foreign Partners and of Certain Interests in Corporations as Stock or Indebtedness (Notice 2015-54); Additional Guidance for AAA Ordering Rules; S Corp Basis Ordering (Section 1367); S Corp guidance on inability to utilize certain suspended passive activity losses upon redemption (Section 469(g)); Update Treas. Reg. 1.1361-5 to reflect the addition of clause (ii) to section 1361(b) (3)(C) made by section 8234 of P.L. 110-28; Issue a revenue ruling incorporating the guidance from PLRs 200308035 and 201017019; Guidance regarding the application of section 302(b)(4) to distributions by an S corporation; Guidance as to when, for AMT purposes, S corporations will have attributes which are different for regular tax and AMT purposes; Provide additional guidance to whether a state tax refund attributable to the S portion of an electing small business trust (ESBT) is allocated to the S portion; Patient Protection and Affordable Care Act (P.L. 111-148) implementation and related issues; Health reimbursement arrangements (HRAs); The Small Business Healthcare Relief Act (H.R. 5447 / S. 1697); Small business health insurance tax credit; Employer information reporting requirements (Form 1095-C); Remote Transactions Parity Act of 2015, Marketplace Fairness Act of 2015 (H.R. 2775 / S. 6998); Savings & Investments; Consolidate and simplify the multiple types of tax-favored retirement plans and the rules governing them; Eliminate Certain Nondiscrimination Tests on Employee Pre-tax and Roth Deferrals for 401(k) Plans, Matching Contributions; Eliminate the Top-Heavy Rules; Create a Uniform Rule Regarding the Determination of Basis in Distributions; Create a Uniform Attribution Rule; Create a Uniform Definition of Owners; Change the Required Minimum Distribution Rules During Life and Remove Half-Year Age References; Create Uniform Rules for Early Withdrawal Penalties; Elimination of Income Limits on Contributions to Roth IRAs; Inflation Adjustments for Roth IRA Contributions; Simplify the tax treatment of Roth individual retirement account contributions; SEPs ; SIMPLE 401(k)s; Rules Related to Designated Roth Contributions; Repeal the requirement that benefits become fully vested upon a partial termination of a qualified retirement plan; Section 385 Proposed Regulations - Regarding the treatment of certain interests in corporations as stock or indebtedness (REG-108060-15); Small Business Tax Compliance Relief Act of 2015 (S. 1827); The Self-Employment Contributions Act (SECA); Determination of net earnings from self-employment; Equalize the tax treatment between employees and self-employed individuals with respect to the deduction for health insurance costs in determining income subject to OASDI and HI taxes; Tax Reform (General); Principles of Good Tax Policy; Tax extenders (H.R. 2029, the Protecting Americans from Tax Hikes Act of 2015 and Consolidated Appropriations Act, 2016); Permanence of tax legislation; Small business compliance burdens; International tax provisions related to the Tax Reform Act of 2014; Tax administration and compliance; Late and amended Forms 1099 - corrected information reporting safe harbor de minimis and reporting rollover to year of change; Amend the section 6051 reporting requirement to permit truncation of employee social security numbers; Clarification of six-year statute of limitations in case of overstatement of basis; Penalties (definition of tax shelters; significant purpose; reasonable cause exceptions; penalty for failure to file; penalty for failure to file correct information returns and provide payee statements; Form 3520 and 3520-A penalties; late filing penalties under sections 6698 and 6699; Form 5471 penalty relief); Pre-populated returns; Private Debt Collection; Repeal the section 7122(c)(1) requirement to provide a 20% partial payment with a lump-sum offer in compromise; Section 9100 relief (administrative relief for missed statutory elections); Tax Administration Integrity Act (H.R. 3167); Tax rates and definitions; Consistent definitions in the Internal Revenue Code; Deduction for adjusted net capital gain; Elimination of surtaxes; Inflation-adjusting thresholds and amounts; Repeal of phase-ins/phase-outs; Simplified Income Tax Rate Structure; Tax return due dates (Public Law 114-41, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015); Form 3520 change technical correction; Taxpayer Bill of Rights; Taxpayer Bill of Rights Act of 2015 (H.R. 1058, S. 949, S. 951); Small Business Taxpayer Bill of Rights Act of 2015 (H.R. 1828, S. 949); Taxpayer Bill of Rights Enhancement Act of 2015 (S. 1578); Treasury/IRS Priority Guidance Plan (Notice 2016-26); United States Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) System; Virtual currency (Bitcoin)
Client expense: $1,210,000 · Firm income: Not reported
Government targets: Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Justice, Dept of (DOJ), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, White House Office
2016 · first_quarter · Taxation/Internal Revenue Code
Alternative minimum tax; Cash basis method of accounting; CPA representation of state-legal marijuana businesses; Deductions for adjusted gross income (certain attorney fees and court costs); Disaster Relief; National Disaster Tax Relief Act of 2015 (H.R. 3110 / S. 1795); Tax Extension Assurance Bill; Education-related provisions; Estates & Trusts; Allow administrative relief for late portability, inter vivos qualified terminal interest property, and qualified revocable trust elections; Treat consistently all federal tax payments of trusts and estates; Amend section 67(e) to simplify the law and allow estates and nongrantor trusts to fully deduct the cost of complying with fiduciary duties in administering estates and trusts; Exempt from the filing requirement of section 6034(a) trusts with charitable deductions only from flow-through entities; Subject estates, certain qualified revocable trusts, and qualified disability trusts to the income tax and net investment income tax in the same manner as married persons filing separate returns; Require Form 1099 reporting of interest and dividends paid to charitable remainder trusts; Foreign trust withholding credit to U.S. beneficiaries; Section 2801 estate tax expatriation guidance; Estate tax closing letters; Estate tax basis consistency reporting; Filing election/tax return 15 months after death; Simplified Form 706 EZ; Surviving spouse elections; Executive Compensation; Section 409A; Excise tax on excess tax-exempt organization executive compensation; Exempt Organizations; Form 990; Jeopardizing investments; Unrelated Business Income Tax (name and logo royalties treated as unrelated business taxable income; parity of charitable contribution limitation between trusts and corporations; increased specific deduction; qualified sponsorship payments; dual use facility expense allocation); Penalties (increase in information return penalties; manager-level accuracy-related penalty on underpayment of unrelated business income tax); Tax Exempt Entities/Excise Taxes (modification of intermediate sanctions; modification of taxes on self-dealing; excise tax on failure to distribute within five years contribution to donor advised fund; repeal of exception for private operating foundation failure to distribute income; excise tax based on investment income of private colleges and universities); Supporting organizations; SSNs on