Welcome to the IMA Tax Policy Blog. The blog format reflects our efforts to provide IMA members with timely, relevant and thought provoking information in a form that is accessible for easy reference. IMA’s Tax Policy Blog will be updated on a regular basis. Weekly news update emails will be sent out to notify subscribers of new information posted on the blog. IMA members are welcome to submit material for the blog, or request specific information. Simply email Editor Stefany Henson at shenson@ima-net.org with your information or request. Editorial submissions are subject to review. 

Wednesday
Jul152015

Music to Manufacturers’ Ears

Posted by: Christina Crooks under Taxation on June 23, 2015 @ 2:23 pm

Manufacturers know all too well that Congress does not always operate in a way that maximizes business productivity and investment. A prime example is the package of over 50 plus temporary tax provisions, a.k.a. “tax extenders” that expired at the end of 2014 — just two weeks after Congress finally got around to passing them in the first place.

Many of the tax provisions typically found in the tax extenders package are critical to growth in manufacturing and the U.S. economy. The R&D tax credit encourages manufacturers to prioritize research and development that fuels productivity and new product development. The enhanced Section 179 expensing provision allows smaller companies to write off up to $500,000 of capital equipment immediately, and the “bonus depreciation” provision would allow companies of all sizes taxpayers to expense 50 percent of the cost of new machinery, equipment and other essential capital investments. Additionally, the look-through rule for controlled foreign corporations and deferral for active financing income enable manufacturers with operations beyond U.S. borders to compete effectively in the global marketplace.

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Thursday
Jul092015

McGladrey Survey: Food & Beverage Companies Expect Growth Risks and Challenges

Executives plan for increased revenue and profits, but worry about risks and brand reputation

More than six in 10 food and beverage executives are anticipating growth in both revenues and profits in the near future, according to a new survey released by McGladrey LLP, the nation’s leading provider of assurance, tax and consulting focused on the middle market. But their widespread optimism is tempered by industry-wide strategic risks and reputational challenges, such as increased competition, food safety issues and the development of more effective approaches to marketing and sales.

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Thursday
Jul092015

Get to Know the Small Business Health Care Tax Credit

If you are a small employer, you might be eligible for the Small Business Health Care Tax Credit, which can make a difference for your business. To be eligible for the credit, you must:

• have purchased coverage through the Small Business Health Options Program – also known as the SHOP marketplace

• have fewer than 25 full-time equivalent employees

• pay an average wage of less than $50,000 a year

• pay at least half of employee health insurance premiums

For tax years beginning in 2014:

The maximum credit increases to 50 percent of premiums paid for small business employers and 35 percent of premiums paid for small tax-exempt employers.

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Tuesday
Jun232015

Get to Know the Health Care Law’s Employer Shared Responsibility Payment

Under the Affordable Care Act, applicable large employers those with 50 or more full-time employees, including full-time equivalent employees are required to take some new actions. To prepare for 2016, if your organization is an ALE, you need to track information each month in 2015, including: Whether you offered full-time employees and their dependents minimum essential coverage that meets the minimum value requirements and is affordable Whether your employees enrolled in the minimum essential coverage you offered

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Tuesday
Jun232015

Last-Minute Reminder: Report Certain Foreign Bank and Financial Accounts to Treasury by June 30

The Internal Revenue Service today reminded everyone who has one or more bank or financial accounts located outside the United States, or signature authority over such accounts that they may need to file an FBAR by next Tuesday, June 30. FBAR refers to Form 114, Report of Foreign Bank and Financial Accounts, which must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department. It is not a tax form and cannot be filed with the IRS. The form must be filed electronically and is only available online through the BSA E-Filing System website. In general, the filing requirement applies to anyone who had an interest in, or signature or other authority over foreign financial accounts whose aggregate value exceeded $10,000 at any time during 2014. Because of this threshold, the IRS encourages taxpayers with foreign assets, even relatively small ones, to check if this filing requirement applies to them.

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