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February 24th, 2015
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800,000 Taxpayers Received Wrong Tax Info from Health Insurance Marketplace
February 23rd, 2015
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Tweet Approximately 800,000 taxpayers who received health care coverage through the federal insurance marketplace Healthcare.gov were sent the wrong information on their Form 1095-A and are being urged to wait to file their taxes until the first week of March when they receive the correct information from the federal government. “About 20 percent of the [...]
Ten Facts That You Should Know about Capital Gains and Losses
February 19th, 2015
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Tweet When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 facts that you should know about capital gains and losses: 1. Capital Assets. Capital assets include property such as your [...]
Stay Vigilant Against Bogus IRS Phone Calls and Emails
February 18th, 2015
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Tweet Tax scams take many different forms. Recently, the most common scams are phone calls and emails from thieves who pretend to be from the IRS. They use the IRS name, logo or a fake website to try to steal your money. They may try to steal your identity too. Here are several tips from [...]
Obama dropping plan to tax college savings
February 17th, 2015
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Tweet President Barack Obama has dropped a controversial proposal to tax “529″ college savings plans, a White House official said on Tuesday, calling it a “distraction” from administration efforts to provide middle-class tax relief. The proposal had aroused opposition from Republicans and Democrats in Congress. A source familiar with the situation said House of Representatives [...]
Taxpayers get penalty relief for incorrect premium tax credit advance payments
February 17th, 2015
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Tweet The IRS announced Monday that it will provide automatic penalty relief for taxpayers who, when they reconciled advance payments of the premium tax credit they received for 2014 (which were paid as premiums directly to insurance providers) to the amount of the credit they are entitled to on their income tax returns, find they [...]
IRS Announces 2015 Estate And Gift Tax Limits
February 13th, 2015
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Tweet The Internal Revenue Service announced the 2015 estate and gift tax limits, and the federal estate tax exemption rises to $5.43 million per person, and the annual gift exclusion amount stays at $14,000. These numbers, adjusted annually for inflation, matter to wealthy folks who are trying to whittle down their estates by making gifts [...]
IRS Warns of High Volume on Toll-Free Customer Service Phones; Urges Taxpayers to use IRS.gov Tools for Faster Answers
February 12th, 2015
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Tweet IRS YouTube Videos: When Will I Get My Refund: English / Spanish /ASL Help for Taxpayers: English / ASL Welcome to Free File: English The IRS reminded taxpayers the Presidents Day holiday period typically marks one of the busiest weeks of the tax filing season for its phone lines. There are other alternatives to [...]
Real Estate Investment Groups Can Maximize Value through Sophisticated Tax Planning
February 11th, 2015
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Tweet Real estate partnerships pool funds from various investor groups, family offices and public entities to invest in property platforms seeking high cap rates and strong yields. Even though the investors within each fund have different tax structures and tax needs, the goal of enhancing each investor’s rate of return can be accomplished through sophisticated [...]
IRS Can Help if W-2s Are Missing
February 10th, 2015
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Tweet In most cases you get your W-2 forms by the end of January. Form W-2, Wage and Tax Statement, shows your income and the taxes withheld from your pay for the year. You need your W-2 form to file an accurate tax return. If you haven’t received your form by mid-February, here’s what you [...]
Tax Help for Home Help
February 9th, 2015
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Tweet If you’re like most tax professionals, you probably have a few clients with household employment situations. As you know, household employment is quite different from commercial employment – different forms, processes, deadlines and labor laws. Families with domestic employees struggle with all the state and federal obligations and, as a result, many make inadvertent [...]
Tax Deductions for Research and Experimental Costs
February 6th, 2015
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Tweet It’s common for a business to spend money on research and experimentation, or research and development (R&D), for creating new products or improving existing ones. Not only can these costs be high, but you may not get any real benefit until years later when the research is complete. As an incentive to keep you [...]
Employees or Contractors: Which Should a Business Hire?
February 5th, 2015
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Tweet Busy season has arrived and with it comes longer days and increased workloads. As you help your clients prepare for tax season, it’s imperative that you take the time to assess your own needs to navigate through the season. Start by evaluating what your clients need from you. Once you have a good idea [...]
RBI Increases Limit for Foreign Spending
February 4th, 2015
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Tweet The Reserve Bank of India on Tuesday increased the amount Indians can invest or spend abroad in foreign exchange without seeking its permission. Individuals can now buy property abroad, hold shares or debt instruments, or any other assets or purchase gifts up to limit of $250,000 (Rs 1.5 crore) per person per year. The [...]