EO tax forms; Foreign trusts; Compliance issues continuing monitoring/discussing; Withholding issues with FATCA for foreign trusts and U.S. beneficiaries; Health insurance deduction; Provide full deductibility of health insurance for small businesses; Identity theft; The Chairman's Mark of A Bill To Prevent Identity Theft And Tax Refund Fraud (JCX-108-15); Identity Theft and Tax Fraud Prevention Act of 2015 (H.R. 3981); Stolen Identity Refund Fraud Prevention Act of 2015 (H.R. 2991); Form W-2 due date acceleration; International Taxation; BEPS - country-by-country reporting; Pending Income Tax Treaties and Protocols; Taxation of Foreign Income; Taxation of 529 Plans, ABLE accounts, ROTH IRAs and their foreign equivalents; Voluntary Disclosure and Streamlined Filing Programs for delinquent taxpayers with foreign assets and income; IRS authority over tax return preparers and contingency fees; The Chairman's Mark of A Bill To Prevent Identity Theft And Tax Refund Fraud (JCX-108-15); Taxpayer Protection and Preparer Proficiency Act of 2015 (S. 137); Tax Return Preparer Competency Act of 2015 (H.R. 4141); Tax Return Preparer Accountability Act of 2015 (H.R. 1609); IRS determination letter program; IRS budget, IRS customer service, IRS Future State; Kiddie Tax rules; Listed property issues; Removing computer equipment from the definition of listed property; Internet sales and use tax collection; Marketplace Fairness Act of 2015, S. 698; Remote Transactions Parity Act of 2015, H.R. 2775; Medical lodging deduction limitation with the allowable business per diem rates; Methods/Periods/Credits; Cost recovery issues/UNICAP (including Sections 168, 179 and 263A); Mischaracterized section 174 expenditures; Modification of Rev. Proc. 2004-34 and Treas. Reg. 1.451-5 concerning the deferral of advance payments; Research credit; Tangible property regulations; Amortization of certain research and experimental expenditures; Amortization of certain advertising expenditures; Tax treatment of deferred revenue in taxable asset acquisitions; Revenue Procedure 2015-20, de minimis safe harbor limit; Accounting method changes for mischaracterized section 174 expenditures needing a section 481(a) adjustment and audit protection; Mileage rates for business expense, medical expense, moving expense and charitable contribution purposes; Mobile Workforce State Income Tax Simplification Act of 2015 (H.R. 2315 and S. 386); Multi-State Worker (telecommuter) Tax Fairness Act; Net operating loss deduction; Pass-through Entities; Allow Subchapters K and S to Remain as Separate Subchapters; Retain the Flexibility of the Subchapter K Model (Including Special Allocations and Outside Basis for Partnership Level Debt); Retain the Check-the-Box Rules; Obtain Tax Rate Parity Between Pass-Through Business Entities and C Corporations; Repeal Section 1372: Partnership Rules to Apply for Fringe Benefit Purposes for S Corporations; Make Permanent the Reduced Recognition Period for Built-In Gains for S Corporations; Allow Full Consideration of Net Realized Built-In Loss for S Corporations; Make Remedial Allocations Mandatory for Partnerships with Greater than 5% Nonresident Alien Individuals as Partners; Eliminate the Section 751(b) Calculation on Disproportionate Distributions; Oppose Any Proposal for Tax Treatment of "Large" Partnerships as Corporations; Require Mandatory Adjustments to Basis of Partnership Property in Case of Transfer of Partnership Interests and Mandatory Adjustments to Basis of Undistributed Partnership Property; Allow Accumulated Earnings and Profits Withdrawal from S Corporations with Certainty; Reduce Realized Built-In Gains of S Corporations by the Amount of Accrued State Income Tax; Allow Incentive Deductions Permitted by the Internal Revenue Code to Flow Through to Taxpayers Without Basis Limitations; Repeal the Prohibition of Section 179(d)(4) for Estates/Trusts; Alternatively, Allow Pass-Through Entity Allocation and Amortization at the Estate /Trust Level; Charitable Contribution Deduction for Electing Small Business Trusts; Permanent Rule Regarding Basis Adjustment to Stock of S Corporations Making Charitable Contribution of Property; Allow an offset to the built-in gains tax for charitable contribution and foreign tax credit carryforwards from a C year; Add a new 120-day post-termination transition period beginning on the date that a taxpayer files an amended Form 1120S; Allow S corporations to have nonresident aliens as shareholders and potential current beneficiaries of electing small business trusts; Repeal section 1362(d)(3), which terminates an S election due to passive investment income that exceeds a certain threshold, or increase the passive investment income threshold of S corporations under section 1375(a)(2) from 25% to 60%; Extension of time for making S corporation elections; Partnership audits; Allow the transfer of any partnership suspended losses to his/her spouse when spousal transfers under section 1041(a) take place; Clarify that husband and wife partnerships that are recognized under state law are eligible to elect Qualified Joint Venture status under section 761(f); Repeal section 708(b)(1)(B) relating to the technical terminations of partnerships; Retain existing safe harbors for allocation of shared partnership liabilities; Request for Guidance Regarding Worthless Stock Deductions Under Section 165(g) for S Corporations; Partnership Audit Simplification Act of 2015 (H.R. 2821); Patient Protection and Affordable Care Act (P.L. 111-148) implementation and related issues; Health reimbursement arrangements (HRAs); The Small Business Healthcare Relief Act (H.R. 2911 / S. 1697); Remote Transactions Parity Act of 2015, Marketplace Fairness Act of 2015 (H.R. 2775 / S. 6998); Savings & Investments; Consolidate and simplify the multiple types of tax-favored retirement plans and the rules governing them; Eliminate Certain Nondiscrimination Tests on Employee Pre-tax and Roth Deferrals for 401(k) Plans, Matching Contributions; Eliminate the Top-Heavy Rules; Create a Uniform Rule Regarding the Determination of Basis in Distributions; Create a Uniform Attribution Rule; Create a Uniform Definition of Owners; Change the Required Minimum Distribution Rules During Life and Remove Half-Year Age References; Create Uniform Rules for Early Withdrawal Penalties; Elimination of Income Limits on Contributions to Roth IRAs; Inflation Adjustments for Roth IRA Contributions; Simplify the tax treatment of Roth individual retirement account contributions; SEPs; SIMPLE 401(k)s; Rules Related to Designated Roth Contributions; Repeal the requirement that benefits become fully vested upon a partial termination of a qualified retirement plan; Small Business Tax Compliance Relief Act of 2015 (S. 1827); The Self-Employment Contributions Act (SECA); Determination of net earnings from self-employment; Equalize the tax treatment between employees and self-employed individuals with respect to the deduction for health insurance costs in determining income subject to OASDI and HI taxes; Tax Reform (General); Principles of Good Tax Policy; Tax extenders (H.R. 2029, the Protecting Americans from Tax Hikes Act of 2015 and Consolidated Appropriations Act, 2016); Permanence of tax legislation; Small business compliance burdens; Tax administration and compliance; Late and amended Forms 1099 - corrected information reporting safe harbor de minimis and