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Federal Tax

Changing Menu: Cafeteria Plan Elections Available for Same-Sex Couples

fsaA few months ago, the IRS released changes to the flexible spending accounts (FSAs) under cafeteria plans targeting the “Use-it-or-Lose-it” provision. We highlighted these changes and shortly thereafter, the IRS issued further guidance on FSAs for same-sex married couples, in light of the Windsor decision.

In brief, same-sex married couples are now eligible for certain employee benefits under §125 of the Internal Revenue Code, particularly for cafeteria plans. This eligibility begins with the plan year that includes the effective date of the Windsor case (June 26, 2013).

There are three key points raised and answered by IRS Notice 2014-1 (PDF):

Senate Report Reveals 'Gaping Holes' In US Effort to Curb Offshore Tax Evasion

We’ve invited Davis Burroughs of JD Katz, a Bethesda-based law firm, to share some tax law insights with our readers.  This post reviews the latest developments in offshore reporting requirements in advance of FATCA’s implementation later this year.  For more information on JD Katz, visit  If you are interested in guest-posting for It's Taxing, This email address is being protected from spambots. You need JavaScript enabled to view it. foreign-reporting

A new report (PDF) from the Senate Permanent Subcommittee on Investigations (SPSI) ripped into several ongoing endeavors by the Securities and Exchange Commission (SEC), Department of Justice (DOJ), and Internal Revenue Service (IRS) to punish and collect from foreign tax dodgers. The report was released in advance of the Senate’s March 6 hearing, which focused on holding Swiss banks and their U.S. clients accountable for failing to pay taxes on billions of dollars in hidden assets.

The SPSI report focuses heavily on the government’s handling of Credit Suisse Group AG, a Swiss holding company which has helped around 20,000 U.S. based clients evade taxes between 2008 and now. Over 95% of the company’s American accounts were hidden from U.S. authorities through a series of exit projects conducted to shield its clients from prosecution. To date, the DOJ has received less than 1% of the identities of Credit Suisse account holders.

Final Comprehensive Repair/Capitalization Regulations Take Effect: Theory Becomes Practice

New-Tools-for-Business-OwnersThe IRS released the much anticipated “repair and maintenance” regulations for Sections 162(a) and 263(a) in September of last year, providing guidance regarding the deduction and capitalization of costs related to tangible property. The final regulations replace the temporary regulations issued in 2011.

Much was written about these changes when they first came out, however, since these regulations will affect virtually everyone who has a business (as most businesses have tangible property) and just took effect at the beginning of 2014, we wanted to remind you of some of the regulation’s highlights.

6 Strategies for Your 2013 Tax Filing

fsaFor many people, there is nothing as dreadful as dealing with income taxes each year. When you first sit down with all the forms and receipts, you may feel overwhelmed; our goal is to simplify the process while keeping you in compliance with the tax codes so you can preserve, grow & protect your assets.

A lot has changed for 2013 – there are a number of new taxes and tax increases. If you are just sitting down to review your forms and filing your taxes has you scratching your head this year, here are 6 important strategies that will help you make the most of your tax situation:

2014 Expired Tax Provisions

As of December 31, 2013, a number of tax provisions affecting both individuals and businesses expired. Currently, it is unclear whether Congress will retroactively extend any of the provisions, but the possibility remains. A few of the notable expired provisions are outlined below:

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