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Coronavirus and the Workplace – Compliance Issues for Employers
Posted by Chrissy Hammond on Tue, Mar 10, 2020 @ 03:45 PM

Employers are obligated to maintain a safe and healthy work environment for their employees and are subject to a number of legal requirements protecting workers. As the number of reported cases of the novel coronavirus (COVID-19) continues to rise, these employer obligations are becoming more challenging to meet, and they must be met in an expedited timeframe.  

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Topics: compliance, COVID19, Coronavirus, workplace compliance

Payment of Plan Expenses from Plan Assets: A Case Study
Posted by Diane Caron on Mon, Sep 28, 2015 @ 10:25 AM

Compliance with qualified retirement plan requirements can be difficult, particularly when evaluating whether plan assets can be used to cover the costs incurred by the plan.

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Topics: retirement plans, ERISA-Qualified Retirement Plans, Diane Caron, compliance

Small Taxpayers Get Exemption from Tangible Property Regulation Compliance, but ...
Posted by Bob Smith on Fri, Mar 13, 2015 @ 09:24 AM

There are good reasons why small taxpayers may want to comply.

The IRS released Revenue Procedure 2015-20 on February 13, 2015. 
This new Revenue Procedure provides small taxpayers an exemption to comply with the new Tangible Property Regulations for 2014. Small taxpayers are defined as those with total assets of less than $10 million (as of January 1, 2014) or having average annual gross receipts of $10 million or less for the prior three taxable years. It is important to note, however, that small businesses must still implement the regulations and therefore it may still be in their best interest to comply and file the necessary forms unless they have immaterial fixed assets. Filing the forms may protect small companies and provide them with an opportunity to still qualify for the related deductions.
  • The final Tangible Property Regulations (TPR) have not changed
  • Revenue Procedure 2015-20 only addresses the issues associated with the implementation of the TPRs and only for taxpayers that qualify under the new Revenue Procedure.
Bottom Line:
  • Taxpayers should still comply with the TPRs and file the necessary forms unless they have immaterial fixed assets and TPR issues. 
  • If you are a small taxpayer and elect not to file the appropriate Forms 3115s for Revenue Procedure 2015-20, it is likely that your tax preparer may ask for a statement of indemnification.
  • The indemnification document will likely cover the facts and consequences of not filing and your clear choice that you chose not to file nonetheless.
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Topics: Tangible Property Regulations, compliance, Bob Smith, revenue procedure 2015-20

Tangible Property Regulations Compliance and Tax Savings Checklist
Posted by Bob Smith on Tue, Mar 10, 2015 @ 09:12 AM

Do You Know About the Combination of Tax Savings and Compliance Costs?

The new Tangible Property Regulations are very complex and consist of a number of intricate accounting rules and changes that taxpayers will face during this tax season and beyond.

We’re pleased to offer this checklist that will provide you with points for discussion with your accountant in order to prepare your 2014 tax return in a manner that will get you into compliance as well as for identifying cost savings opportunities:

Tangible Property Regulations Checklist

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Topics: Tangible Property Regulations, compliance, tax savings, Bob Smith

Tax Deduction Opportunities from the New Tangible Property Regulations
Posted by Bob Smith on Thu, Mar 5, 2015 @ 09:33 AM

It’s not just about compliance – it’s about tax savings too!

Tangible Property Regulation Compliance Under the Tangible Property Regulations, taxpayers may be able to deduct greater amounts for repair costs, materials and supplies, routine maintenance for buildings and equipment, maintenance on buildings for smaller taxpayers, and new safe harbor de minimis amounts.
There are numerous specific rules and qualifications for many of these opportunities.
More importantly, many taxpayers are able to currently deduct the net tax value of certain previously capitalized assets. The following list contains typical potential write-off opportunities:
  • Roof or land improvement costs that were previously capitalized may now have their net tax value written off if a roof improvement or new paving is (or was) subsequently made and capitalized.
  • Previously capitalized manufacturer or franchisor-required refreshments.
  • Prior leasehold improvements or portions thereof.
  • Previously capitalized improvements now considered deductible “repairs” in the viewpoint of the new regulations.
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Topics: compliance, new tangible property regulations, tax savings, Bob Smith

FATCA Non-Compliance Triggers Harsh Penalties for Withholding Agents
Posted by Robert Kerr on Mon, May 13, 2013 @ 09:18 AM

Little Time Left for Withholding Agents to Prepare for Complicated FATCA Compliance Requirements

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Topics: FATCA, Robert Kerr, tax planning, tax, compliance, tax compliance

Highlights of the IRS’ Exempt Organizations Division Annual Workplan
Posted by Joe Giso on Mon, May 6, 2013 @ 09:20 AM

Author: Joe Giso

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Topics: IRS, Joe Giso, compliance

IRS Expands Procedures for Correcting Errors in Retirement Plans
Posted by Bernard Kaplan on Tue, Apr 23, 2013 @ 09:17 AM

Voluntary Correction Procedures for 403(b) Plans Now Included

Author: Bernard E. Kaplan, JD, LLM

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Topics: ECPRS update, retirement plans, IRS, Bernard Kaplan, compliance

Highlights of the AICPA National Conference: SEC & PCAOB Developments
Posted by Kristen Shepley on Mon, Apr 15, 2013 @ 09:17 AM

Discussions Focused on Current and Future Financial Reporting

In December 2012, the AICPA hosted its annual National Conference on Current SEC and PCAOB Developments in Washington, DC. The presentations and discussions focused on challenges and initiatives shaping current and future financial reporting.

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Topics: Kristen Shepley, audit, financial reporting, compliance, news and events

Proposed Revisions to A-133 Audit Requirements are Here: Is Your Non-Profit Organization Affected?
Posted by Elizabeth Redmond on Mon, Apr 8, 2013 @ 09:17 AM

Revisions are Designed to Ensure Financial Integrity and Increase Desired Outcomes

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Topics: audit, compliance, OMB, A-133, single audit, Elizabeth Redmond

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