reporting rollover to year of change; Amend the section 6051 reporting requirement to permit truncation of employee social security numbers; Clarification of six-year statute of limitations in case of overstatement of basis; Penalties (definition of tax shelters; significant purpose; reasonable cause exceptions; penalty for failure to file; penalty for failure to file correct information returns and provide payee statements; Form 3520 and 3520-A penalties; late filing penalties under sections 6698 and 6699; Form 5471 penalty relief); Pre-populated returns; Repeal the section 7122(c)(1) requirement to provide a 20% partial payment with a lump-sum offer in compromise; Section 9100 relief (administrative relief for missed statutory elections); Tax Administration Integrity Act (H.R. 3167); Tax rates and definitions; Consistent definitions in the Internal Revenue Code; Deduction for adjusted net capital gain; Elimination of surtaxes; Inflation-adjusting thresholds and amounts; Repeal of phase-ins/phase-outs; Simplified Income Tax Rate Structure; Tax return due dates (Public Law 114-41, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015); Form 3520 change technical correction; Taxpayer Bill of Rights; Taxpayer Bill of Rights Act of 2015 (H.R. 1058, S. 949, S. 951); Small Business Taxpayer Bill of Rights Act of 2015 (H.R. 1828, S. 949); Taxpayer Bill of Rights Enhancement Act of 2015 (S. 1578); United States Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) System
Client expense: $1,130,000 · Firm income: Not reported
Government targets: Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Justice, Dept of (DOJ), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, White House Office
2015 · fourth_quarter · Small Business
S.2183 Export-Import Bank Reform and Reauthorization Act of 2015 - NSBA supports S.2116 Small Business Broadband and Emerging Information Technology Enhancement Act - NSBA supports S.2021 Fair Chance Act - NSBA opposes S.2015 Protecting Local Business Opportunity Act - NSBA supports S.2012 Energy Policy Modernization Act of 2015- NSBA supports S.2006 Regulatory Accountability Act of 2015 - NSBA supports S.1890 Defend Trade Secrets Act of 2015 - NSBA is monitoring S.1827 Small Business Tax Compliance Relief Act of 2015 - NSBA supports S.1697 Small Business Healthcare Relief Act - NSBA supports S.1647 Developing a Reliable and Innovative Vision for the Economy Act - NSBA monitoring S.1607 Independent Agency Regulatory Analysis Act of 2015 - NSBA supports S.1584 Renewable Fuel Standard Repeal Act - NSBA is monitoring S.1356 National Defense Authorization Act for Fiscal Year 2016 - NSBA supports S.1140 Federal Water Quality Protection Act - NSBA supports S.1137 PATENT Act - NSBA opposes S.1099 Protecting Affordable Coverage for Employees Act - NSBA supports S.995 Bipartisan Congressional Trade Priorities and Accountability Act - NSBA supports S.966 Commercial Real Estate and Economic Development Act - NSBA supports S.949 Small Business Taxpayer Bill of Rights Act of 2015 - NSBA supports S.860 Death Tax Repeal Act of 2015 - NSBA supports S.824 Promoting U.S. Jobs Through Exports Act of 2015 - NSBA supports S.819 Export-Import Bank Reform and Reauthorization Act of 2015 - NSBA supports S.754 Cybersecurity Information Sharing Act of 2015 - NSBA supports S.698 Marketplace Fairness Act of 2015 - NSBA is monitoring S.632 Support Technology and Research for Our Nation's Growth (STRONG) Patents Act - NSBA supports S.552 Small Business Investment Company Capital Act of 2015 - NSBA supports S.426 Small Business Regulatory Flexibility Improvements Act of 2015 -NSBA supports S.379 Small Business Tax Credit Accessibility Act - NSBA supports S.J.Res.22 WOTUS CRA Resolution - NSBA supports Protecting Americans from Tax Hikes (PATH) Act of 2015 - NSBA supports H.R.3784 SEC Small Business Advocate Act of 2015 - NSBA supports H.R.3762 Restoring Americans' Healthcare Freedom Reconciliation Act of 2015 - NSBA supports H.R.3611 Export-Import Bank Reform and Reauthorization Act of 2015 - NSBA supports H.R.3470 Fair Chance Act - NSBA opposes H.R.3459 Protecting Local Business Opportunity Act - NSBA supports H.R.3326 Defend Trade Secrets Act of 2015 - NSBA is monitoring H.R.3132 To increase the amount of funding available for FY2015 for certain general business loans authorized under the Small Business Act - NSBA supports H.R.2911 Small Business Healthcare Relief Act - NSBA supports H.R.2775 Remote Transactions Parity Act of 2015 - NSBA is monitoring H.R.2670 Microloan Modernization Act of 2015 - NSBA supports H.R.2586 Export Coordination Act of 2015 - NSBA supports H.R.2473 Preserving Capital Access and Mortgage Liquidity Act of 2015 - NSBA is monitoring H.R.2266 Commercial Real Estate and Economic Development Act - NSBA supports H.R.2239 To increase Ex-Im financing of exports by small business - NSBA supports H.R.2045 Targeting Rogue and Opaque Letters Act of 2015 - NSBA supports H.R.2177 Energy Savings and Industrial Competitiveness Act of 2015 - NSBA supports H.R.2121 SAFE Transitional Licensing Act of 2015 - NSBA is monitoring H.R.1907 Trade Facilitation and Trade Enforcement Act of 2015 - NSBA supports H.R.1890 Bipartisan Congressional Trade Priorities and Accountability Act of 2015 - NSBA supports H.R.1828 Small Business Taxpayer Bill of Rights Act of 2015 - NSBA supports H.R.1735 National Defense Authorization Act for 2016 - NSBA supports H.R.1732 Regulatory Protection Act of 2015 - NSBA supports H.R.1731 National Cybersecurity Protection Advancement Act of 2015 - NSBA supports H.R.1560 Protecting Cyber Networks Act - NSBA supports H.R.1481 Small Contractors Improve Competition Act of 2015 - NSBA supports H.R.1314 Bipartisan Budget Act of 2015 - NSBA supports H.R.1105 Death Tax Repeal Act of 2015 - NSBA supports H.R.1031 Promoting U.S. Jobs Through Exports Act of 2015 - NSBA supports H.R.1030 Secret Science Reform Act of 2015 - NSBA supports H.R.1029 EPA Science Advisory Board Reform Act of 2015 - NSBA supports H.R.1023 Small Business Investment Company Capital Act of 2015 - NSBA supports H.R.880 American Research and Competitiveness Act of 2015 - NSBA supports H.R.762 Small Business Tax Credit Accessibility Act - NSBA supports H.R.703 Renewable Fuel Standard Elimination Act - NSBA is monitoring H.R.630 Permanent S Corporation Charitable Contribution Act of 2015 - NSBA supports H.R.629 Permanent S Corporation Built-in Gains Recognition Period Act of 2015 - NSBA supports H.R.622 State and Local Sales Tax Deduction Fairness Act of 2015 - NSBA supports H.R.597 Reform Exports and Expand the American Economy Act - NSBA supports H.R.527 Small Business Regulatory Flexibility Improvements Act - NSBA supports H.R.185 Regulatory Accountability Act - NSBA supports H.R.160 Protect Medical Innovation Act of 2015 - NSBA supports H.R.50 Unfunded Mandates Information and Transparency Act of 2015 - NSBA supports H.R.25 Fair Tax Act - NSBA supports H.R.9 Innovation Act - NSBA opposes H.R.8 North American Energy Security and Infrastructure Act of 2015 - NSBA is monitoring H.R.3 Keystone XL Pipeline Act - NSBA supports H.J.Res. 71 Clean Power Plan - Congressional Review Act - NSBA supports H.J.Res. 72 Clean Power Plan - Congressional Review Act - NSBA supports
2015 · fourth_quarter · Taxation/Internal Revenue Code
