Tax Laws

  • IRS Press Release: Tax Refunds Reach Almost $125 Billion Mark; IRS.gov Available for Tax Help

    WASHINGTON — Almost 40 million tax refunds worth nearly $125 billion have been issued as of Feb. 20, according to Internal Revenue Service statistics released yesterday. The average refund is $3,120. The IRS has processed nearly 50 million returns, about one-third of the total individual federal income tax returns the agency expects to receive this…

  • Press Release: Filing Fake Documents to Hide Income Is Again on the IRS “Dirty Dozen” List of Tax Scams

    WASHINGTON — Hiding taxable income by filing false Form 1099s or other fake documents is a scam that taxpayers should always avoid and guard against, the Internal Revenue Service said today. This scheme is one of those on the annual “Dirty Dozen” list of tax scams for the 2015 filing season.  “The mere suggestion of…

  • 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…