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FAQ: What is new Form 1095-A, Health Insurance Marketplace Statement

Form 1095-A, Health Insurance Marketplace Statement, is a new information return. The IRS requires the Health Insurance Marketplace to report certain information about every individual who receives health insurance coverage through the Marketplace to the agency and also to the enrollee. Form 1095-A reports information about the individual(s) covered by Marketplace coverage, the starting and […]

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March 2015 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of March 2015. March 2 Employers. File Forms 1097, 1098, 1099, 3921, 3922, and W2G with the […]

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Tax legislation and reform cautiously move forward in new Congress

The White House and the new Congress continue to look for common ground on tax legislation and tax reform in 2015. Both sides say tax reform is possible in 2015 and behind the usual rhetoric there seems to be a real drive to move tax reform in the 114th Congress. Reform could be similar to […]

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IRS provides repair regulations relief for small businesses

In Rev. Proc. 2015-20, the IRS substantially simplified the requirements for small businesses to adopt the tangible property regulations (the “repair regulations”) for 2014. The relief allows small businesses to change their accounting methods, to comply with the regulations, without having to apply Code Sec. 481 and without having to file Form 3115, Application for […]

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February 2015 Newsletter

Steve Grgas discusses how filing season has opened and how the IRS budget cuts may impair taxpayer services. Wayne Naegele talks about more information coming to help taxpayers with ACA Requirements.

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How Do I? Compute a late payment penalty

The tax code imposes a penalty on taxes that are paid after the due date (generally April 15). Taxpayers may wonder whether to save, to pay their taxes on time and avoid the penalty, or delay payment and owe a penalty. While this is a personal decision, and will vary with the taxpayer’s circumstances, a […]

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FAQs: How are qualified longevity annuity contracts reported?

The required minimum distribution (RMD) rules require participants to start taking distributions when they turn age 70½. Treasury and the IRS have developed a new concept to enable retirees to preserve some of their retirement assets and to protect them from outliving their assets – the qualified longevity annuity contract or QLAC. At the same […]

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More information coming to help taxpayers with ACA requirements

The IRS and the U.S. Department of Health and Human Services (HHS) are planning outreach efforts during filing season to remind taxpayers about new requirements under the Affordable Care Act. These projects will highlight the individual shared responsibility requirement, exemptions to the individual mandate, and more. The IRS has already posted information about the Affordable […]

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Filing season opens, IRS budget cuts may impair taxpayer services

The 2015 filing season is now underway and the IRS, taxpayers and tax professionals are expecting some challenges. In addition to the huge number of returns the IRS must process, the agency also must ensure that individuals are in compliance with new requirements under the Affordable Care Act and prevent the growing problem of refund […]

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January 2015 Newsletter

Andy Presti reviews the top 10 tax developments of 2014 that will have an impact on 2015.  Also Steve Grgas discusses the eleventh-hour vote by Congress to renew a tax package of tax extenders for 2014.

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