Tax News

  • 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:

  • 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…