Tax Update: March 2016

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the McGladrey Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.


  • New Form 1095-C due to employees by March 31, 2016
  • IRS denies S corporation an ordinary loss on worthless stock
  • Partnership varying interest regulations now effective
  • Tax-related ID theft and tax data security issues continue to plague IRS
  • Flip or flop-a cautionary tale
  • Gain determined separately, not netted, for separately acquired blocks of stock
  • Leasing your office or building? Be mindful of this tax pitfall

International Tax

  • European Union anti-tax avoidance
  • Foreign pensions require withholding certificate to claim FIRPTA exemption

State and Local Tax

  • Delaware to shift to single sales factor apportionment
  • States beginning to respond to federal partnership changes

Source: RSM US LLP
Used with permission as a member of the McGladrey Alliance


As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.


Louis J. Gangi, CPA is a partner in Insero & Company's Tax Department specializing in tax strategies for many of our domestic and international clients. He is well experienced in international and multi-state issues, and is a leader in tax planning ideas and accounting methods. He also oversees the firm's tax policies and procedures. His industry experience includes manufacturing, distribution, real estate, service and professional sports franchises. Lou holds a Bachelor of Science in Accounting from the Rochester Institute of Technology and is a Certified Public Accountant in New York. He is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants. Contact Lou at 585.697.9679 or

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