Tag Archives: Form 1040

How to Handle an IRS Letter

The IRS mails millions of letters every year to taxpayers for a variety of reasons. Many of these letters are computer generated. It’s important to keep the following tips in mind if you are ever the recipient of a letter or notice from the IRS: Don’t panic. Most notices can be resolved with a simple […]

When to File? Important Changes to Due Dates and more

As the 2016 tax year winds down, there is no better time than now to get your finances in order. Let’s face it, the last thing you want to think about during the holiday season is taxes. I compiled a list of the deadlines to follow after year-end. Please note that legislation during the year changed […]

The Sharing Economy & How It Impacts You

The IRS recently launched a new resource center on IRS.gov aimed at providing tips for individuals that are taking part in the sharing economy. The past few years, the sharing economy has changed the way people travel, commute, and vacation. With new streams of revenue from assets that individuals already possess, come new requirements to […]

Controversial Charitable Contribution Regulation Withdrawn

This past September, the IRS proposed a regulation that would require charitable organizations to collect personal information from its donors and file information returns with the IRS with this personal information for donations over $250. The IRS would, in turn, would use informational returns received from the donee to match the amounts with the social security […]

Highway Bill Gives IRS Power over Passports

Last week President Obama signed into law the Highway Bill, a five-year $305 billion law that will focus on improving highway and transit projects. Included in that law were two controversial provisions that didn’t receive as much press.Both these provisions were included as offsets that are expected to cover the infrastructure spending. Aside from the […]

IRS Audit Rates Drop, Again

A recent report shows IRS individual audit rates at the lowest level since 2004. In addition to cuts in IRS funding and staffing, the 8 million phone calls the IRS dropped, and the cyber theft of $39mm from fraudulently filed returns, audit rates have dropped to 0.84%. To put this in perspective, just over 8 […]

Store or Shred? What you need to know about document retention

The IRS recently revised legislation that previously kept the statute of limitations open for 6 years for any understatement of income greater than 25% of gross income. The new law now provides that an in addition to understatement of income, overstatement of deductions that results in the same 25% omission of income leaves you open […]

Obamacare: Healthcare Solution or Taxpayer Burden?

On Monday, July 20, Orrin Hatch, Chairman of the Senate Finance Committee, called for an inspection of the Advanced Premium Tax Credit (APTC) program for 2014. The APTC is designed to forward tax credits as subsidies to individuals for health insurance on the exchange; with a reconciliation of these subsidies coming after year end when […]

Affordable Care Act and what it means for you

As many of you are well-aware of at this point, the Affordable Care Act (ACA) required individual taxpayers to have a minimum essential coverage beginning in 2014. This act has many moving pieces and still remains complex to the bulk of taxpaying Americans. Recently, the IRS released a webinar, hoping to alleviate much of the […]

IRS still holding over $1 Billion in federal tax refunds

With the April 15, 2015 individual tax deadline rapidly approaching, I want to remind everyone that your 2014 taxes aren’t the only returns you should be thinking about. If you neglected to file your Form 1040 from the 2011 tax year,  the final deadline to file for a refund is also this April 15th. After […]