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Martin Simescu

Transfer Tax Refund for Home Sellers

In December, a new state law went into effect which could qualify individuals who have recently sold their home for a state transfer tax refund.

How may you qualify?

  1. If you sold your home in the last four years, and
  2. If your state equalized value (SEV) at the time of the sale was lower or equal to the SEV when you purchased the home.

If an individual qualifies, then he or she does not have to pay the state transfer tax and may be eligible for a refund if the transfer tax was paid upon sale. Form 2796 (Application for State Real Estate Transfer Tax Refund) must be completed.

Approaching Deadline for the Affordable Care Act

The deadline for applicable large employers (ALE), or employers who have 50 or more full-time equivalent (FTE) employees, to file the new health care information return is approaching.

As quoted in an article from The Tax Advisor, most employers affected by the new regulation will have to file reports under Sec. 6056. This allows the IRS to know whether or not an employer is offering minimum coverage to its full-time employees. Employers must track month-by-month an employee’s coverage and employment status.

For an ALE to comply with Sec. 6056, they must file:

  • Form 1095-C Employer-Provided Health Insurance Offer and Coverage for each full-time employee, and
  • Form 1094-C Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns.

These forms must be filed on or before February 29, 2016, (or March 31, 2016 if filed electronically).

To read the full referenced article, click here. For more information or assistance on the employer health care information reporting, please contact Martin Simescu at (616) 608-8520 or

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What Changed IRS Accounting Methods for Materials and Supplies?

Effective January 1, 2014 and for earlier periods, the IRS issued final regulations, commonly referred as tangible property repair (TPR) regulations.

The regulation governing materials and supplies is Reg. Sec. 1 162-3, which requires changing accounting methods in some situations.

For more details and guidance concerning the impact of these IRS final regulations on the tax accounting for materials and supplies, visit the referenced article or contact Martin Simescu at (616) 608-8520 or