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WASHINGTON — The Internal Revenue Service and its Security Summit partners today issued an alert to taxpayers and tax professionals to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act. The IRS has received numerous reports around the country of scammers sending a fraudulent version of CP2000 notices for tax year 2015. Generally, the scam...

Farming has often been viewed as the backbone of the American economy. While technology and other recent developments may have changed this thinking, farmers still enjoy a preferred status, at least as federal income taxes are concerned. For instance, there are several special tax code provisions relating to farming, most of them beneficial. At the same time, taxpayers in the agriculture field...

Most Americans are aware that the House of Representatives recently passed the “American Health Care Act” (AHCA). But what does this mean? First of all, the Affordable Care Act (ACA), or Obamacare, is not necessarily going away. There is a process that the AHCA (and any House-approved bill) must first complete before becoming law. This process includes a review and likely revisions by the Senate....

Taxpayers have fundamental rights under the law. The Taxpayer Bill of Rights presents these rights in 10 categories, which can help taxpayers when they interact with the IRS. This post highlights a list of taxpayer rights and the agency’s obligations to protect them. 1. The Right to Be Informed. Taxpayers have the right to know what is required to comply with the tax laws. They are entitled to...

The IRS extended the 2017 due date for employers and coverage providers to furnish health coverage statements to individuals. The due dates to file those returns with the IRS are not extended. This chart can help you understand the upcoming deadlines. (This chart applies only for reporting in 2017 for coverage in 2016) Action 2017 Reporting Due Dates for… Applicable Large Employers – Including...

As an employer, your size – for purposes of the Affordable Care Act – is determined by the number of your employees. If you hire seasonal or holiday workers, you should know how these employees are counted under the health care law. Employer benefits, opportunities and requirements are dependent upon your organization’s size and the applicable rules. If you have at least 50 full-time employees,...

It’s hard to believe that the holiday season is already upon us and the year will be coming to a close soon! Now is a great time to make some end of season tax moves to help lower your tax bill and increase your tax refund come tax time. Once the year ends, so do most of your opportunities to reduce your 2016 taxes. Here are 10 quick and easy end of year tax tips you still have time to take...

Marketplace Open Enrollment for 2017 health insurance is just around the corner, and whether you sign up for health insurance on healthcare.gov or through your state Marketplace, your local Dallas CPA is here to help guide you through the process. Whether you have had a change in life circumstance, are self-employed and need access to health insurance, or just shopping for an affordable plan,...

The Internal Revenue Service and its Security Summit partners have issued an alert to taxpayers to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act. The IRS has received numerous reports around the country of scammers sending a fraudulent version of CP2000 notices for tax year 2015. Generally, the scam involves an email that includes the...

Did You File a Tax Extension? File Now to Get Your Health Insurance Advanced Premium Tax Credit Did you apply for an extension of time to file your 2015 federal taxes and receive an advanced premium tax credit to help you pay for your 2016 health insurance? If the answer is yes, the IRS urges you to file your 2015 taxes as soon as possible, in order to receive a timely advanced premium tax credit...