Overview
Business Tax Breaks Bill Passed by House: Today, the House passed H.R. 636, America’s Small Business Tax Relief Act. The bill would permanently extend three expiring tax provisions:
- Section 179 expensing for small businesses’ depreciable business assets
- The reduced recognition period for built in gain of S corporations
- The basis adjustment to stock of S corporations making charitable contributions of property
Multiemployer Defined Benefit Plan Guidance Comments Requested: The IRS and Treasury requested comments on future guidance required to implement provisions of the Multiemployer Pension Reform Act of 2014. The future guidance will address the ability of a multiemployer defined benefit plan that is in critical and declining status to suspend certain benefits.
Miscellaneous Guidance:
Rev. Proc. 2015-20 permits small business taxpayers to make certain tangible property changes in methods of accounting with a Section 481(a) adjustment that takes into account only amounts paid or incurred, and dispositions, in taxable years beginning on or after January 1, 2014. It also permits small business taxpayers to make certain tangible property changes without filing a Form 3115.
Notice 2015-15 provides the requirements for employee consents used to support a claim for refund of overpaid FICA or Railroad Retirement Tax Act taxes.