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November 2015 Updates

28 Oct

PENALTIES FOR NOT FILING INFORMATION RETURNS Starting with the coming year, if you pay someone $600 or more to perform services for you, you are required to issue them a 1099. (This does not apply to rental property) If you do not issue the 1099, the penalty will be $ 250 per return not filed. [...]

President Signs New Tax Bill

16 Aug

Mortgages: Form 1098 (you receive this from the lender) will be different starting in 2016 ( tax filing year 2017). The 1098 will include the amount of mortgage principal at the start of the year, the mortgage origination date, and the address of the property securing the loan. Estates and Trusts: Effective for Tax form 706 [...]

IRS Repeats Warning about Phone Scams

20 Aug

The IRS and the Treasury Inspector General for Tax Administration continue to hear from taxpayers who have received unsolicited calls from individuals demanding payment while fraudulently claiming to be from the IRS. Based on the 90,000 complaints that TIGTA has received through its telephone hotline, to date, TIGTA has identified approximately 1,100 victims who have [...]

Excise Tax Under Obamacare

16 Jun

According to IRS, firms that reimburse workers tax free for health insurance owe a $100 PER DAY excise tax per employee. Many small companies have set up plans to reimburse premiums paid by employees for individual policies or for coverage purchased on an exchange. Unfortunately, the Revenue Service says these arrangements violate the new health [...]

WHAT DOES IT ALL MEAN….FOR NOW!!!

11 Jul

As many of you are aware, the Supreme Court has ruled that the Affordable Health Care Act is constitutional. Due to this ruling, there will many tax hikes beginning in 2013 that you need to be aware of. The Supreme Court has decided that the law requiring people without health coverage to buy insurance or [...]