This article addresses two issues: Coronavirus testing and treatment for taxpayers with high-deductible health plans. The U.S. Treasury Department Issues a COVID-19 Scam Warning COVID-19 Testing and Treatment with High-Deductible Health Plans The Internal Revenue Service has advised that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment without jeopardizing… Read More
The Adoption Credit Can Benefit Parents Who Adopt If you adopted or started the adoption process during 2019, you should review the rules around the adoption credit. While the amount of the credit increases for qualified taxpayers, the rules remain the same. Here are some facts to help you understand the credit and if you… Read More
Taxpayers must reconcile Marketplace advance payments and file Form 8962. Whether you call it the Affordable Care Act, the ACA, or Obamacare, you are allowed a premium tax credit only if you, your spouse if filing a joint return, or a member of your family you claim as a dependent enrolled in a qualified health… Read More
Mistakes may delay your refund! One of the easiest ways to reduce errors on tax returns is to file your tax return electronically. The tax software reduces errors by doing the math, flagging common errors, and prompting taxpayers for missing information. Using a reputable tax preparer – including certified public accountants, enrolled agents, or other knowledgeable tax professionals –… Read More
IRS enforcement personnel are increasing face-to-face visits with high-income taxpayers who fail to file returns. The Internal Revenue Service is stepping up efforts to visit high-income taxpayers who have failed to timely file one or more of their tax returns in prior years. Following the recent and ongoing hiring of additional enforcement personnel, IRS revenue… Read More
Deductions Can Reduce The Amount Of Tax Owed. Do you know if you should file your tax return using the standard deduction or itemize your deductions? It is a good idea to find out. Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, deductions can reduce the… Read More
The 65 and Older U.S. Population is Projected to Soon Outnumber Those Under Age 18. Aging Demographics We’ve all been hearing for a while now that in the not-so-distant future, older adults are projected to outnumber kids for the first time in U.S. History. Labeled “The Graying of America,” the U.S. Census Bureau projects that by… Read More
Money earned through this work is usually taxable. There was a time when someone said they “had a gig” it was coming from a musician, comic, or other performer indicating they had booked a show or event. More recently, we associate “gig” with technology (short for gigabyte) indicating data storage capacity. In this case, it’s… Read More
Global tax chiefs undertake an unprecedented multi-country day of action to tackle international tax evasion. A globally coordinated day of action to put a stop to the suspected facilitation of offshore tax evasion began this week across the United Kingdom (UK), United States (US), Canada, Australia, and the Netherlands. The Initiative The action occurred as… Read More
All tax return preparers are not created equally. Choose wisely! The tax filing season is upon us, and many people will be looking for someone to help them file a tax return. All tax return preparers are not created equally, so choose wisely. This is because it’s ultimately you, the taxpayer, who is responsible for all the information… Read More