Alternative minimum tax; Cash basis method of accounting; CPA representation of state-legal marijuana businesses; Multi-State Worker (telecommuter) Tax Fairness Act; Tax Disaster Relief; National Disaster Tax Relief Act of 2015 (H.R. 3110 / S. 1795); Tax Extension Assurance Bill; Deductions for adjusted gross income (certain attorney fees and court costs); Education-related provisions; Estates & Trusts; Allow administrative relief for late portability, inter vivos qualified terminal interest property, and qualified revocable trust elections; Treat consistently all federal tax payments of trusts and estates; Amend section 67(e) to simplify the law and allow estates and nongrantor trusts to fully deduct the cost of complying with fiduciary duties in administering estates and trusts; Exempt from the filing requirement of section 6034(a) trusts with charitable deductions only from flow-through entities; Subject estates, certain qualified revocable trusts, and qualified disability trusts to the income tax and net investment income tax in the same manner as married persons filing separate returns; Require Form 1099 reporting of interest and dividends paid to charitable remainder trusts; Provide portability relief; Filing election/tax return15 months after death; Simplified Form 706 EZ; Surviving spouse elections; Foreign trust withholding credit to U.S. beneficiaries; Section 2801 estate tax expatriation guidance; Estate tax closing letters; Estate tax basis consistency reporting; Executive Compensation; Section 409A; Excise tax on excess tax-exempt organization executive compensation; Exempt Organizations; Form 990; Jeopardizing investments; Unrelated Business Income Tax (name and logo royalties treated as unrelated business taxable income; parity of charitable contribution limitation between trusts and corporations; increased specific deduction; qualified sponsorship payments; dual use facility expense allocation); Penalties (increase in information return penalties; manager-level accuracy-related penalty on underpayment of unrelated business income tax); Tax Exempt Entities/Excise Taxes (modification of intermediate sanctions; modification of taxes on self-dealing; excise tax on failure to distribute within five years contribution to donor advised fund; repeal of exception for private operating foundation failure to distribute income; excise tax based on investment income of private colleges and universities); Supporting organizations; SSNs on EO tax forms; Foreign trusts; Compliance issues continuing monitoring/discussing; Withholding issues with FATCA for foreign trusts and U.S. beneficiaries; Health insurance deduction; Provide full deductibility of health insurance for small businesses; Identity theft; The Chairman's Mark of A Bill To Prevent Identity Theft And Tax Refund Fraud (JCX-108-15); Identity Theft and Tax Fraud Prevention Act of 2015 (H.R. 3981); Form W-2 due date acceleration; International Taxation; BEPs; Pending Income Tax Treaties and Protocols; Taxation of Foreign Income; IRS authority over tax return preparers; Taxpayer Protection and Preparer Proficiency Act of 2015 (S. 137); Tax Return Preparer Competency Act of 2015 (H.R. 4141); Taxpayer Bill of Rights: Taxpayer Bill of Rights Act of 2015 (H.R. 1058, S. 949, S. 951); Small Business Taxpayer Bill of Rights Act of 2015 (H.R. 1828, S. 949); Taxpayer Bill of Rights Enhancement Act of 2015 (S. 1578); IRS determination letter program; IRS budget, IRS customer service; Kiddie Tax rules; Listed property issues; Removing computer equipment from the definition of listed property; Internet sales and use tax collection; Marketplace Fairness Act of 2015, S. 698; Remote Transactions Parity Act of 2015, H.R. 2775; Medical lodging deduction limitation with the allowable business per diem rates; Methods/Periods/Credits; Cost recovery issues/UNICAP (including Sections 168, 179 and 263A); Mischaracterized section 174 expenditures; Modification of Rev. Proc. 2004-34 and Treas. Reg. 1.451-5 concerning the deferral of advance payments; Research credit; Tangible property regulations; Amortization of certain research and experimental expenditures; Amortization of certain advertising expenditures; Tax treatment of deferred revenue in taxable asset acquisitions; Revenue Procedure 2015-20, De minimis safe harbor limit; Accounting method changes for mischaracterized section 174 expenditures needing a section 481(a) adjustment and audit protection; Mileage rates for business expense, medical expense, moving expense and charitable contribution purposes; Mobile Workforce State Income Tax Simplification Act of 2015 (H.R. 2315 and S. 386); Net operating loss deduction; Pass-through Entities; Allow Subchapters K and S to Remain as Separate Subchapters; Retain the Flexibility of the Subchapter K Model (Including Special Allocations and Outside Basis for Partnership Level Debt); Retain the Check-the-Box Rules; Obtain Tax Rate Parity Between Pass-Through Business Entities and C Corporations; Repeal Section 1372: Partnership Rules to Apply for Fringe Benefit Purposes for S Corporations; Make Permanent the Reduced Recognition Period for Built-In Gains for S Corporations; Allow Full Consideration of Net Realized Built-In Loss for S Corporations; Make Remedial Allocations Mandatory for Partnerships with Greater than 5% Nonresident Alien Individuals as Partners; Eliminate the Section 751(b) Calculation on Disproportionate Distributions; Oppose Any Proposal for Tax Treatment of "Large" Partnerships as Corporations; Require Mandatory Adjustments to Basis of Partnership Property in Case of Transfer of Partnership Interests and Mandatory Adjustments to Basis of Undistributed Partnership Property; Allow Accumulated Earnings and Profits Withdrawal from S Corporations with Certainty; Reduce Realized Built-In Gains of S Corporations by the Amount of Accrued State Income Tax; Allow Incentive Deductions Permitted by the Internal Revenue Code to Flow Through to Taxpayers Without Basis Limitations; Repeal the Prohibition of Section 179(d)(4) for Estates/Trusts; Alternatively, Allow Pass-Through Entity Allocation and Amortization at the Estate /Trust Level; Charitable Contribution Deduction for Electing Small Business Trusts; Permanent Rule Regarding Basis Adjustment to Stock of S Corporations Making Charitable Contribution of Property; Allow an offset to the built-in gains tax for charitable contribution and foreign tax credit carryforwards from a C year; Add a new 120-day post-termination transition period beginning on the date that a taxpayer files an amended Form 1120S; Allow S corporations to have nonresident aliens as shareholders and potential current beneficiaries of electing small business trusts; Repeal section 1362(d)(3), which terminates an S election due to passive investment income that exceeds a certain threshold, or increase the passive investment income threshold of S corporations under section 1375(a)(2) from 25% to 60%; Extension of time for making S corporation elections; Allow the transfer of any partnership suspended losses to his/her spouse when spousal transfers under section 1041(a) take place; Clarify that husband and wife partnerships that are recognized under state law are eligible to elect Qualified Joint Venture status under section 761(f); Repeal section 708(b)(1)(B) relating to the technical terminations of partnerships; Retain existing safe harbors for allocation of shared partnership liabilities; Request for Guidance Regarding Worthless Stock Deductions Under Section 165(g) for S