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Policyholder Alerts

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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Final Tangible Property Regulations Require Filing Application for Change in Accounting Method for 2014 Tax Year (Revised Feb. 17, 2015)
In September 2013, the IRS issued final tangible property regulations addressing the capitalization and depreciation of capital expenditures, treatment of materials and supplies, and disposition of tangible depreciable property. The regulations are applicable to tax years beginning on or after January 1, 2014, and to some extent may be applied retroactively to taxable years beginning on or after January 1, 2012.

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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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