Missed Our Tax Seminar? Here's a recap of what you missed

Each year, FAL hosts a Tax Seminar to bring awareness on potential tax changes coming from Congress and how these changes could affect your business or personal income taxes.

This year, a few of the topics covered were IRS identity protection practices, IRS regulatory changes and the Nevada regulatory changes that took place.

It’s important to be aware of identity protection practices the IRS has implemented due to increased identity fraud. Any social security number potentially associated with the IRS security leak has been issued a filing PIN. These PINs are mailed to the address listed on the prior year's return and are required to e-file the current year's return. The IRS will also reject any e-filed returns for social security numbers that have been flagged as potentially comprised but have not been issued a PIN yet. Neglecting to file with the PIN or having your e-file rejected significantly slows down any refund you may be entitled to and requires extra steps to properly file.

The IRS also changed the filing due dates for returns. Below are the respective changes:

LLC and Partnerships – March 15 or 2 and ½ months after year end
Corporations – April 15 or 3 ½ months after year end
Trusts – length of extension is increased from 5 months to 5 ½ months
FinCen 114 – April 15 with a 6 month extension available

Also, here is a summary of the significant IRS Tax Extenders passed for 2015:

State and local sales tax deduction is permanent
American Opportunity education tax credit is made permanent
Tuition and fees deduction is extended through 2016
Child tax credit is permanent
Earned income tax credit is made permanent
Mortgage insurance premiums deduction is extended through 2016
Section 179 deduction of $500,000 made permanent
Bonus deprecation of 50% is extended through 2017
Research and development credit is made permanent

In addition to these IRS changes, Nevada experienced change on a local level. The Commerce Tax was passed and beginning July 1, 2015, businesses will be taxed on gross receipts over $4 million. Although the administrative code is not final, a few highlights from the bill are exclusions on gambling revenue, Medicare/Medicaid payments to providers and pass-through income. There will also be a 50% credit toward the MBT. The rate is variable, depending on which industry the business operates, and is based on the NAICS code. Watch for updates once the code is final.

Are you a Las Vegas business and have questions on how these changes could affect you? Call our tax accountants today at 702-870-7999.

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