Tax Updates

Making sure you are informed and able to act is part of HORNE’s tax accounting service approach.

HORNE constantly monitors local, state and federal tax updates across industries to keep you current on developments and requirements impacting your organization.

November 21, 2017
Tax Reform Hits a Critical Juncture

Over the last week, the pace of work in Congress on tax reform has picked up substantially. The House passed the “Tax Cuts and Jobs Act” last Thursday, and the Senate Finance Committee reported out their version of the bill that evening. After this week’s Thanksgiving recess, the full Senate will begin to consider their bill starting next week. Most, but not all, provisions would be effective in 2018.

November 3, 2017
House Tax Reform Details Unveiled

The House Ways and Means Committee just released the details of their tax reform bill and will start hearings next week. The Senate Finance Committee will roll out their companion legislation in the next couple weeks. Many of the provisions are similar to those of the joint framework released in late September. However, now we have more specifics, albeit with many gaps still remaining.

September 28, 2017
Tax Reform Starts to Take Shape

After fits and starts over the last nine months, a broad tax reform plan is now beginning to emerge between Congress and the White House. Yesterday, an agreed upon framework was unveiled. While this is a mere starting point, some of the major guideposts are now known. The next step will be committee work and hearings before the House Ways and Means panel commencing in October.

November 17, 2016
Biggest Takeaways from Trump's Tax Plan

After one of the most memorable and acrimonious presidential campaigns in American history, Donald Trump and a Republican Congress have a unique opportunity to shape many areas of policy, such as health care, regulatory reform, defense spending, immigration and more. However, near the top of that list will almost certainly be taxes.

September 19, 2016
IRS to Limit Estate and Gift Tax Planning

Recently, the IRS released sweeping proposed regulations that would have the effect of limiting taxpayers' planning around the transfer of interests in many family-owned businesses.

April 27, 2016
MS Legislature Passes Taxpayer Pay Raise Act of 2016; Bill with Governor for Consideration

After an extended debate during the session and multiple revisions, a tax reduction bill was passed by both the Mississippi House and Senate.  The Taxpayer Pay Raise Act of 2016 (Senate Bill 2858) is currently being considered for signature by Governor Phil Bryant.

December 29, 2015
Affordable Care Act Information Reporting Due Dates Extended

Yesterday, the IRS released Notice 2016-4 that extends the due dates for the 2015 information reporting requirements under the Affordable Care Act.

December 18, 2015
Popular Tax Extenders Re-Enacted Into Law

Congress just passed a package of tax provisions as a holiday present for individual and business taxpayers. This action extended numerous popular tax breaks and was greatly expanded at the eleventh hour. Some provisions were made permanent, some were extended for five years, and some were extended for two years.

December 9, 2015
Guidelines on Expensing Costs to Acquire Tangible Property

The IRS recently issued new guidance that increases from $500 to $2,500 the deminimis safe harbor threshold for expensing costs to acquire tangible property (certain fixed assets).

September 3, 2015
Stopgap Highway Bill

New tax requirements were signed into law to help fund federal spending on transportation and highway measures. 

April 15, 2015
2015 Mississippi Tax Reform Update

An update on the major income tax reform that was proposed during the 2015 Mississippi Legislative session.

March 11, 2015
Mississippi Legislative Tax Cut Proposals 2015

The Mississippi Legislature is considering bills this session to provide tax cuts for individuals and businesses operating in Mississippi.

February 17, 2015
IRS Provides Small Business Relief from Repair Regs

The IRS announced relief from the comprehensive tangible property regulations ("repair regs") issued in 2014. 

January 15, 2015
IRS Final Regulation Under Section 105 (r)

Charitable hospitals are exempt under Section 501(c)3 in response to requirements enacted under the Affordable Care Act which first proposed to hold tax exempt hospitals to a higher standard.

December 23, 2014
Tax Increase Prevention Act of 2014

H.R. 5771 extends many business tax incentives retroactively for one year through 2014. Included in the incentives are Bonus Depreciation and Section 179. 

August 22, 2014
100 FTE Employees Tax Update

The "Play or Pay" penalty provisions built into the Affordable Care Act (ACA) become effective for employers with 100 or more Full-Time Equivalent employees (FTE's) on January 1, 2015. 

June 13, 2014
Depreciation Tax Update

It would be nice if the House of Representatives and the Senate were on the same page. However, we are half way there on the passage of legislation to extend the 2013 levels of Section 179 depreciation. 

May 9, 2014
Update: Mississippi Disaster Victims Qualifying for Tax Relief

Effective immediately, taxpayers in Jones, Leake, Montgomery, Simpson and Warren counties are eligible for all relief outlined in HORNE's latest Tax Alert.

May 6, 2014
Mississippi Disaster Victims Qualify for Tax Relief

IRS has announced on its website that victims of the severe storms, tornadoes and flooding in counties of Mississippi that are designated as federal disaster areas qualifying for individual assistance have more time to make tax payments and file returns. Certain other time-sensitive acts also are postponed.

April 2, 2014
Mississippi Legislature Passes Important Tax Reforms

The Mississippi Legislature overwhelmingly passed House Bill 799 on April 1, 2014 and Governor Phil Bryant is expected to sign it into law. The bill provides important reforms in the interest rates, application of penalties, and the audit process and taxpayer appeals.  The changes will go into effect Jan. 1, 2015.

February 26, 2014
Tips Versus Service Charge - Why Should it be a Concern?

The IRS has reinforced its position in a Revenue Ruling that examiners will step up their efforts to enforce the stance that service charges must be characterized as wages and not tips. But what does it mean, and should it change the way you do business?

February 14, 2014
Employer Mandate Delayed Another Year

This week the Obama administration announced another delay in the implementation that employers provide health care to their employees. Find out if this delay impacts your business.