Source: Farm Journal, June 22, 2015 “Expect Section 179 Update Soon”

The US farm industry lobby is one of the most powerful in Congress.  Last year, they predicted the Section 179 fix by Christmas. It arrived December 19.

In this recent article, they state that indicators point towards Labor Day for news on the 2015 year.   They also indicate that this might be a two-year fix.  If so, small business across the US would at least have stability for the 2016 tax year.

We will post news as soon as we hear it.  We strongly hope that this prediction is accurate.

Keep tuned…

Reference: Surface Transportation and Veterans Health Care… Act of 2015.

This new law was signed by the President on July 31, 2015 and will change filing and extension deadlines for calendar year returns FILED IN 2017 (for the calendar year 2016), as follows:

Partnerships: Filing deadline will move to March 15 with possible extension to Sept 15.

S corporations: Same as partnerships.

C corporations: Filing deadline will move to April 15 with possible extension to Sept 15.

FinCEN reports of foreign accounts: Filing deadline will move to April 15 with possible extension to Oct 15. This extension must be filed-for on or before April 15.

Mortgage Forms 1098: GOOD NEWS! The government will require that banks and financial institutions show the address of the property securing the mortgage on the Form 1098. The new forms will also show the principal balance outstanding on the mortgage. (These new rules apply to Forms 1098 issued in 2017).

Reference: Propesed Reg Sec 1.83-2

The IRS has removed the requirement that a copy of a taxpayer’s Section 83(b) election be attached to his/her individual tax return.  This was to remove a barrier to those taxpayers e-filing their individual returns.  All other requirements of Section 83(b) remain in place.  Taxpayers may rely on these proposed regs for property transferred on or after January 1, 2015.

The Section 83(b) election is often done when an individual receives stock options from an employer which are subject to a substantial risk of forfeiture over a period of time. Example: The options can’t be exercised until the business reaches $100 million gross sales and are forfeited if the employee leaves the business.