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What issues will be on the IRS' audit radar for 2016?

Is there a benefit to combining a public account certification with expertise in tax law? When it comes to defending against IRS audits, you bet your bottom dollar.

Specifically, a recent article’s prediction of the top tax issues for 2016 describes the new reporting requirements of the Affordable Care Act on Forms 1095-B and 1095-C.  The requirement may apply to various individuals or entities. For example, an individual who provides coverage to another person might have to file the new form. Certain large employers, such as those with a minimum of 50 full-time equivalent employees, may have to file. Even small employers that belong to a controlled group may have to file if their collective employee pool triggers the requirement.

The applicability of certain credits and deductions that expired in 2014 may also be uncertain, as it is up to Congress to renew or extend them. If previous years are any indication, Congress may not finalize tax items like the Section 179 deduction or the R&D deduction until year’s end.

There’s also new legislation, called the Trade Preferences Extension Act of 2015, which may impose certain requirements upon taxpayers who utilized Code Section 911 to exclude foreign earned income. Such individuals may be unable to claim certain credits or deductions unless other requirements are met.

If these issues sound complex, rest assured that my dual expertise can guide clients through the procedural and substantive tax rules necessary to survive the next tax season. Take a proactive approach and check out my firm’s website today. 

Source: Accounting Today, “Top Tax Issues for 2016,” Aug. 26, 2015

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