Video instructions and help with filling out and completing Who Form 1094 B Employed

Instructions and Help about Who Form 1094 B Employed

Welcome to the client wise December 2015 update seminar my name is Liam senior I'm an enrolled agent and I'm in the tax business for over 40 years and i'm the co-founder of clockwise and the chief technical officer for the firm and I also do presentations in the fall out or at our client wise fall similar updates today we're going to talk about the changes that have happened during December they met may not things seem like a lot but when you put them all together as quite a few so before we start this course is qualified for one hour of cpe credit and to ensure your attendance throughout the entire presentation will be presenting some answers as and polling questions which you'll need to write down as you go through so have a pencil ready be ready to go with that when you can they'll appear on the screen and periodically and you'll take those and you go to our website and you'll be able to answer those questions on our on our cpa centre and instantly generate a CPA certificate ok now we'll also have with this course a a pretty large actually 13 page PDF document that it tells a lot of details material we're going to cover and hopefully you have downloaded that so you can follow us through the presentation if you have questions during the during the presentation or even afterwards you can send them to cpe at client was calm and one of our subject matter experts will respond to your questions as soon as possible now if you'll turn to the table of contents which is actually page two of the handout you'll see what we're going to cover today we're going to talk about the de minimis expense safe harbor that got increased from five hundred and twenty five hundred dollars we're also to take a look at a premium tax credit estimation worksheet that i put together so you can assist your clients preparing their household income for the marketplace so they can get their premium tax credit or advanced treatment tax credit correct we're also going to talk about the ACA final regulations that that finalize the number of issues covered under the prior guidance we're also going to cover the estimates for 2016 auto and truck cents per mile fleet average fair market value maximums we're talk about an interesting court case where doctors business deduction for a mobile home office was limited and we're going to look at the IRS relaxes some requirements and proposed regulations for able accounts and we're also going to talk about after an enrolled agent you better get you renew about what when you require to do so well look at the peak and renewal requirements for all these that haven't renewed you Pete in yet and we've got some discussion for seatac register preparers about their registration what would happen if they don't register by by january fifteenth we're also a look at the homeowners assistance payments i owe the IRS extent of the treatment of those through 2017 and also the IRS issue proposed regulations and many returns on bona fide residency in the US territories which gives a little more leeway and we'll look at the new w 2 verification codes for filing season 2016 should be interesting they're going to try to try out a system it will eliminate some of the fraudulent activities we're going to look at my RA accounts funding options have been expanded we're also going to look at one employee's health insurance premium famous under a spouse's group plan are excludable and we'll look at the state day care payments to a public assistance recipients and their determination they are subject to levy and then the transportation bill which got signed into law not too long ago includes some provisions that we're going to look at passport denial for delinquent taxpayers a rules mandating IRS use of private debt collectors and the forum series 5500 automatic extensions have been reduced in time so let's now turn to page 3 of the handout and we'll take a look at the de minimis expense safe harbor now as you know these new regulations became effective of 2014 so this is the capitalization repair rigs been a lot of talk about these and and so let's take a look quick look at what this change brought about with with notice 2015 82 during the during our small seminar we were obviously teaching how to treat this and how to prepare for it and at the time it was five hundred dollars in the iris is to increase it to 2500 so one of the tangible property regulations there are several simplifying provisions that were effective and prospective an application and are intended to east taxpayers compliance with these regulations and reduce administrative burden now back in the old days we used to say to ourselves well if something costs a hundred dollars we can expense it or some people say oh that costume of the expense and some would say no 500e big expense it and usually an IRS auditor would never lick an eye at that however there was never a de minimis safe harbor included tax code this these new regs actually bring them into play for the first time ever so so anyway one of the simplifying provisions that were included in the regs was was annum innum a safe harbor election for Miss taxpayers not to capitalize but instead treat as material supplies under Section 162 certain amounts paid for tangible property it acquires it acquires or produces during the tangible year the original regulations allowed a small tax payer those without an apple financial statement to expense materials and supplies at to expense materials and supplies tangible property does not exceed 500 per invoice or per item on a substantiate invoice under notice 2015 8 to the