Tax Law Updates

The latest changes in tax law

Senate Action Draws Praise from Business Group

Senate Action Draws Praise from Business Group

This week the Senate passed legislation that eliminates the IRS’ tax penalty on employers who reimburse workers for the cost of health insurance premiums. A similar measure was passed in the House last week.
ITINs Issued Before 2013 Have Staggered Renewal Schedule

PATH Act Affects ITIN Renewal

Our friends over at the Latino Tax Professionals Association (LTPA) recently published a reminder about how Section 203 of the PATH Act impacts ITIN renewal.
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Deadline: Calendar-Year Corporation, C Corporation, and S Corporation

Last Year that C and S Corporation Deadlines will Fall on the Same Day Tomorrow at midnight is the last moment to meet the filing and extension-request deadline for calendar-year corporation, C corporation, and S...
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Deadline: Calendar-Year Corporation, C Corporation, and S Corporation

Last Year that C and S Corporation Deadlines will Fall on the Same Day Tomorrow at midnight is the last moment to meet the filing and extension-request deadline for calendar-year corporation, C corporation, and S...
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Supreme Court Upholds Federal Subsidies For The ACA

By a vote of 6-3, the United States Supreme Court (SCOTUS) upheld the Patient Privacy and Affordable Care Act (ACA), ruling that the intent of the law was to ensure nationwide health care coverage. ...
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What the ACA Supreme Court Case Means To Tax Preparers

On Wednesday, March 4, the US Supreme Court will hear oral arguments in the case of King v. Burwell, a challenge to the Patient Protection and Affordable Care Act (ACA).  Unlike many of the...
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IRS Issues Employer Guidance For Health Care

The IRS Released Final Versions of the Following Guidance Relating to the Health Care Reform and Health Insurance Notice 2014-76 provides a list of the section 5000A hardship exemptions that taxpayers may claim on a...
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Millions of Dollars of Frozen Credits in Taxpayer Accounts

Further Actions Are Needed WASHINGTON – The Internal Revenue Service (IRS) is charged with collecting the Nation's taxes while also providing quality customer service. Accurate processing of so-called "frozen credit accounts" – accounts that...
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Millions of Dollars of Frozen Credits in Taxpayer Accounts

Further Actions Are Needed WASHINGTON – The Internal Revenue Service (IRS) is charged with collecting the Nation's taxes while also providing quality customer service. Accurate processing of so-called "frozen credit accounts" – accounts that...
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Congress Adjourns After Passing Tax Credit Extensions

Two-Week Extension of Some Tax Credits The 113th Congress adjourned in the late hours of December 16 after approving a handful of judicial appointments and several pending bills. The bill, H.R. 5771, was approved by...

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New Scam Targets Tax Professionals

Security Summit Warns of New Email Scam
The Internal Revenue Service today announced a new email scam from cybercriminals that targets tax professionals. Using a two-stage process, this latest phishing scheme attempts to collect private data from tax preparers.

IRS Announces the First Day of Tax Season, Issues Refund Delay Reminder

IRS Announces the First Day of Tax Season, Issues Refund Delay Reminder
Tax professionals across the country are gearing up for tax season, which the Internal Revenue Service today announced will officially begin on January 23, 2017. The press release included yet another reminder about PATH Act-delayed refunds: taxpayers claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) will not have their refund issued until February 15, 2017.

New Features in Drake Software

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Improve Your Efficiency in 2016 For the tax industry, the months leading into January build tension in increments, like a banjo string tightening from every turn of the tuning peg. The days are filled with preparatory tasks for tax professionals and software developers alike, a...

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