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Policyholder Alerts

According to the Journal of Accountancy (Jan. 4, 2016), because the IRS is extending the due dates for these information returns, the normal provisions for requesting extended due dates for these forms will not apply. The IRS is encouraging employers who cannot meet the extended due dates to file the returns anyway. The IRS says it will take into account whether the employers made reasonable attempts to comply with the requirements and the steps taken to prepare for the 2016 reporting requirements when determining whether to abate penalties for reasonable cause.

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California’s “Healthy Workplaces, Healthy Families Act of 2014” (AB 1522), is effective July 1, 2015, mandating paid sick leave accrual for employees statewide. The law has no exclusions for small employers or nonprofits, so CPA firm employers are subject to it. The law may also be significant to business clients, who should be made aware of it as soon as possible.

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CAMICO issued an updated Alert (located on the Members-Only Site under Knowledge Tree, Alert Documents, 2015, Tangible Property Regs), to our policyholders in response to the IRS February 13, 2015 release of Rev. Proc.

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Final Tangible Property Regulations Require Filing Application for Change in Accounting Method for 2014 Tax Year (Revised Feb. 17, 2015)

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Revised final regulations governing practice before the Internal Revenue Service (IRS) took effect June 12, 2014. The regulations impact individuals who practice before the IRS and modify the standards governing written advice and other related provisions of the regulations.

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CAMICO has seen an uptick in calls from policyholders reporting that clients are receiving scam calls from individuals claiming to be Internal Revenue Service (IRS) agents or Criminal Investigation Division (CID) agents. These scam calls are designed to get the taxpayers to respond and to divulge personal identity information.

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Over 8,200 CPA firms and 16 state societies and associations trust CAMICO.