Income Tax

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March 18, 2015 

Answering the Most Common Obamacare Tax Questions

To help taxpayers, the American Institute of CPAs (AICPA) has provided a list of the most commonly-asked questions about the health insurance information reporting required by the Affordable Care Act on 2014 federal income tax returns.

 AICPA Sends Tax Proposals to Congress and Senate

March 18, 2015 

AICPA Sends Tax Proposals to Congress and Senate

The American Institute of CPAs (AICPA) has sent 34 legislative proposals to the top tax lawmakers in the U.S. Congress and Senate. The AICPA believes these proposals promote simplicity and fairness in the tax code, are generally noncontroversial and ...

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March 17, 2015 

How to Find All the Legit Deductions for Clients on Form HUD-1

The sheer volume of paperwork generated during a sale of a principal residence can be intimating. Much of the vital information is summarized on Form HUD-1, but the resulting tax consequences may still leave both buyers and sellers scratching their ...

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March 14, 2015 

IRS Warns About New Obamacare Income Tax Scam

Reports are popping up around the country that unlicensed and crooked income tax preparers are telling taxpayers that they need to make the Affordable Health Care Act's individual shared responsibility payments directly to the tax preparer. Obamacare is..

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March 10, 2015 

IRS Looking for Volunteers for Taxpayer Advocacy Panel

The Internal Revenue Service says it is seeking civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP), a federal advisory committee that listens to taxpayers, identifies major taxpayer concerns and makes recommendations for improving IRS s

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March 10, 2015 

How Taxpayers Can Prepare for Their Annual Tax Meeting

As a long-time tax practitioner, I’ve conducted thousands of client interviews over the years. I’ve learned that when a client comes prepared for their interview, it results in less need for post-meeting follow-up calls and document gathering, which ...