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. […]
Your 2014 Tax Return – Part I: Sources of Income
Another tax season has snuck up on us already. Tax organizers have already been sent to clients to prepare them for the challenging tax season ahead. Once they receive this subtle reminder that tax season is looming, clients who are trying to stay ahead will email or call me and ask what they can be doing […]
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 […]
More Tax Preparer Regulations on the Horizon?
In recent years, the IRS has been trying to cut down on the amount of fraudulent tax returns. Notably, in 2012, the IRS attempted to require all paid federal tax return preparers to complete registration, competency testing and continuing education. Last spring, it was ruled, and upheld in appeals, that the IRS lacked statutory authority […]
Final Estimated Tax Payment Due January 15
This is a friendly reminder that the final estimated tax payment for 2014 is due by January 15.* If you owe estimated taxes, make sure to submit them to the IRS (or your state) in order to prevent an underpayment penalty. Individuals must pay estimated taxes if all three are true: You expect to owe more than […]
Cheap Gas and the Push for Higher Taxes
U.S. gas prices have plummeted in recent weeks, dropping them to the lowest levels we have in seen in the last few years. According to the AAA Fuel Report, the national average for a gallon of gas is $2.19, which is significantly lower than the average of $3.32 one year ago. If you are interested to […]
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 […]