Corporations; Partnership audits and adjustments; Partnership Audit Simplification Act of 2015 (H.R. 2821); Patient Protection and Affordable Care Act (P.L. 111-148) implementation and related issues; Health reimbursement arrangements (HRAs): The Small Business Healthcare Relief Act) (H.R. 2911 / S. 1697); Remote Transactions Parity Act of 2015, Marketplace Fairness Act of 2015 (H.R. 2775, S. 6998); Savings & Investments; Consolidate and simplify the multiple types of tax-favored retirement plans and the rules governing them; Eliminate Certain Nondiscrimination Tests on Employee Pre-tax and Roth Deferrals for 401(k) Plans, Matching Contributions; Eliminate the Top-Heavy Rules; Create a Uniform Rule Regarding the Determination of Basis in Distributions; Create a Uniform Attribution Rule; Create a Uniform Definition of Owners; Change the Required Minimum Distribution Rules During Life and Remove Half-Year Age References; Create Uniform Rules for Early Withdrawal Penalties; Elimination of Income Limits on Contributions to Roth IRAs; Inflation Adjustments for Roth IRA Contributions; Simplify the tax treatment of Roth individual retirement account contributions; SEPs; SIMPLE 401(k)s; Rules Related to Designated Roth Contributions; Repeal the requirement that benefits become fully vested upon a partial termination of a qualified retirement plan; Small Business Tax Compliance Relief Act of 2015 (S. 1827); The Self-Employment Contributions Act (SECA); Determination of net earnings from self-employment; Equalize the tax treatment between employees and self-employed individuals with respect to the deduction for health insurance costs in determining income subject to OASDI and HI taxes; Tax Reform (General); Principles of Good Tax Policy; Tax extenders (H.R. 2029, the Protecting Americans from Tax Hikes Act of 2015 and Consolidated Appropriations Act, 2016); Permanence of tax legislation; Small business compliance burden; Tax administration and compliance; Late and amended Forms 1099 - corrected information reporting safe harbor de minimis and reporting rollover to year of change; Amend the section 6051 reporting requirement to permit truncation of employee social security numbers; Clarification of six-year statute of limitations in case of overstatement of basis; Penalties (definition of tax shelters; significant purpose; reasonable cause exceptions; penalty for failure to file; penalty for failure to file correct information returns and provide payee statements; Form 3520 and 3520-A penalties; late filing penalties under sections 6698 and 6699; Form 5471 penalty relief); Pre-populated returns; Repeal the section 7122(c)(1) requirement to provide a 20% partial payment with a lump-sum offer in compromise; Section 9100 relief (administrative relief for missed statutory elections); Tax Administration Integrity Act (H.R. 3167); Tax rates and definitions; Consistent definitions in the Internal Revenue Code; Deduction for adjusted net capital gain; Elimination of surtaxes; Inflation-adjusting thresholds and amounts; Repeal of phase-ins/phase-outs; Simplified Income Tax Rate Structure; Tax return due dates (Public Law 114-41, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015); Form 5500 change technical correction; Form 3520 change technical correction
2015 · third_quarter · Small Business
H.R. 1828, Small Business Taxpayer Bill of Rights Act of 2015; S. 949, Small Business Taxpayer Bill of Rights Act of 2015
Client expense: $70,000 · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)
2015 · third_quarter · Small Business
S.2709 Export-Import Bank Reauthorization Act of 2014 - NSBA supports S.2262 Energy Savings and Industrial Competitiveness Act - NSBA supports S.1827 - Small Business Tax Compliance Relief Act of 2015 - NSBA supports S.1697 Small Business Healthcare Relief Act - NSBA supports S.1647 - Developing a Reliable and Innovative Vision for the Economy Act -- NSBA monitoring S.1607 Independent Agency Regulatory Analysis Act of 2015 - NSBA supports S.1140 Federal Water Quality Protection Act - NSBA supports S.1137 PATENT Act - NSBA opposes S.995 Bipartisan Congressional Trade Priorities and Accountability Act - NSBA supports S.949 Small Business Taxpayer Bill of Rights Act of 2015 - NSBA supports S.860 Death Tax Repeal Act of 2015 - NSBA supports S.824 Promoting U.S. Jobs Through Exports Act of 2015 - NSBA supports S.819 Export-Import Bank Reform and Reauthorization Act of 2015 - NSBA supports S.754 Cybersecurity Information Sharing Act of 2015 - NSBA supports S.720 Energy Savings and Industrial Competitiveness Act of 2015 - NSBA supports S.698 Marketplace Fairness Act of 2015 - NSBA is monitoring S.632 Support Technology and Research for Our Nation's Growth (STRONG) Patents Act - NSBA supports S.552 Small Business Investment Company Capital Act of 2015 - NSBA supports S.535 Energy Efficiency Improvement Act of 2015 - NSBA supports S. 426 Small Business Regulatory Flexibility Improvements Act of 2015 -NSBA supports S.379 Small Business Tax Credit Accessibility Act - NSBA supports S.1 Keystone XL Pipeline Approval Act - NSBA supports H.R.3979 National Defense Authorization Act for Fiscal Year 2015 - NSBA supports H.R.3132 - To increase the amount of funding available for FY2015 for certain general business loans authorized under the Small Business Act - NSBA supports H.R.2911 Small Business Healthcare Relief Act - NSBA supports H.R.2775 Remote Transactions Parity Act of 2015 - NSBA is monitoring H.R.2670 Microloan Modernization Act of 2015 - NSBA supports H.R.2586 Export Coordination Act of 2015 - NSBA supports H.R. 2499 Veterans Entrepreneurship Act of 2015 - NSBA supports H.R.2239 To increase Ex-Im financing of exports by small business - NSBA supports H.R.2045 Targeting Rogue and Opaque Letters Act of 2015 - NSBA supports H.R.2177 Energy Savings and Industrial Competitiveness Act of 2015 - NSBA supports H.R.2131 The Supplying Knowledge Based Immigrants and Lifting Levels of STEM Visas Act H.R.1907 Trade Facilitation and Trade Enforcement Act of 2015 - NSBA supports H.R.1890 Bipartisan Congressional Trade Priorities and Accountability Act of 2015 - NSBA supports H.R.1828 Small Business Taxpayer Bill of Rights Act of 2015 - NSBA supports H.R.1735 National Defense Authorization Act for 2016 - NSBA supports H.R.1731 National Cybersecurity Protection Advancement Act of 2015 - NSBA supports H.R.1624 - Protecting Affordable Coverage for Employees Act - NSBA supports H.R.1560 Protecting Cyber Networks Act - NSBA supports H.R.1481 Small Contractors Improve Competition Act of 2015 - NSBA supports H.R.1105 Death Tax Repeal Act of 2015 - NSBA supports H.R.1031 Promoting U.S. Jobs Through Exports Act of 2015 - NSBA supports H.R.1030 Secret Science Reform Act of 2015 - NSBA supports H.R.1029 EPA Science Advisory Board Reform Act of 2015 - NSBA supports H.R.1023 Small Business Investment Company Capital Act of 2015 - NSBA supports H.R. 880 American Research and Competitiveness Act of 2015 - NSBA supports H.R.762 Small Business Tax Credit Accessibility Act - NSBA supports H.R.637 Permanent IRA Charitable Contribution Act of 2015 - NSBA supports H.R.636 America's Small Business Tax Relief Act - NSBA supports H.R.630 Permanent S Corporation Charitable Contribution Act of 2015 - NSBA supports H.R.629 Permanent S Corporation Built-in Gains Recognition Period Act of 2015 - NSBA supports H.R.622 State and Local Sales Tax Deduction Fairness Act of 2015 - NSBA supports H.R.597 Reform Exports and Expand the American Economy Act - NSBA supports H.R.527 Small Business Regulatory Flexibility Improvements Act - NSBA supports H.R.185 Regulatory Accountability Act - NSBA supports H.R.160 Protect Medical Innovation Act of 2015 - NSBA supports H.R.50 Unfunded Mandates Information and Transparency Act of 2015 - NSBA supports H.R.25 Fair Tax Act - NSBA supports H.R.9 Innovation Act - NSBA opposes. H.R.3 Keystone XL Pipeline Act - NSBA supports H.R.2 Medicare Access and CHIP Reauthorization Act of 2015 - NSBA is monitoring
