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Professional Tax News & Advice

Health Care Law Brings Changes to IRS Tax Forms

This year, there are some changes to tax forms related to the Affordable Care Act. Along with a few new lines on existing forms, there will also be two new forms that will need to be included with some tax returns. While most taxpayers will simply need to check a box on their tax return to indicate they had health coverage for all of 2014, there are also new lines on Forms 1040, 1040A, and 1040EZ related to the health care law. [More]

Did You Know About the IRS Video Portal?

The IRS offers a video portal so that tax preparers may view videos on various tax topics, view webinars, and panel discussions from reputable industry sources. The videos are a great tool to keep up with current trends and refresh your current knowledgebase. Remember that your clients view you as an expert; therefore, it is important that you stay abreast of the information being provided through the IRS Video Portal. [More]

IRS Delays Business Requirement of Affordable Care Act

The IRS has announced that The White House has delayed a portion of the Affordable Care act that required businesses with 50 or more employees to provide health insurance or face penalties. The requirement will now take effect in 2015. Business owners were concerned about the amount of time they had to implement the complicated requirements of law. The delay will give the IRS more time to simply reporting requirements an educate business owners on these procedures. However, the government is encouraging businesses to begin voluntarily reporting in 2014 to make a smooth transition into 2015. Businesses would have paid a fee of $2,000 per uninsured employee after the first 30 employees. Although the business requirement has been delayed, individuals will still need to have health insurance this coming tax season.

IRS Regulations Impose Strict Penalties on Tax Preparers for Inaccurate EITC Claims

The IRS is making major changes to the Paid Preparer's Earned Income Credit Checklist and is continuing to crack down on inaccurate Earned Income Tax Credit (EITC) claims. Make sure you know the Earned Income Tax Credit Due Diligence Requirements, because the consequences of incorrectly filing the EITC can have devastating effects on you, your employees, and your tax business. [More]

It Is Now Possible To E-file A Return With An ITIN/SSN Mismatch

            The IRS e-file system has been changed, effective June 22, 2012, to allow returns being filed with an Individual Taxpayer Identification Number to show wages reported to a Social Security number. When tax returns are filed this way it creates an identification number (ITIN/SSN) mismatch.  In the past, returns with this mismatch could only be filed on paper. Due to programming changes the IRS' e-file system can now accept these returns.             The IRS states, “The taxpayer's correct ITIN should be used as the identifying number at the top of Form 1040. When inputting W-2 information, the SSN should be entered exactly as shown on the Form W-2 issued by the employer. It is now possible to e-file a return with an ITIN/SSN mismatch”.             The IRS made this programming change to help ensure that the correct tax information is being captured and to reduce the burden on taxpayers filing this type of return.