IRS Announces Safe-Harbor for Restaurant Remodels

The Internal Revenue Service a few weeks ago authorized a new process that provides qualified restaurant owners with a safe-harbor accounting method for categorizing remodels and repairs to their property.  The new procedure (Revenue Procedure 2015-56) helps business owners determine whether expenses paid for certain building costs can be expensed and deducted immediately or must…

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ACA Reporting Requirements

With all the various legal hurdles now having been cleared, the Affordable Care Act is the law of the land and consequently, employer reporting requirements are now kicking in.  The IRS has issued a number of draft reporting forms and certain large employers will be required to submit their reports electronically.  Consequently, employers are well…

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SCOTUS Upholds ACA & IRS Ends Reimbursements

Notwithstanding the big news in today’s papers that the US Supreme Court (SCOTUS) decided in the King v. Burwell decision to uphold the funding mechanisms for the Affordable Care Act, Internal Revenue Service rules next week officially end the transitional exemption from the excise penalty for a small employer (generally less than 50 employees or…

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IRS Plans One Million Audits in 2015

Americans’ 2015 tax returns are due in to the Internal Revenue Service next Wednesday, April 15, so it seems timely to advise that the IRS earlier this month announced that they plan to undertake 1 million audits of tax returns.  IRS Commissioner John Koskinen made the announcement in a speech to the National Press Club…

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New Department of Justice Policy on Bank Account Seizures

In what one might argue is positive news coming out of Washington, Attorney General Holder has announced new limits on the Department of Justice’s ability to seize assets of private businesses for suspected ‘structuring’ (manipulating cash deposits to under $10,000 to avoid IRS reporting requirements).  Under the new policy on asset forfeiture, assets will not…

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IRS Delays Health Care Penalties

The ever moving target of understanding the implications (good or bad) of the Affordable Care Act mandates has apparently moved again, as the Internal Revenue Service (IRS) last week announced yet another delay in its implementation.  Under the regulations, employers that offered health reimbursement arrangements (HRAs) for employees buying individual health insurance policies could have…

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IRS Releases Employer Mandate Guidance

Over the long Labor Day holiday weekend, (not the best release time for getting the public to take notice of government regulations), the IRS released a guidance on the upcoming implementation of the employer mandate. The guidance acts essentially as a “how to comply” cheat sheet for employers regarding the impending employer mandate requirements as…

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Flexible Medical Spending Plan Altered

With most focused on the abysmal record of the ACA enrollment process thus far, we want members to know that the Department of the Treasury and the IRS have issued a notice modifying the longstanding “use it or lose it” for flexible spending arrangements.  The new regulation allows for a carryover to the next year of…

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Hurricane Sandy Should Be A Wake-Up Call for Your Critical Data

For many of us in the Northeast, Sandy was our first taste of massive destruction and outages that businesses in the South and Midwest know too well. Many franchisees lost power for over a week, faced floods, and even saw their stores and homes destroyed. Hopefully all will be rebuilt, equipment will be replaced and…

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IRS Announces New Voluntary Worker Classification Settlement Program

From time to time DDIFO is pleased to present Guest Commentary from valued contributors. Guest commentaries feature the views and opinions of the contributor and are not necessarily the opinions of DDIFO and it’s Board of Directors. The following is an article written and submitted by Jim Ventriglia, CPA

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