2015 · third_quarter · Taxation/Internal Revenue Code
Alternative minimum tax; Cash basis method of accounting; CPA representation of state-legal marijuana businesses; Tax Disaster Relief - National Disaster Tax Relief Act of 2015 (H.R. 3110 / S. 1795); Deductions for adjusted gross income (certain attorney fees and court costs); Education-related provisions; Estates & Trusts - Allow administrative relief for late portability, inter vivos qualified terminal interest property, and qualified revocable trust elections; Treat consistently all federal tax payments of trusts and estates; Amend section 67(e) to simplify the law and allow estates and nongrantor trusts to fully deduct the cost of complying with fiduciary duties in administering estates and trusts; Exempt from the filing requirement of section 6034(a) trusts with charitable deductions only from flow-through entities; Subject estates, certain qualified revocable trusts, and qualified disability trusts to the income tax and net investment income tax in the same manner as married persons filing separate returns; Require Form 1099 reporting of interest and dividends paid to charitable remainder trusts; Provide portability relief - Filing election/tax return15 months after death; Simplified Form 706 EZ; Surviving spouse elections; Foreign trust withholding credit to U.S. beneficiaries; Section 2801 estate tax expatriation guidance; Estate tax closing letters; Estate tax basis consistency reporting; Executive Compensation - Section 409A; Excise tax on excess tax-exempt organization executive compensation; Exempt Organizations - Form 990; Jeopardizing investments; Unrelated Business Income Tax (name and logo royalties treated as unrelated business taxable income; parity of charitable contribution limitation between trusts and corporations; increased specific deduction; qualified sponsorship payments); Penalties (increase in information return penalties; manager-level accuracy-related penalty on underpayment of unrelated business income tax); Tax Exempt Entities/Excise Taxes (modification of intermediate sanctions; modification of taxes on self-dealing; excise tax on failure to distribute within five years contribution to donor advised fund; repeal of exception for private operating foundation failure to distribute income; excise tax based on investment income of private colleges and universities); Supporting organizations; SSNs on EO tax forms; Foreign trusts - Compliance issues continuing monitoring/discussing; Withholding issues with FATCA for foreign trusts and U.S. beneficiaries; Health insurance deduction - Provide full deductibility of health insurance for small businesses; International Taxation - BEPs; Pending Income Tax Treaties and Protocols; Taxation of Foreign Income; IRS authority over tax return preparers and identity theft - Chairman's Mark of A Bill To Prevent Identity Theft And Tax Refund Fraud (JCX-108-15); Taxpayer Protection and Preparer Proficiency Act of 2015 (S. 137); Taxpayer Bill of Rights - Taxpayer Bill of Rights Act of 2015 (H.R. 1058, S. 949, S. 951); Small Business Taxpayer Bill of Rights Act of 2015 (H.R. 1828, S. 949); Taxpayer Bill of Rights Enhancement Act of 2015 (S. 1578); IRS determination letter program; IRS budget, IRS customer service; Kiddie Tax rules; Listed property issues - Removing computer equipment from the definition of listed property; Internet sales and use tax collection: Marketplace Fairness Act of 2015 (S. 698), Remote Transactions Parity Act of 2015 (H.R. 2775); Medical lodging deduction limitation with the allowable business per diem rates; Methods/Periods/Credits - Cost recovery issues/UNICAP (including Sections 168, 179 and 263A); Mischaracterized section 174 expenditures; Modification of Rev. Proc. 2004-34 and Treas. Reg. 1.451-5 concerning the deferral of advance payments; Research credit; Tangible property regulations; Amortization of certain research and experimental expenditures.; Amortization of certain advertising expenditures; Tax treatment of deferred revenue in taxable asset acquisitions; Revenue Procedure 2015-20, De minimis safe harbor limit; Accounting method changes for mischaracterized section 174 expenditures needing a section 481(a) adjustment and audit protection; Mileage rates for business expense, medical expense, moving expense and charitable contribution purposes; Mobile Workforce State Income Tax Simplification Act of 2015 (H.R. 2315 and S. 386); Net operating loss deduction; Pass-through Entities - Allow Subchapters K and S to Remain as Separate Subchapters; Retain the Flexibility of the Subchapter K Model (Including Special Allocations and Outside Basis for Partnership Level Debt); Retain the Check-the-Box Rules; Obtain Tax Rate Parity Between Pass-Through Business Entities and C Corporations; Repeal Section 1372: Partnership Rules to Apply for Fringe Benefit Purposes for S Corporations; Make Permanent the Reduced Recognition Period for Built-In Gains for S Corporations; Allow Full Consideration of Net Realized Built-In Loss for S Corporations; Make Remedial Allocations Mandatory for Partnerships with Greater than 5% Nonresident Alien Individuals as Partners; Eliminate the Section 751(b) Calculation on Disproportionate Distributions; Oppose Any Proposal for Tax Treatment of "Large" Partnerships as Corporations; Require Mandatory Adjustments to Basis of Partnership Property in Case of Transfer of Partnership Interests and Mandatory Adjustments to Basis of Undistributed Partnership Property; Allow Accumulated Earnings and Profits Withdrawal from S Corporations with Certainty; Reduce Realized Built-In Gains of S Corporations by the Amount of Accrued State Income Tax; Allow Incentive Deductions Permitted by the Internal Revenue Code to Flow Through to Taxpayers Without Basis Limitations; Repeal the Prohibition of Section 179(d)(4) for Estates/Trusts; Alternatively, Allow Pass-Through Entity Allocation and Amortization at the Estate /Trust Level; Charitable Contribution Deduction for Electing Small Business Trusts; Permanent Rule Regarding Basis Adjustment to Stock of S Corporations Making Charitable Contribution of Property; Allow an offset to the built-in gains tax for charitable contribution and foreign tax credit carryforwards from a C year; Add a new 120-day post-termination transition period beginning on the date that a taxpayer files an amended Form 1120S; Allow S corporations to have nonresident aliens as shareholders and potential current beneficiaries of electing small business trusts; Repeal section 1362(d)(3), which terminates an S election due to passive investment income that exceeds a certain threshold, or increase the passive investment income threshold of S corporations under section 1375(a)(2) from 25% to 60%; Extension of time for making S corporation elections; Partnership audits and