Tax Law Updates

The latest changes in tax law

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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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Oklahoma Court Ruling: The IRS Has No Authority to Offer Subsidies for Federally Established...

A U.S. District Court in Oklahoma has ruled that the IRS does not have the authority to offer subsidies for federally established ACA exchanges. In his decision on Pruitt v. Burwell, Judge Ronald A....
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IRS Plans “Soft Touch” Compliance Checks

Approximately 5,000 tax practitioners will soon receive a letter from the IRS...
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IRS Warns Preparers of Due Diligence Penalties

Tax preparers who submitted a Tax Year 2011 client return claiming EITC (Earned Income Tax Credit) without attaching the Form 8867 (Paid Preparer’s Earned Income Credit Checklist) will likely receive a letter from the IRS warning ...
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.
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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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IRS Reconsiders Fingerprinting Requirement

In recent months, there has been a lot of talk about the latest due diligence requirements proposed by the IRS – requirements designed to help regulate the tax preparation profession. But just recently, one of the proposed requirements has been put on hold.
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IRS Announces Tax Guidance Related to Ebola Outbreak

In Guinea, Liberia and Sierra Leone    WASHINGTON — The Internal Revenue Service today issued two items of guidance in response to the need for charitable and other relief due to the Ebola outbreak in Guinea,...
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Relief Available To Many Extension Requesters Claiming Tax Benefits

WASHINGTON —The Internal Revenue Service today provided late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they are attaching to their returns any of the forms that couldn’t be filed until after January.
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ACA Basics – Tax Penalties Loom For Those Not Registered

You May be in for a Big Surprise! Consumers who avoided signing up for a qualified health care plan under the Affordable Care Act may be in for a rude surprise. It turns out that...

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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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