Form 1099-MISC, Miscellaneous Income, is issued to a person if any of the following situations occur, when a trade or business or some other qualified organization pays: • If at least $10 in royalties or broker payments are paid to a person • At least $600 in: rents; services performed by someone who is not…
There is a new publication that will help you learn about how the Affordable Care Act affects your taxes. IRS Publication 5187, Health Care Law: What’s New for Individuals and Families is now available on IRS.gov/aca. While the health care law has several parts, this publication breaks down what’s new for the 2014 federal tax…
On November 20, 2014 President Obama announced an executive action on immigration which could extend relief from deportation to an estimated 5 million undocumented immigrants. The administration has not said which documents it will accept, however, we believe that the Citizenship and Immigration Services which vets applications under Homeland Security may require 5 years…
You have until December 31 to adopt a new 401(k), profit-sharing or other qualified plan for 2014. You can set up a SEP as late as the due date for your 2014 tax return. You can set up and make regular contributions to an IRA as late as April 15, 2015. Plan sponsors Set…
Congress finished passing legislation that extended, for one year, virtually all of the provisions that had expired at the end of 2013. The bill HR 5771 will become law once the President signs it. Here is a list of some of the provisions that are now applicable for Tax Year 2014 returns: $250 Educator Expense…
The IRS announced the following shutdown schedule: 1040 MeF Production Shutdown/Cutover Schedule Shutdown begins on Saturday, November 22, 2014 at 11:59 a.m. in order to prepare the system for the upcoming 2015 Filing Season. Business MeF Production Shutdown/Cutover Schedule Shutdown is tentatively scheduled to begin on Friday, December 26, 2014 at 12:01 p.m.
If you are a low-to-moderate income worker, you can take steps now to save two ways for the same amount. With the saver’s credit you can save for your retirement and save on your taxes with a special tax credit. Here are six tips you should know about this credit: 1. Save for retirement. The formal…
Renew your PTIN in 3 easy steps: 1. Access Your Account If you already have an online PTIN account, login now. 2. Renew Your PTIN Complete the online renewal application. You must verify your personal information and answer a few new questions.View a checklist of what you need before you get started. 3. Pay Your Fee Pay the…
If you are one of the nearly 13 million taxpayers who asked for more time to file your federal tax return this year, the extra time is about to expire. If you haven’t yet filed, here are some things that you should know: Know the deadline. Oct. 15 is the last day to file for…
“Making this decision in a timely manner will allow the IRS to implement Congress’s decision without unnecessary disruptions and delays to the upcoming 2015 tax filing season, and it will provide certainty for millions of taxpayers who are affected by the expired provisions,” Koskinen wrote Monday to the leaders of the Senate Finance Committee and…
