A tax preparer learning how to file Form 1120 with TaxSlayer Pro
Tax Tips

Understanding IRS Form 1120 – U.S. Corporation Income Tax Return

If you are preparing a return for a corporation or a business entity that chooses to be taxed as a corporation, you will use Form 1120 to report their income taxes. Almost all U.S. corporations are required to file a Form 1120, whether they have taxable income or not.You will not need to complete Form 1120 if your client is a nonprofit organization that is exempt…
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A tax preparer explains changes to the ACA to a client on the phone.
Affordable Care, Tax Cuts and Jobs Act

2018 Tax Reform and the Premium Tax Credit

The Tax Cuts and Jobs Act eliminated the tax penalty for not having health insurance beginning January 1, 2019. However, the new law does not affect the federal Premium Tax Credit. If your client obtained healthcare coverage through the Marketplace or a state exchange, they may still be eligible to receive this tax benefit.Changes to the Individual Shared…
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A tax preparer explains shared cost allocation to her client
Affordable Care

Form 8962: Premium Tax Credit and Shared Policy Allocation

The Premium Tax Credit (PTC) is a refundable tax credit intended to help low to moderate income earners offset the cost of their Marketplace health insurance premiums. If your client usedhealthcare.gov or their state’s health insurance exchange to get coverage in a qualified health plan, they may be eligible for this credit. The Premium Tax Credit is refundable,…
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