adjustments; Allow the transfer of any partnership suspended losses to his/her spouse when spousal transfers under section 1041(a) take place; Clarify that husband and wife partnerships that are recognized under state law are eligible to elect Qualified Joint Venture status under section 761(f); Repeal section 708(b)(1)(B) relating to the technical terminations of partnerships; Retain existing safe harbors for allocation of shared partnership liabilities; Request for Guidance Regarding Worthless Stock Deductions Under Section 165(g) for S Corporations; Partnership Audit Simplification Act of 2015 (H.R. 2821); Patient Protection and Affordable Care Act (P.L. 111-148) implementation and related issues; Health reimbursement arrangements: The Small Business Healthcare Relief Act (H.R. 2911 / S. 1697); Savings & Investments - Consolidate and simplify the multiple types of tax-favored retirement plans and the rules governing them; Eliminate Certain Nondiscrimination Tests on Employee Pre-tax and Roth Deferrals for 401(k) Plans, Matching Contributions; Eliminate the Top-Heavy Rules; Create a Uniform Rule Regarding the Determination of Basis in Distributions; Create a Uniform Attribution Rule; Create a Uniform Definition of Owners; Change the Required Minimum Distribution Rules During Life and Remove Half-Year Age References; Create Uniform Rules for Early Withdrawal Penalties; Elimination of Income Limits on Contributions to Roth IRAs; Inflation Adjustments for Roth IRA Contributions; Simplify the tax treatment of Roth individual retirement account contributions; SEPs; SIMPLE 401(k)s; Rules Related to Designated Roth Contributions; Repeal the requirement that benefits become fully vested upon a partial termination of a qualified retirement plan; Small Business Tax Compliance Relief Act of 2015 (S. 1827); The Self-Employment Contributions Act (SECA); Determination of net earnings from self-employment; Equalize the tax treatment between employees and self-employed individuals with respect to the deduction for health insurance costs in determining income subject to OASDI and HI taxes; Tax Reform (General) - Principles of Good Tax Policy; Tax extenders; Permanence of tax legislation; Tax administration and compliance - Amend the section 6051 reporting requirement to permit truncation of employee social security numbers; Clarification of six-year statute of limitations in case of overstatement of basis; Penalties (definition of tax shelters; significant purpose; reasonable cause exceptions; penalty for failure to file; penalty for failure to file correct information returns and provide payee statements; Form 3520 and 3520-A penalties; late filing penalties under sections 6698 and 6699; Form 5471 penalty relief); Pre-populated returns; Repeal the section 7122(c)(1) requirement to provide a 20% partial payment with a lump-sum offer in compromise; Section 9100 relief (administrative relief for missed statutory elections); Tax Administration Integrity Act (H.R. 3167); Tax rates and definitions - Consistent definitions in the Internal Revenue Code; Deduction for adjusted net capital gain; Elimination of surtaxes; Inflation-adjusting thresholds and amounts; Repeal of phase-ins/phase-outs; Simplified Income Tax Rate Structure; Tax return due dates (Public Law 114-41, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015);
2015 · second_quarter · Small Business
S.2709 Export-Import Bank Reauthorization Act of 2014 - NSBA supports S.2262 Energy Savings and Industrial Competitiveness Act - NSBA supports S.1697 Small Business Healthcare Relief Act - NSBA supports S.1607 Independent Agency Regulatory Analysis Act of 2015 - NSBA supports S.1140 Federal Water Quality Protection Act - NSBA supports S.1137 PATENT Act - NSBA opposes S.995 Bipartisan Congressional Trade Priorities and Accountability Act - NSBA supports S.949 Small Business Taxpayer Bill of Rights Act of 2015 - NSBA supports S.860 Death Tax Repeal Act of 2015 - NSBA supports S.824 Promoting U.S. Jobs Through Exports Act of 2015 - NSBA supports S.819 Export-Import Bank Reform and Reauthorization Act of 2015 - NSBA supports S.754 Cybersecurity Information Sharing Act of 2015 - NSBA supports S.720 Energy Savings and Industrial Competitiveness Act of 2015 - NSBA supports S.698 Marketplace Fairness Act of 2015 - NSBA is monitoring S.632 Support Technology and Research for Our Nation's Growth (STRONG) Patents Act - NSBA supports S.552 Small Business Investment Company Capital Act of 2015 - NSBA supports S.535 Energy Efficiency Improvement Act of 2015 - NSBA supports S. 426 Small Business Regulatory Flexibility Improvements Act of 2015 -NSBA supports S.379 Small Business Tax Credit Accessibility Act - NSBA supports S.1 Keystone XL Pipeline Approval Act - NSBA supports H.R.3979 National Defense Authorization Act for Fiscal Year 2015 - NSBA supports H.R.2911 Small Business Healthcare Relief Act - NSBA supports H.R.2775 Remote Transactions Parity Act of 2015 - NSBA is monitoring H.R.2670 Microloan Modernization Act of 2015 - NSBA supports H.R.2586 Export Coordination Act of 2015 - NSBA supports H.R. 2499 Veterans Entrepreneurship Act of 2015 - NSBA supports H.R.2239 To increase Ex-Im financing of exports by small business - NSBA supports H.R.2045 Targeting Rogue and Opaque Letters Act of 2015 - NSBA supports H.R.2177 Energy Savings and Industrial Competitiveness Act of 2015 - NSBA supports H.R.2131 The Supplying Knowledge Based Immigrants and Lifting Levels of STEM Visas Act H.R.1907 Trade Facilitation and Trade Enforcement Act of 2015 - NSBA supports H.R.1890 Bipartisan Congressional Trade Priorities and Accountability Act of 2015 - NSBA supports H.R.1828 Small Business Taxpayer Bill of Rights Act of 2015 - NSBA supports H.R.1735 National Defense Authorization Act for 2016 - NSBA supports H.R.1731 National Cybersecurity Protection Advancement Act of 2015 - NSBA supports H.R.1560 Protecting Cyber Networks Act - NSBA supports H.R.1481 Small Contractors Improve Competition Act of 2015 - NSBA supports H.R.1105 Death Tax Repeal Act of 2015 - NSBA supports H.R.1031 Promoting U.S. Jobs Through Exports Act of 2015 - NSBA supports H.R.1030 Secret Science Reform Act of 2015 - NSBA supports H.R.1029 EPA Science Advisory Board Reform Act of 2015 - NSBA supports H.R.1023 Small Business Investment Company Capital Act of 2015 - NSBA supports H.R. 880 American Research and Competitiveness Act of 2015 - NSBA supports H.R.762 Small Business Tax Credit Accessibility Act - NSBA supports H.R.637 Permanent IRA Charitable Contribution Act of 2015 - NSBA supports H.R.636 America's Small Business Tax Relief Act - NSBA supports H.R.630 Permanent S Corporation Charitable Contribution Act of 2015 - NSBA supports H.R.629 Permanent S Corporation Built-in Gains Recognition Period Act of 2015 - NSBA supports H.R.622 State and Local Sales Tax Deduction Fairness Act of 2015 - NSBA supports H.R.597 Reform Exports and Expand the American Economy Act - NSBA supports H.R.527 Small Business Regulatory Flexibility Improvements Act - NSBA supports H.R.185 Regulatory Accountability Act - NSBA supports H.R.160 Protect Medical Innovation Act of 2015 - NSBA supports H.R.50 Unfunded Mandates Information and Transparency Act of 2015 - NSBA supports H.R.25 Fair Tax Act - NSBA supports H.R.9 Innovation Act - NSBA opposes. H.R.3 Keystone XL Pipeline Act - NSBA supports H.R.2 Medicare Access and CHIP Reauthorization Act of 2015 - NSBA is monitoring
