Overpaying the Affordable Care Act Individual Mandate

According to a report from the National Taxpayer Advocate, more than 300,000 taxpayers overpaid the Individual Shared Responsibility Payment (ISRP) for health insurance on their tax returns processed through the end of April 2015. Most of those taxpayers were charged the ISRP, also known as the individual mandate, because they did not have health insurance …

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Mid-Year Tax Planning Strategies

As summertime winds down and the kids head back to school, it’s the perfect time to take a few minutes to review you taxes and do some smart mid-year tax planning. People often wait until December to start thinking about their tax bill, but implementing changes now may have a greater effect on your overall …

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Federal Tip Credit: An overlooked tax benefit for restaurant owners

A common topic of discussion, and sometimes heated debate, is that many restaurant patrons do not see eye to eye on the cultural practice of tipping. When to tip? How much? Should you tip on drinks? Do you tip based on the pre-tax or after-tax bill? There are as many questions as there are differing …

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AZ Releases New Form 290 Request for Penalty Abatement

Often penalties are assessed by a taxing agency and the taxpayer has grounds for asking the government to forgive the penalties based on “reasonable cause”. Some typical reasonable cause requests for penalty reduction or “abatement” are serious illness or death of the taxpayer, fire, casualty or natural disaster, and errors by the taxing authority. The …

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Plan B for Paying Your Taxes When You’re Short on Cash

Whether you accidentally withheld too little on your paycheck, your business made more money than you expected, or you just really didn’t plan so well this year, circumstances sometimes arise when your individual income tax bill is higher than you anticipated. So what are your options when you owe the IRS, but cash flow is …

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New Due Dates for Tax Returns – How Does This Affect You?

If you read about the due dates of all of the different types of tax returns changing, you are probably wondering how these changes affect you. If you have a C Corporation, the due date is pushed back to the fourth month following the end of the year. This will change the due date of …

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New Due Dates for Tax Returns

Everyone buckle your seat belts… there are new due dates for tax returns coming! The last time there was a due date change, there were temporary and proposed regulations in 2008 reducing the extension from 6 months to 5 months for Partnerships and Trusts, and those regulations became final in 2011. The latest change to …

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Foreigners Selling U.S. Real Estate

Perhaps you are a non-U.S. resident who was keen on investing in U.S. real property after the housing market crash, hoping the market would improve and you could profit on the real estate sale after a few years. Or possibly, you are a Canadian who purchased a vacation home in sunny Arizona to escape the …

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IRS: No More Estate Tax Closing Letters…Unless You Ask

On the IRS.gov website, the IRS announced that for estate tax returns (Form 706) filed on or after June 1, 2015, estate tax closing letters will be issued only upon request by the taxpayer. Historically, the IRS’s “Frequently Asked Questions on Estate Taxes” website has provided that personal representatives can expect a closing letter to …

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Pushing for Tax Reform – Civil Tax Penalties

The American Institute of Certified Public Accountants (AICPA) has recently been participating in U.S. House of Representatives, Committee on Small Business hearings on tax reform with the goal of ensuring that main street isn’t left behind. One area of focus in this regard has to do with rules relative to civil tax penalties. Over the …

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