The Employee Benefits Security Administration (EBSA) has issued guidance about the written notice that certain employers must provide to employees beginning in October on health care coverage options.
On its website, IRS has announced that corporations and partnerships with assets between $10 million and $50 million will be allowed to file Schedule M-1 in place of the Schedule M-3, Parts II and III, effective for tax years ending on Dec. 31, 2014 and later. These changes to the Schedule M-3 filing requirement will affect corporate returns Forms 1120, 1120-C, 1120-F, and 1120S, and partnership returns Forms 1065 and 1065-B. No changes are planned to the Schedule M-3 requirements for Forms 1120-L or 1120-PC, or for Form 1120 taxpayers filing as a mixed group.
In the recently enacted “Tax Increase Prevention Act of 2014 (TIPA),” Congress has once again extended a package of expired or expiring individual, business, and energy provisions known as “extenders.” The extenders are a varied assortment of more than 50 individual and business tax deductions, tax credits, and other tax-saving laws which have been on the books for years but which technically are temporary because they have a specific end date. Congress has repeatedly temporarily extended the tax breaks for short periods of time (e.g., one or two years), which is why they are referred to as “extenders.” The new legislation generally extends the tax breaks retroactively, most of which expired at the end of 2013, for one year through 2014.
This tax update is a case study originally presented in Thompson Reuters Checkpoint Federal Taxes Weekly Alert Newsletter (10/9/2014, Volume 60, No. 41)
According to our latest survey of residential furniture manufacturers and distributors, new orders in October 2014 were 12 percent higher than October 2013. Orders were down slightly from September. New orders were up for approximately 59 percent of our participants, down slightly from just over 60 percent reported last month for September and the same as August.