You Can’t Do That!
In this week’s “You Can’t Do That” I will take a look at a New Orleans woman and her prison scheme, a greedy Philadelphia preparer and an ex-IRS employee who all decided it would be a good idea to try and steal from Uncle Sam.
MLB Player Settles Bill with IRS (Update)
A few weeks ago I mentioned former MLB player Darryl Strawberry’s ongoing issue with the IRS. In short, he owed the IRS, so the IRS announced it would auction off the rights to his deferred compensation. The auction began at $550,000 and concluded yesterday. The highest bid? $1.3 million. This equates to the full value of the annuity […]
What You Need to Know About the Premium Tax Credit
What is the Premium Tax Credit? The Premium Assistance Credit or Premium Tax Credit is a refundable credit that helps taxpayers pay for health insurance purchased through a government-sponsored exchange. In essence, this credit subsidizes the cost of health insurance throughout the year by allowing for a refundable credit at the end of the year. […]
New IRS Treatment of Canadian Retirement Plans
The IRS has made it easier for U.S. taxpayers to benefit from favorable tax treatment on their Canadian retirement plans in 2014. Any U.S. taxpayer with a registered retirement savings plan (RRSP) or registered retirement income fund (RRIF) is now eligible for tax deferral, similar to the treatment of IRAs and 401(k)s. To qualify, all […]
Employer-Provided Transit Benefit for Employees
In 2014, taxpayers were allowed $130 per month in employer-provided transit and vanpooling benefits under Code Sec. 132(f)(2)(A). The Tax Increase Prevention Act of 2014 retroactively changed the monthly exclusion from $130 to $250. The new rate applies to the entirety of 2014 and will force employers to act quickly to make adjustments to 2014 […]
Another Important Change for Business Owners This Tax Season
The Affordable Care Act has grabbed most of the headlines for the upcoming tax season, but there are other requirements that will add to the difficulty of the 2014 filing season. One such requirement that will have an impact on almost all business owners, especially those in the real estate field, is the Repair Regulation […]
You Can’t Do That!
Yesterday, I mentioned the ongoing issues the IRS is having regulating tax preparers. Today, two more preparers have been brought into the spotlight because of their actions. There is also a bonus story about six college students who thought they could out-smart the IRS. Jeffrey Shelby, Jr. plead guilty to filing hundred of fraudulent tax […]
Additional Tax Law Changes for 2015
I have touched upon the main tax issues that will changing in 2015, but below are a few additional issues that you should be aware of when beginning to plan for 2015: Limited to One IRA Rollover per Year: Any taxpayer who receives an IRA distribution on or after January 1, 2015, will not be […]
Tax Season to Begin January 20
Its official! The IRS has announced that tax season will begin on-time and, despite the tax extenders delay, tax preparers will be able to electronically file returns beginning January 20. I must say, I am impressed that the IRS, which is not known for its agility, does not need to push back the start of tax […]
New IRS Publication Aimed at Explaining the Affordable Care Act
The IRS recently released Publication 5187 in order to provide taxpayers with an additional resource regarding the new health care laws for 2014. The 21-page document effectively presents the different nuances that will be required for the coming tax years. If you are looking for an overview or refresher regarding the Affordable Car Act, I would […]
