Tax Laws

  • Health Care Tax Credit for Small Businesses

    The IRS recently released information pertaining to the Small Business Health Care Tax Credit, outlining the prerequisites for receiving the credit and which forms need to be filed.

  • Supreme Court Upholds Federal Subsidies For The ACA

    By a vote of 6-3, the United States Supreme Court (SCOTUS) upheld the Patient Privacy and Affordable Care Act (ACA), ruling that the intent of the law was to ensure nationwide health care coverage.  In doing so, the Court rejected the legal challenge to the law based on the wording of one section related to…

  • Why Is My Refund Lower Than Anticipated?

    If you have certain kinds of debt, including federal and state back taxes, child support, and student loans, then the Bureau of the Fiscal Service (BFS) – part of the Department of Treasury – can use your tax refund to offset that debt.

  • The Premium Tax Credit: Do You Qualify?

    April 15 is just around the corner, but there is still time to make sure clients have submitted the proper forms to secure the credits they are due. The IRS recently published a tax tip checklist to help taxpayers determine if they are eligible to receive the Premium Tax Credit (PTC). If a client –…

  • Relief for Recipients of Inaccurate Forms 1095-A

    The Centers for Medicare & Medicaid Services (CMS) recently published a blog discussing reissued Forms 1095-A by the Treasury. In February, Forms 1095-A containing inaccurate information were sent to a small percentage of taxpayers (less than 1%) who signed up for insurance using the HealthCare.gov Marketplace last year.

  • Help! I Received a Letter from the IRS!

    Given recent reports of ID theft-related tax fraud, it’s no wonder that some taxpayers are wary after receiving what appears to be a letter from the IRS requesting personal information. You might have seen Facebook posts from clients asking about strange letters requesting “ID verification.” It turns out that these Letters 5071C are not only…

  • IRS “Tax Tip” Covers Small Business Health Care Tax Credit

    The IRS released a notice for small businesses employing less than 25 people, outlining how they may be able to take advantage of the Small Business Health Care Tax Credit. The “Tax Tip” covers the prerequisites for claiming the tax credit, which forms are needed, and additional resources. Read the full notice below:

  • Five Key Facts about Unemployment Benefits

    On Tuesday, the IRS released unemployment benefits information that can help tax preparers keep their clients informed of available compensation. The article discusses whether recipients need to report this income on their taxes, if their benefits are paid by the state or federal government, where they can go for further help, and more.

  • IRS Notices: N-2015-21 and N-2015-22

    The IRS recently published notices concerning gross income and waivers for farmers and fishermen who received erroneous Forms 1095-A:

  • IRS Press Release: How to Determine if the Net Investment Income Tax Applies to You

    If you have income from investments, you may be subject to the Net Investment Income Tax. You may owe this tax if you receive investment income and your income for the year is more than certain limits. Here are some key tips you should know about this tax: