Provided by Drake Software

IRS Publishes Low Income Housing Credit Audit Technique Guide



New Guide Helps With Low Income Housing Credit

Last Friday the IRS released the Low Income Housing Credit Audit Technique Guide, which – as the article states – “explains examination techniques, as well as unique issues, business practices, and terminology to help tax professionals [report] various items related to the Low Income Housing Credit.” 

[Read more…]

Deducting the Cost of Looking for Work



What You Need to Know When Deducting Job-Hunt Expenses

Last week the IRS released information pertaining to deducting job search costs, including a list of nine “key tax facts” on the subject.

[Read more…]

IRS to Notify More Victims of ID Theft



Deep Analysis of “Get Transcript” Incident Finds 220,000 Additional Breaches

Yesterday, the IRS issued a press release detailing new findings related to the “Get Transcript” data breach that was reported in May. The investigation following the initial discovery of the incident targeted the entire 2015 filing season, finding an additional 220,000 potentially compromised taxpayer accounts and another 170,000 accounts exhibiting suspicious activity.

[Read more…]

Letters Remind Taxpayers to File Form 8962



Reconcile Premium Tax Credit Before October 15 Deadline for 2016 Eligibility

Some of your clients who received advanced payment of their Premium Tax Credit may have received an IRS Letter 5591 or 5596 regarding the filing status of their Form 8962, the former to taxpayers who haven’t filed the form and the latter to those who requested an extension but haven’t filed. They will need a copy of their Form 1095-A to complete the 8962, which can be downloaded from their Marketplace account at Healthcare.gov. [Read more…]

IRS Offers College Tax Credits



If your client, her spouse, or one of their dependents are attending college in the fall, the IRS has several back-to-school education tax credits available for families considering higher education. [Read more…]

IRS Info About Deadline, Insurance



IRS Tax Tips Cover Filing Deadline and Self-Insured Employers

This week, the IRS released tips for taxpayers: the first regarding the deadline for those with an automatic six-month filing extension, and the second involving employers who are self-insured.

[Read more…]

Marketing Tax Planning to Special Needs Clients



The hardest part of the 2015 tax season is over.  Certainly, there are Form 990s to be filed for non-profits that took an extension back in May.  There are still quarterly filings for small businesses, and corporate filings that will come due.

[Read more…]

Ahead of the Curve: Predicting a Client’s ACA-Related Taxes



As everyone gets ready for another tax season, it’s important to find and utilize tools that simplify and streamline new and complex aspects of tax preparation. The Taxpayer Advocate Service on IRS.gov provides ACA estimation tools, where tax preparers can refer clients to predict and adjust estimated tax charges and credits associated with health care. Understanding the function of each estimator* and when to use it may reduce client stress and the time needed to prepare the return.

[Read more…]

Health Care Tax Credit for Small Businesses



The IRS recently released information pertaining to the Small Business Health Care Tax Credit, outlining the prerequisites for receiving the credit and which forms need to be filed.

[Read more…]

IRS Hosts Tax Forums



Next week, the IRS will begin hosting the Nationwide Tax Forums, a series of three-day conferences covering ethical and legal issues facing the tax industry. Attendees can earn CPE, attend live seminars, and learn more about upcoming products.

[Read more…]