The bill, titled the “Protecting Americans from Tax Hikes (PATH) Act of 2015,” makes some of the extended provisions permanent while extending others only for two years. Among the provisions included in the PATH bill are a number of items that may be of direct interest to NSA members. These provisions include the following sections: [...]
GOOD NEWS FOR RESTAURANTS AND RETAILERS!! IRS says in new guidance meant to settle a long standing argument that these businesses are able to now deduct 75% of remodeling costs. Many eateries and stores remodel their premises every five to 10 years to keep up with trends and make the property look new and modern. [...]
PENALTIES FOR NOT FILING INFORMATION RETURNS Starting with the coming year, if you pay someone $600 or more to perform services for you, you are required to issue them a 1099. (This does not apply to rental property) If you do not issue the 1099, the penalty will be $ 250 per return not filed. [...]
Mortgages: Form 1098 (you receive this from the lender) will be different starting in 2016 ( tax filing year 2017). The 1098 will include the amount of mortgage principal at the start of the year, the mortgage origination date, and the address of the property securing the loan. Estates and Trusts: Effective for Tax form 706 [...]
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NEW IRS REPAIR VS CAPITALIZATION REGULATIONS: In 2013 the IRS issued final regulations pertaining to repair vs capitalization regulations. The regs are 222 pages long with 170 examples and is effective January 1, 2014. The following are highlights of the new regulations. Improvements: The regulations require taxpayers to capitalize amounts paid to improve a “unit [...]
MANDATORY SICK PAY BENEFITS Effective July 1, 2015, a new California law requires most employers to provide at least three days of annual paid sick leave to California employees who work for them at least 90 days. The new mandate does NOT apply to: > Employers who already have a paid sick leave or paid [...]