IRS: HIGH-deductible health plans can cover Coronavirus costs

The Internal Revenue Service today advised that high deductible health plans (HDHPs) can pay for the 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings account (HSA). In Notice 2020-15, posted today […]

IRS announces waivers for Offer in Compromise applications

         The Internal Revenue Service today announced the release of final regulations that increase the Offer in Compromise application fee to $205 and provide an additional way for the IRS to waive the Offer in Compromise application fee for low-income taxpayers, based on their adjusted gross income (AGI).           As Offer in […]

Taxpayers have the right to challenge the IRS’s position on their taxes

Taxpayers have the right to challenge the IRS’s position on their taxes           When the IRS makes a determination about someone’s tax return, that person can challenge the IRS’s decision. This means taxpayers have the right to:           *Object to formal IRS actions or proposed actions and provide additional documentation in their response.           *Expect […]

Taxpayers Should Know the Signs of a Phone Scam

Taxpayers should be aware that aggressive criminals pose as IRS agents in hopes of stealing money or personal information. The tax filing season is a prime time for phone scams because people are thinking about taxes. The IRS will never: Call to demand immediate payment using a specific payment method such as a prepaid debit […]

Five Steps Taxpayers Can Take Now to Protect Against Identify Theft

Taxpayers should make sure they’re doing everything they can to prevent a thief from stealing their identity. Tax related theft occurs when someone uses a taxpayer’s stolen personal information to file a tax return claiming a fraudulent refund. The thieves use personal information like a social security number. Here are some tips to help taxpayers […]

5 Financial Mistakes to Avoid in Retirement

Overspending- Given the free time and flexibility with retirement, it’s easy to overspend. Retirement could last 20 years or more, so keep your lifestyle at sustainable levels. Disregarding Inflation- Inflation adds up over time. If you need $5000 a month to live now, you could need $10,000 a month in just over 20 years to […]

Some popular tax benefits renewed for 2019

Certain individual tax provisions extended: Deduction for above the line qualified tuition and related expenses, Tuition and Fees deduction Deduction for mortgage insurance premiums treated as qualified residence interest Deduction for unreimbursed medical and dental expenses as the floor was lowered to 7.5% of adjusted gross income Credit for nonbusiness energy property , Residential Energy […]

Things taxpayers should remember when searching for a tax preparer

The tax filing season is upon us, and many people will be looking for someone to help them file a tax return. These taxpayers should choose their tax return preparer wisely. This is because it’s ultimately the taxpayer who is responsible for all the information on their tax return. It’s important for people to remember […]

IRS increases visits to high-income taxpayers who haven’t filed tax returns

IRS increases visits to high-income taxpayers who haven’t filed tax returns As a part of a larger effort to ensure compliance and fairness, the Internal Revenue Service announced it will step up efforts to visit high-income taxpayers who in prior years have failed to file one or more of their tax returns. Following recent hiring […]

Taxpayers must reconcile marketplace advance payments and file Form 8962

Taxpayers must reconcile marketplace advance payments and file Form 8962 Failing to file Form 8962, Premium Tax Credit, to reconcile 2019 advance payments of the premium tax credit may affect return processing, and delay the taxpayer’s refund. Taxpayers who do not file and reconcile their advanced payments may not be eligible for advanced payments of […]