2015 · second_quarter · Taxation/Internal Revenue Code
H.R. 1087, Wireless Telecommunications Tax and Fee Collection Fairness Act; H.R. 1104, Fair Treatment for All Gifts Tax Act; H.R. 1105, Death Tax Repeal Act; H.R. 1528, End Discriminatory State Taxes for Automobile Rentals; H.R. 1643, Digital Goods and Services Tax Fairness Act; H.R. 1828, Small Business Taxpayer Bill of Rights Act of 2015; H.R. 2315, Mobile Workforce State Income Tax Simplification Act; H.R. 2510, To amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation.; H.R. 2775, Remote Transactions parity Act ; H.R. 3086, Permanent Internet Tax Freedom Ac; H.R.2584, Buisness Activity Tax Simplification Act; Hybrid Origin Discussion Draft; S. 1261, Wireless Telecommunications Tax and Fee Collection Fairness Act; S. 1431, Internet Tax Freedom Forever Act ; S. 335, A bill to amend the Internal Revenue Code of 1986 to improve 529 plans.; S. 698, Marketplace Fairness Act; S. 949, Small Business Taxpayer Bill of Rights Act of 2015
Client expense: $80,000 · Firm income: Not reported
2015 · second_quarter · Small Business
H.R. 1828, Small Business Taxpayer Bill of Rights Act of 2015; S. 949, Small Business Taxpayer Bill of Rights Act of 2015
Client expense: $80,000 · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)
2015 · first_quarter · Small Business
S.2709 Export-Import Bank Reauthorization Act of 2014 - NSBA supports S.2262 Energy Savings and Industrial Competitiveness Act - NSBA supports S.949 Small Business Taxpayer Bill of Rights Act of 2015 - NSBA supports S.860 Death Tax Repeal Act of 2015 - NSBA supports S.824 Promoting U.S. Jobs Through Exports Act of 2015 - NSBA supports S.819 Export-Import Bank Reform and Reauthorization Act of 2015 - NSBA supports S.754 Cybersecurity Information Sharing Act of 2015 - NSBA supports S.720 Energy Savings and Industrial Competitiveness Act of 2015 - NSBA supports S.698 Marketplace Fairness Act of 2015 - NSBA is monitoring S.632 Support Technology and Research for Our Nation's Growth (STRONG) Patents Act - NSBA supports S.552 Small Business Investment Company Capital Act of 2015 - NSBA supports S.535 Energy Efficiency Improvement Act of 2015 - NSBA supports S.379 Small Business Tax Credit Accessibility Act - NSBA supports S.1 Keystone XL Pipeline Approval Act - NSBA supports H.R.3979 National Defense Authorization Act for Fiscal Year 2015 - NSBA supports H.R.2131 The Supplying Knowledge Based Immigrants and Lifting Levels of STEM Visas Act H.R.1907 Trade Facilitation and Trade Enforcement Act of 2015 - NSBA supports H.R.1890 Bipartisan Congressional Trade Priorities and Accountability Act of 2015 - NSBA supports H.R.1828 Small Business Taxpayer Bill of Rights Act of 2015 - NSBA supports H.R.1731 National Cybersecurity Protection Advancement Act of 2015 - NSBA supports H.R.1560 Protecting Cyber Networks Act - NSBA supports H.R.1481 Small Contractors Improve Competition Act of 2015 - NSBA supports H.R.1105 Death Tax Repeal Act of 2015 - NSBA supports H.R.1031 Promoting U.S. Jobs Through Exports Act of 2015 - NSBA supports H.R.1030 Secret Science Reform Act of 2015 - NSBA supports H.R.1029 EPA Science Advisory Board Reform Act of 2015 - NSBA supports H.R.1023 Small Business Investment Company Capital Act of 2015 - NSBA supports H.R. 880 American Research and Competitiveness Act of 2015 - NSBA supports H.R.762 Small Business Tax Credit Accessibility Act - NSBA supports H.R.637 Permanent IRA Charitable Contribution Act of 2015 - NSBA supports H.R.636 America's Small Business Tax Relief Act - NSBA supports H.R.630 Permanent S Corporation Charitable Contribution Act of 2015 - NSBA supports H.R.629 Permanent S Corporation Built-in Gains Recognition Period Act of 2015 - NSBA supports H.R.622 State and Local Sales Tax Deduction Fairness Act of 2015 - NSBA supports H.R.597 Reform Exports and Expand the American Economy Act - NSBA supports H.R.527 Small Business Regulatory Flexibility Improvements Act - NSBA supports H.R.185 Regulatory Accountability Act - NSBA supports H.R.50 Unfunded Mandates Information and Transparency Act of 2015 - NSBA supports H.R.25 Fair Tax Act - NSBA supports H.R.9 Innovation Act - NSBA opposes. H.R.3 Keystone XL Pipeline Act - NSBA supports H.R.2 Medicare Access and CHIP Reauthorization Act of 2015 - NSBA is monitoring
Client expense: $37,000 · Firm income: Not reported
Government targets: Bureau of Citizenship & Immigration Services (BCIS), Centers For Medicare and Medicaid Services (CMS), Commerce, Dept of (DOC), Energy, Dept of, Environmental Protection Agency (EPA), Equal Employment Opportunity Commission (EEOC), Export-Import Bank of the United States (EXIM Bank), Federal Reserve System, Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Internal Revenue Service (IRS), Intl Trade Administration (ITA), Labor, Dept of (DOL), Natl Labor Relations Board (NLRB), Office of Personnel Management (OPM), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office
Client expense: $1,130,000 · Firm income: Not reported
Government targets: Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Justice, Dept of (DOJ), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, White House Office
Client expense: $24,000 · Firm income: Not reported
Government targets: Bureau of Citizenship & Immigration Services (BCIS), Centers For Medicare and Medicaid Services (CMS), Commerce, Dept of (DOC), Energy, Dept of, Environmental Protection Agency (EPA), Equal Employment Opportunity Commission (EEOC), Export-Import Bank of the United States (EXIM Bank), Federal Reserve System, Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Internal Revenue Service (IRS), Intl Trade Administration (ITA), Labor, Dept of (DOL), Natl Labor Relations Board (NLRB), Office of Personnel Management (OPM), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office
Client expense: $1,130,000 · Firm income: Not reported
Government targets: Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Justice, Dept of (DOJ), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, White House Office
Client expense: $24,000 · Firm income: Not reported
Government targets: Bureau of Citizenship & Immigration Services (BCIS), Centers For Medicare and Medicaid Services (CMS), Commerce, Dept of (DOC), Energy, Dept of, Environmental Protection Agency (EPA), Equal Employment Opportunity Commission (EEOC), Export-Import Bank of the United States (EXIM Bank), Federal Reserve System, Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Internal Revenue Service (IRS), Intl Trade Administration (ITA), Labor, Dept of (DOL), Natl Labor Relations Board (NLRB), Office of Personnel Management (OPM), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office
Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)
Client expense: $24,000 · Firm income: Not reported
Government targets: Bureau of Citizenship & Immigration Services (BCIS), Centers For Medicare and Medicaid Services (CMS), Commerce, Dept of (DOC), Energy, Dept of, Environmental Protection Agency (EPA), Equal Employment Opportunity Commission (EEOC), Export-Import Bank of the United States (EXIM Bank), Federal Reserve System, Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Internal Revenue Service (IRS), Intl Trade Administration (ITA), Labor, Dept of (DOL), Natl Labor Relations Board (NLRB), Office of Personnel Management (OPM), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office