American Opportunity Tax Credit (AOTC)

  • 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…

  • How to Handle Cash Intensive Businesses

    The purpose of this article is to explore the methods for analyzing cash-based businesses.  We will explore techniques for uncovering unreported income.  I will take you into the new digital world for hiding cash transactions through cellphone transfers, EFTs, PayPal, and WebMoney.  We’ll discover how barter and bit-coins are finding common alliances.  Reference is made…

  • How To Start A Successful Tax Preparation Business

    The tax preparation industry consists of some 1.2 million paid professionals, according to US News and World Report, engaged in the preparation and filing of forms required by the federal, state and local governments.  The industry generates $9 billion in revenue, and last year prepared more than 82 million individual income tax returns.  The Bureau…

  • 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.

  • Essential Business Insurance for Tax Preparation Firms

    One of the most critical errors in managing a tax preparation firm is failure to properly insure the business against losses and lawsuits.   There are a number of reasons why tax preparers might under-insure their businesses.  They may believe that having policies for general liability and errors & omissions is all they require.  They may…

  • 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: