IRS Updates

  • Press Release: Fake Charities Among the IRS “Dirty Dozen” List of Tax Scams

    WASHINGTON — The Internal Revenue Service today warned taxpayers about groups masquerading as a charitable organization to attract donations from unsuspecting contributors, one of the “Dirty Dozen” for the 2015 filing season.  “When making a donation, taxpayers should take a few extra minutes to ensure their hard-earned money goes to legitimate and currently eligible charities,”…

  • Press Release: IRS Launches Directory of Federal Tax Return Preparers; Online Tool Offers New Option to Help Taxpayers

    WASHINGTON—The Internal Revenue Service today announced the launch of a new, online public directory of tax return preparers. This searchable directory on IRS.gov will help taxpayers find a tax professional with credentials and select qualifications to help them prepare their tax returns. “This new directory will be a practical tool for the millions of Americans…

  • IRS Technical Guidance and Notices

    Notice 2015-3 provides rules for claimants to make one-time claims for the retroactively extended 2014 biodiesel mixture and alternative fuel excise tax credits.  It also provides guidance for claimants to claim the other retroactively extended credits for 2014, including the alternative fuel mixture excise tax credit. This will appear in IRB 2015-6 dated February 9,…

  • IRS Letters to Tax Preparation Professionals

    Beginning in November 2014, the Internal Revenue Service began its sixth year of a hands-on effort to improve the accuracy and quality of tax returns and to heighten awareness of preparer responsibilities. Letters sent for this tax season currently include: 

  • ACA Basics – IRS Releases Forms for Affordable Care Act

    Adding to the lengthy list of items you must have in order to file individual income taxes this year is the new Form 1095-A, the Health Insurance Marketplace Statement.  By January 31 of the year following the year of coverage, the Marketplace will send taxpayers who purchased insurance through the Marketplace Form 1095-A, Health Insurance…

  • ACA Basics – The Alternative Marriage Calculation for Newlyweds

    Newlyweds in 2014 who received advance premium tax credit payments should take note of the Alternative Marriage Calculation on Form 8962 – Premium Tax Credit.  The alternative calculation could allow the newly married couple to reduce any excess advance premium tax credit (APTC) repayments.  The Alternative Marriage Calculation may be available to taxpayers who:  are…

  • ACA Basics – The Health Insurance Marketplace (1)

    The Health Insurance Marketplace – also known as the Health Insurance Exchange – is the place where people without health care insurance can find information about health insurance options and also purchase health care insurance. Information can also be found regarding eligibility for help with paying premiums and reducing out-of-pocket costs. In addition to the…

  • ACA Basics – The Health Insurance Marketplace

    The Health Insurance Marketplace – also known as the Health Insurance Exchange – is the place where people without health care insurance can find information about health insurance options and also purchase health care insurance. Information can also be found regarding eligibility for help with paying premiums and reducing out-of-pocket costs. In addition to the…

  • NYS Tax Department Launches NY’s First Tax Preparer Continuing Education Program

    Continuing education is phase two of New York’s first tax preparer regulations; training is vital because 70% of New Yorkers hire tax preparers each year. The New York State Department of Taxation and Finance today launched the continuing education component of New York’s historic regulations to protect consumers who hire tax preparers.   The training program…

  • IRS Issues Revenue Ruling on Employee Mass Transit Benefits

    The Internal Revenue Service has issued a new revenue ruling, 2014-32, on companies that provide mass transit passes as fringe benefits to employees. The ruling covers eight specific situations, and updates previous guidance on this topic.