Newsletters

 Affordable Care Act - New Forms

            In 2010 Congress passed the Affordable Care Act.  Beginning in 2014, there will be new reporting requirements for all individual taxpayers due to this law. 

             Several new forms will be issued to taxpayers this year and next year:

             Form 1095-A:  If you purchased your health insurance through any federal or state health insurance exchange, this form should be mailed to you by January 31, 2015.  Make sure you provide this form to us, since this information is required, if applicable to you, in order to prepare a complete and accurate return.

             Form 1095-B:  This form will be from an insurance company and will report proof of minimum essential coverage so covered taxpayers can avoid penalties.  This form is optional for 2014, so if it applies to you, you may or may not receive this form in 2015, but you will receive one in 2016.

             Form 1095-C:  This form will be from employers to show employee’s proof of coverage.  This form is also optional for 2014, but required to be filed in 2016 for the 2015 filing year.  (If your employer is not subject to the employer mandate – under 50 full time employees – then they will not be required to file this form.)

             If you receive any of these forms, they must be included with your tax information so that we can file a complete and accurate return.  If you do not receive these forms, we will be asking you several new questions this year such as:   Did you have health insurance?  Who provided your coverage?  Were there any gaps in your coverage during the calendar year?  Were all of your dependents covered?

             One last word of caution, if you purchased your health insurance through an exchange and received Premium Reduction Credits, you could be required to pay back part of your Premium Reduction Credits with your tax return if your income is greater than the estimate you used when obtaining your insurance.

             We thank you for your business.

Tax Alerts
Tax Briefing(s)

Lawmakers from both parties spent much of June debating and discussing tax reform, but without giving many details of what a comprehensive tax reform package could look like before year-end. At the same time, several bipartisan tax bills have been introduced in Congress, which could see their way to passage.


The much-anticipated regulations (REG-136118-15) implementing the new centralized partnership audit regime under the Bipartisan Budget Act of 2015 (BBA) have finally been released. The BBA regime replaces the current TEFRA (Tax Equity and Fiscal Responsibility Act of 1982) procedures beginning for 2018 tax year audits, with an earlier "opt-in" for electing partnerships. Originally issued on January 19, 2017 but delayed by a January 20, 2017 White House regulatory freeze, these re-proposed regulations carry with them much of the same criticism leveled against them back in January, as well as several modifications. Most importantly, their reach will impact virtually all partnerships.


With the release of regulations on centralized partnership audits, many taxpayers hope that it will signal the re-start of a regular flow of much-needed guidance from the Treasury Department and the IRS that has been virtually stopped dead in its tracks since January 20. Others caution that the floodgates have not been opened and that the impact of several Executive Orders in discouraging guidance will be felt well into next year. Also bearing upon the recent lack of guidance are the critical vacancies within Treasury’s Office of Tax Policy that have been taking longer than usual to fill.


No. The IRS continues to treat virtual currency as property for U.S. federal tax purposes. However, last year, a government watchdog, and this year, a group of lawmakers, urged the IRS to clarify its virtual currency guidance.


Every year, millions of post-secondary students access the IRS Data Retrieval Tool (DRT) to complete the Free Application for Federal Student Aid (FAFSA). This year, the DRT is unavailable for FAFSA filers because of cybersecurity concerns. The information needed to complete the FAFSA can be found on a previously filed federal income tax return.


As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of July 2017.


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