Tax MonitorFiling Deadline Changes for Tax Year 2016December 12, 2016 Beginning with returns for tax year 2016, a new law will go into effect which revises the due dates for partnership and C corporation returns and changes the extended due dates for some returns. The new rules are summarized below. Due Dates Prior to Change Before this change, domestic corporations (including S corporations) had to file their returns by the 15th day of the third month after the end… Tax Deferred Annuities – Heightened Fiduciary ScrutinyNovember 14, 2016 Over the last several years, much has been written in connection with the surge of “excessive fee” litigation against Section 401(k) plans. The surge continues and has now been extended to Section 403(b) plans which are often referred to as Tax Deferred Annuities. One commentator estimates that over twenty class action excessive fee litigation cases were filed during the first quarter of 2016… Tax Commissioner publishes tentative 2017 Natural Resource Valuation Variables for Public CommentJuly 13, 2016 On June 30, 2016, the State Tax Commissioner published the 2017 tentative natural resource property valuation variables developed by the State Tax Department for appraising natural gas, oil, coal, managed timberland and other natural resources for ad valorem tax purposes. The Tax Department will accept written public comments on the valuation variables until August 1, 2016. Final valuation… Certified Professional Employer OrganizationsJuly 7, 2016 A growing trend among small to medium sized companies is the outsourcing of payroll, and in some cases, other functions such as benefits and human resources. It is estimated that in the range of 180,000 businesses employing over 3.4 million individuals outsource their payroll tax responsibilities. It is further estimated that approximately 6,000 new clients per year are utilizing… Partners as Employees of Disgregarded Subsidiary PartnershipsMay 11, 2016 The Employee Benefits Group of Jackson Kelly PLLC provides third party administrative services to numerous qualified plans. A large percentage of the plan sponsors are either partnerships or limited liability companies(LLC) electing to be taxed as partnerships. Oftentimes when we receive payroll data, we will see partners/members who are receiving both K-1’s as partners and W-2’s as… Employee or Independent Contractor? That is the QuestionFebruary 11, 2016 The federal government continues to focus on what various agencies refer to as “misclassified” employees -- workers who should be treated as employees but whom the employer classifies as independent contractors. Many businesses prefer to utilize independent contractors rather than employees. With independent contractors, businesses are not subject to FICA/FUTA obligations, federal and state… Increased Limited Liability Company Tax Audits Are ComingJanuary 7, 2016 The increase in usage of limited liability companies (“LLCs”) as the business form of choice has led to changes in the IRS statutes concerning audits of LLCs. On November 2, 2015, President Obama signed the Bipartisan Budget Act of 2015 (“BBA”) into law. The BBA brings drastic changes to the audit process of partnerships which will allow the IRS greater enforcement and collection authority in… |
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