Strategies

  • 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:

  • 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 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…

  • 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:

  • 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 – 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…