IRS Won’t Reject Returns If Health Coverage Information Missing:

 Earlier this year, the IRS made changes to its system that would automatically reject tax returns that failed to provide information on health coverage. However, on 1/20/17, President Trump issued an executive order that directed federal agencies to waive, defer, grant exemptions from, or delay implementation of Affordable Care Act (ACA) provisions that impose a… Read More

Fiduciary Duty Rule to Be Reviewed

 On 2/3/17, President Trump signed a Presidential Memorandum directing the Department of Labor (DOL) to examine the fiduciary duty rule for economic and legal analysis and to rescind or revise it if it is inconsistent with the Administration’s priorities. The fiduciary duty rule, which is to be effective this April, addresses what is considered fiduciary… Read More

Capital Gains and Losses – 10 Helpful Facts to Know

  When a person sells a capital asset, the sale normally results in a capital gain or loss. A capital asset includes inherited property or property someone owns for personal use or as an investment. Here are 10 facts that taxpayers should know about capital gains and losses: Capital Assets. Capital assets include property such… Read More

IRS Makes Approved Form 1023-EZ Data Available Online

The Internal Revenue Service announced today that publicly available information from approved applications for tax exemption using Form 1023-EZ, Streamlined Application for Recognition of Exemption, is now available electronically for the first time. The data on IRS.gov is available in spreadsheet format and includes information for approved applications beginning in mid-2014, when the 1023-EZ form… Read More

Tax Tip – Itemize or Choose the Standard Deduction

Itemize or Choose the Standard Deduction Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money by figuring taxes both ways. The IRS offers the following six tips to help taxpayers… Read More

No Dependency Exemption for Grandmother Who Supported Grandchildren:

The taxpayer provided financial and household support to her grandchildren because their father (her son) was an unemployed drug addict. She claimed the grandchildren as dependents on her tax return after being assured by her son that he wouldn’t claim them. On audit, the taxpayer’s dependency exemptions for the grandchildren were disallowed because they had… Read More

6 Tax Tips for the Self-Employed

It’s called “beat the FICA tax game” Self-employed taxpayers normally earn income by carrying on a trade or business. Here are six important tips from the IRS for the self-employed: Self-Employed Taxpayers. Sole proprietors and independent contractors are two types of self-employment. Taxes can be complex for the self-employed. Check out the IRS Self Employed… Read More

Five Things to Know About the Child Tax Credit

  The Child Tax Credit is a tax credit that may save taxpayers up to $1,000 for each eligible qualifying child. Taxpayers should make sure they qualify before they claim it. Here are five facts from the IRS on the Child Tax Credit: Qualifications. For the Child Tax Credit, a qualifying child must pass several… Read More

Fake Charities on the IRS “Dirty Dozen” List of Tax Scams for 2017

The Internal Revenue Service today warned taxpayers about groups masquerading as charitable organizations to attract donations from unsuspecting contributors, one of the “Dirty Dozen” Tax Scams for the 2017 filing season. “Fake charities set up by scam artists to steal your money or personal information are a recurring problem,” said IRS Commissioner John Koskinen. “Taxpayers… Read More

Choose your tax return preparer carefully

The Internal Revenue Service today warned taxpayers to be on the lookout for unscrupulous return preparers, one of the most common “Dirty Dozen” tax scams seen during tax season. The vast majority of tax professionals provide honest, high-quality service. But there are some dishonest preparers who set up shop each filing season to perpetrate refund… Read More