Do You Qualify for the Child and Dependent Care Credit?

Many parents pay for childcare or day camps in the summer while they work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are 10 facts that you should know about the Child and Dependent Care Credit: Your expenses must be for the care …

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New Affordable Care Act Reporting Requirement

Under the Affordable Care Act, applicable large employers –those with 50 or more full-time employees, including full-time equivalent employees – are required to take some new actions. These employers must file information returns with the IRS and also provide statements to full-time employees about health coverage the employer offered or to show the employer didn’t …

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Logistics of Tax Payments: How to Pay Uncle Sam

When it comes time to pay the piper, taxpayers have several methods to choose from. You can dust off that checkbook and write a good old fashioned paper check, pay online with a credit or debit card (gotta love those rewards points), or pay via the Electronic Federal Tax Payment System (EFTPS). First off, the …

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Whose Identity is being Protected with Fraudulent Refunds?

A recent report from the Government Accountability Office reported that while the IRS estimates it prevented $24.2 billion in fraudulent refunds in 2013, it actually paid out $5.8 billion in fraudulent refunds that it realized were fraudulent only after refunds were paid out. Evidence indicates that number may grow larger in coming years. The Federal …

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Mom and Dad, help! I want to buy a house!

You’ve finished college, landed a great job, and have identified the perfect starter home. But as you examine your finances, you find you do not have sufficient funds in your bank account to buy a house, and with a minimum down payment, your monthly take home pay is a bit too low to cover the …

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IRS Online “Get Transcript” Service Gets Hacked

The IRS announced that criminals used taxpayer-specific data acquired from non-IRS sources to gain unauthorized access to information on approximately 100,000 tax accounts through the IRS “Get Transcript” application. This data included Social Security information, date of birth and street address. These third parties gained sufficient information from an outside source before trying to access the …

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Pushing for Tax Reform – Cash Method of Accounting

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 the cash method of accounting …

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Exemption Due to Marketplace 1095-A Error

It has recently been discovered that there is a widespread number of taxpayers that are encountering errors with the Form 1095-A (Health Insurance Marketplace Statements). The types of errors that are occurring consist of incorrect information on the form or a delay in receiving the form. Another error is erroneously receiving the form when you …

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IRS Marks National Military Appreciation Month

May is National Military Appreciation Month, and the Internal Revenue Service wants members of the military and their families to know about the many tax benefits available to them. Each year, the IRS publishes Publication 3, Armed Forces Tax Guide, a free booklet packed with valuable information and tips designed to help service members and …

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Tax Benefits of Hiring Children to Work in the Family Business

Finding work for young adults that are eligible for employment can be very stressful. In recent years, the economy has created a culture which makes graduating college and taking that next step into the work force one that is not pleasant and incredibly nerve wracking. The family business may be the only place for some …

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